Remote Patient Monitoring Market to Top $26 Billion by 2018
Remote Patient Monitoring (RPM) revenues are expected to grow at a compound annual growth rate of 35 percent between 2013 and 2018.Revenues for remote patient monitoring (RPM) solutions reached $5.8 billion in 2013, including revenues from medical monitoring devices, mobile health (mHealth) connectivity solutions, care delivery software platforms and monitoring services, according to a report from IT research firm Berg Insight. In addition, the telehealth market has benefitted from local and regional project financing in several European countries, whereas remotely monitored medication dispensers gained traction among home care providers in Belgium, the Netherlands and Luxembourg (the Benelux region) and Nordic countries in particular. "The growth in the remote patient monitoring market is today centered on very specific market verticals and regions," Lars Kurkinen, a senior analyst with Berg Insight, said in a statement. "Most of the market growth in the sleep therapy segment has, for instance, occurred in the U.S. and France, where frequent compliance audits are becoming more common." Overall, RPM revenues are expected to grow at a compound annual growth rate (CAGR) of 35 percent between 2013 and 2018, reaching $26.5 billion at the end of the forecast period.
Savings attributable to payers and care providers are expected to far exceed this amount as connected care solutions can allow better health outcomes to be achieved more cost efficiently.