Remote Patient Monitoring Market in 2020
As it currently stands in 2020, the remote patient monitoring market is worth $23.2 billion. This has been caused by a variety of factors. The largest and most significant in the long term is the immense rise in the geriatric population. Due to the rise in this portion of the population, the demand for healthcare, especially long-term healthcare and supervision, will rise dramatically. The burden for that increased demand will fall squarely on the government and healthcare providers, thus creating a larger need for ways to optimize doctors’ and other medical professionals’ time. This, of course, is where remote patient monitoring will come in. The expansion of remote patient monitoring will be able to reduce: unnecessary visits to the doctor, hospital admissions, and the time and cost of travel in order to speak with healthcare professionals in general.
Another contributing factor in the rise of the remote patient monitoring market is, of course, the COVID-19 pandemic. As an extremely infectious disease, limiting the spread is of the utmost importance, especially in hospitals. Remote patient monitoring could easily help mitigate a serious risk of treating patients with highly infectious diseases such as COVID-19, thus creating a safer hospital experience. However, there are some potential risks and detractors from the possible growth of the remote patient monitoring market.
The first detractor is a potentially higher risk of healthcare fraud through remote patient monitoring. Billing can be improperly attributed to patients, or false claims could be submitted with increased frequency and ease. In fact, both the physician and the patient could be at a higher risk of being taken advantage of if the technology is used maliciously. Another possible roadblock to the industry’s growth would certainly be the unwillingness of many patients and professionals to adopt the new technology. Older patients, who will be mostly responsible for the boom in demand, might be particularly averse to learning a new technology or changing the existing habits they have. After considering opposing factors, the future for the remote patient monitoring market remains extremely optimistic.
Remote Patient Monitoring Market Projections
The growth of the market is rather astounding, considering the time frame. Despite the industry currently being worth $23.2 billion in 2020, the remote patient monitoring market is set to be worth an impressive $117.2 billion by 2025. This increase will be achieved in 5 years through a compound annual growth rate of 38.2%. The fastest region of growth has by far been North America, with Europe trailing behind it. The main reason why North America is at the forefront of this growth is due to the particularly high rate of chronic illnesses in the continent, the growing elderly population, and the need to lower healthcare costs.
The remote patient monitoring market is set to grow at an explosive rate due to a massive boost from the ongoing COVID-19 pandemic and a large, aging population. In fact, the market value will be over five times its current numbers by 2025. This propulsive movement seems to be a result of the need to meet the oncoming demand to protect more doctors and patients from spreading infectious diseases. Considering how large the elderly population will soon become, the time and money saved can also lead to positive outcomes as healthcare costs continue to raise concerns. The remote patient monitoring market will be ready to fill the healthcare system gap as it continues to evolve and become more commonplace.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.