Remote Patient Monitoring Market 2021 Demand, Growth Potential and Opportunity Outlook to 2026

BRUSSELS - Sept. 8, 2022 - PRLog -- The Global Remote Patient Monitoring study deep dives into key growth levers, pricing intelligence, competitive landscape, segment analysis, product/offering mapping & untapped growth pockets.

Healthcare is a field that is quickly evolving and is set apart by incessant progressions in technology and services. A major development in this field is remote monitoring of patients which is going to offer numerous advantages in a rapidly ageing world population with increasing health complications.

The U.S. remote patient monitoring (RPM) market holds a major share in the global RPM market. The U.S. market alone is expected to be over $18 billion opportunity by 2026. It is set to witness a CAGR of ~25% (2021-2026) driven by the growing occurrence of chronic diseases, the introduction of new CPT reimbursement codes by the CMS, the Covid-19 pandemic-driven surge to move hospital care into the home, and technological advancement in RPM hardware, software and patient care capabilities.

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Growth Factors: Remote Patient Monitoring (RPM) Market
Development Drivers

• Overview of CMS-approved extended code set for Remote Therapeutic Monitoring/Treatment Management (RTM) in 2022. The 2022 CPT reimbursement codes for RTM - 98975, 98976, 98977, 98980, +98981 allow reimbursement to providers for gathering and interpreting non-physiological data of respiratory system status, musculoskeletal system status, therapy adherence, and therapy response
• Presentation of CPT reimbursement codes by the CMS in 2019 (CPT 99453, CPT 99454, CPT 99457) and 2020 (CPT 99458) to broaden the adoption of RPM services
• Developing acknowledgment of RPM as a tool to proactively monitor and improve patient engagement, and reduce ED visits, readmissions, and lengths of stay in hospital—all of which help improve patient outcomes and contain costs, among others

Key Growth Devices for Remote Patient Monitoring (RPM) Companies Include:

• Offering solutions that are comprehensive, integrated, and tailored to chronic disease areas like diabetes, COPD, hypertension
• Incorporation of AI/ML into RPM solutions to increase patient engagement & compliance
• Going beyond capturing data and helping physicians to manage patient populations to improve outcomes and reduce costs

Competitive Landscape Analysis of Remote Patient Monitoring (RPM) Market
In terms of the competitive landscape, the remote patient monitoring (RPM) market is characterized by the presence of both established players and several small players. Some of the leading players operating in this market include Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs and many others.

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