Remote Patient Monitoring and Telehealth: 5 Years of Growth Forecast for $54 Billion Market
Before COVID-19, the telehealth industry was evolving slowly with slight gains annually. Today, the pandemic has thrust the world into a new era of remote life, including managing, monitoring and treating patients and their health conditions at a pace never experienced before. As a result of COVID-19, the global market for patient monitoring and telehealth increased by more than $2.8 billion in 2020 to reach $54.5 billion, according to leading medical market research publisher Kalorama Information in the new report Remote Patient Monitoring. Kalorama’s market estimate includes sales of devices, peripherals, software, packaged services, monitoring services and other patient monitoring and telehealth applications.
“There is a new focus on pandemic preparedness and in-place infrastructure development for quick deployment of remote care technologies, which have made telehealth among the most cost-effective ways for the healthcare industry to meet the evolving requirements of patients,” says Bruce Carlson, publisher of Kalorama Information.
Telehealth (sometimes also referred to as telemedicine) includes sending images to a specialist, live two-way video consultations between patient and provider, capturing and sending data from monitoring devices, and/or incorporating data and images into EMRs. Reasons for using telehealth include improved access to healthcare for patients in remote locations, cost effectiveness, and patient demand, notes Carlson.
Beyond the impact of COVID-19, the patient monitoring and telehealth market has also benefited from the demand to move to a more wireless and streamline operation both within major health facilities and in-home treatment markets. The demand to integrate data processing capabilities and electronic medical record (EMR) transfer options has also fueled the market. Further, there is an increasing trend to upgrade to ambulatory and hand-held devices.
Looking ahead, Kalorama Information forecasts the global patient monitoring and telehealth market will experience healthy growth between 2021 and 2025. Growth in patient monitoring technologies will be due to several factors, including:
- An aging population
- Replacement of older, low-technology equipment with new wireless or remote units
- Growing acceptability and knowledge of technology features and benefits
- Additional monitoring efforts in an effort to alleviate healthcare problems before they require hospitalization or emergency department visits
- New technological advancements in the area of wireless connectivity
- Government incentives and rebates that will grow demands for health facilities
- Increasing reimbursement coverage for remote care
For more insights and information, purchase Remote Patient Monitoring by Kalorama Information at: https://kaloramainformation.com/product/remote-patient-monitoring/.
About Kalorama Information:
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, healthcare, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.