There is a huge market capacity and potential for RPM

‘Timely and efficient healthcare services’ is the unique selling point for business of remote patient monitoring (RPM). RPM are based on advanced wireless network access technologies and wearable sensor technology. Availability of technological advancements in mobility, Internet connectivity and technologies such as clouds computing available worldwide has enhanced the scope for RPM systems globally.’

There is a huge market capacity and potential for RPM and the market is growing with growing class of technology friendly youths and oldies across the globe which receive next generation technologies if put in a way that they can easily handle and operate (e.g. ATM machines). Other benefit of RPM is time and cost savings, which makes it more of convenience for healthcare service providers and individual patients. Instant access to the medical records and comfort of addressing issue on real time basis are the key benefits of RPM. It improves chances of patient cure through timely consultation.

As of today, RPM is useful for two broader categories of patients which are 1) Patients with chronic illness 2) Old age patients who have restricted mobility.

Chronic illness such as diabetes, heart conditions, dementia and falls, requires regular monitoring and routine health check-ups. Regular visits to clinic are time consuming and costly and thus may lead to skipping. According World Health Organization data, there were 17.5 million deaths due to cardiovascular diseases during 2012 and one of the reasons is irregular health check-ups by patients suffering from chronic heart conditions. Patients who receive pacemakers, implantable cardioverter-defibrillators, or cardiac resynchronization therapy need regular health monitoring. Similarly, patients with dementia are need for continuous surveillance and detect wandering elders. Diabetic patient need regular check-ups for monitoring blood glucose levels, weight, blood pressure to avoid any measure health issues.

Other reason includes old age. Today, number of baby boomers across the globe is rising. It is said that post World War 2, which claimed lives of many youngsters in the war, especially from the U.S., Europe and Japan are suffering from baby boomer effect. According to The Population Reference Bureau report, “Aging in the United States,” identifies that there are about 46 million people in the U.S. who are above the age of 65 years and the number will reach to 98 million by 2060. About 33% of Japanese population is above the age of 65 years. Eurostat in its statistics states that 18.9% of people from Europe are above the age of 65 years.

Need of product and usage of products differ in both markets. Home patients are less learned towards the use of technology and monitoring equipment and thus need training for using the RPM products and also needs products that are very easy to use and operate.

Healthcare facilities can arrange a technical team to operate RPM products either by appointing or outsourcing. The need for training also becomes more professional than home patients as these facilities handle vast amount of data on real time.

Medical equipment, sensors and software are available globally and thus the markets for RPM are easy to deploy across the globe and at various locations worldwide. Most countries I the world have access to the Internet through various wired and wireless network access technologies such as LAN-WAN, Wi-Fi, Bluetooth, cellular and satellite.

Early adopters of RPM at present are tech-savvy people and countries and people who can afford digital technologies. There is still a huge gap in demand and supply due to technology lapses and poor technical education among patients and their caregivers.

About the Author:

Anand writes for digital healthcare companies. He assist them in creating digital marketing contents such as white papers, articles, blogs, market research reports, videos, website content and sales collateral.

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