Is Remote Patient Monitoring Growth In Healthcare IT Still Relevant

Introduction

In the past few years, telehealth has been driven into the mainstream of healthcare. And one subcategory of telehealth that has gained popularity in the past three years is remote patient monitoring. The coronavirus pandemic has hit the world, and it affects every organization but primary healthcare. RPM plays a crucial role in the healthcare department during the pandemic by helping hospitals and patients to be treated and monitored at home. RPM has reduced patients’ time in situations where the COVID-19 virus can be transmitted.

 

Remote patient monitoring

Remote patient monitoring involves electronic devices that enable healthcare providers to track real-time changes in patients’ health data from a distance. Further, the data is used in a treatment plan. In simple words, RPM is a method in which multiple electronic devices constantly monitor patient health outside of the traditional clinical setting and even record their heart rates, sleeping habits, and sugar intake. This data is transmitted to their physician for further treatment.

According to a report, the global remote patient monitoring market will be USD 53.6 Billion by 2022, and experts predict it will reach USD 175.2 Billion in 2027, at a CAGR of 26.7 percent during the forecast period.

The predominant factors which are responsible for the growth of the market include

• • Monitoring benefits of telehealth and RPM.

• • Telecommunications advancements

• • Increase the growing need to expand healthcare access.

Benefits of Remote Patient Monitoring 

Faster access to better patient data: Connected health devices such as biometric sensors, pulse oximeters, blood pressure cuffs, glucometers, and implantable devices are used in remote patient monitoring giving healthcare providers accurate and faster access to patient data. The data provided by these devices can help accelerate diagnoses and facilitate timely treatment plan changes.

Extend physician reach: RPM extends the reach of physicians by enabling them to track their patient’s progress after they leave the medical office. Throughout the COVID-19 pandemic, using RPM monitoring devices helps doctors to monitor patients with chronic
conditions from a distance. Research has shown that people with weak immunity are at greater risk of developing severe COVID symptoms or complications.

Decrease healthcare cost: Remote patient monitoring prevents unnecessary hospitalizations, ER visits, and readmissions. It has enormous potential for creating savings by creating communication between patients and providers. This resulted in 76% less likely to be readmitted to the hospital, patient satisfaction was over 90%, and patient compliance was over 90% as well.

Reduced burden on healthcare systems: Using RPM, patients can get care without going to hospitals. As data is collected remotely and a qualified provider analyzes and responds to the information digitally. A patient who is critical only gets admitted to the hospital. It directly reduces the burden on the healthcare system as there are fewer chances of a shortage of PPE
kits and beds. 

Healthcare Industry Trends

Healthcare organizations are much slower than other industries at adopting digital technologies. Due
to the COVID-19 pandemic, healthcare is finally pushed to digitize everyday systems. Here are someof the most widely adopted healthcare trends include:

Electronic Health Records (EHR): EHR provides patients with health information across multiple organizations in an organized digital format, and that data can be shared with other providers. It directly improves physician productivity and patient satisfaction
The global EHR market size reached USD 24.83 billion in 2021, and it is expected to grow by 9.3% CAGR by 2028, reaching a total of USD 52.98 Billion by 2027 end.

Social Determinants of Health(SDOH): SDOH also contributes to wide health disparities and inequities. SDOH is economic and environmental conditions that directly and indirectly impact people’s health, like access to safe housing, neighborhoods, racism, violence, education, and job opportunities.

Wearable Devices: Wearable devices such as Fitbit bands and smartwatches are electronic devices that collect data on users’ health and exercise. It is estimated that 84 million users will use wearable devices by 2022.

Healthcare interoperability: According to new federal laws and regulations, an increase in telehealth brought attention to the lack of interoperability in healthcare. It is not easy for payers and providers to send secure patient data. According to a survey, nearly 59% of
doctors admitted better interoperability would help them more quickly identify high-risk patients, while 95% of doctors believe enhanced interoperability will ultimately improve patient outcomes.

5G: 5G network is the backbone of emerging technologies that will reinvent the healthcare world and drive improvements by boosting annual cost savings, increasing patient access to quality healthcare, and improving patient experiences. The 5G network will bring global yearly cost savings of nearly USD 94 billion by 2030.

Digital Therapeutics (DTx): The rising prevalence of chronic conditions is fueling growth in the global DTx market, as DTx delivers evidence-based therapies via software like mobile health apps. Vendors leverage their tech to treat chronic diseases. It is expected that the DTx space will hit nearly USD 56 billion in global opportunities by 2025.

Telehealth: Telehealth includes mobile technology, video doctor visits, and remote monitoring patient tools that enables a constant relationship between patient and doctors. Telehealth helps by reducing the need for unnecessary doctor visits and making it more accessible for those patients who are living in rural locations to see a healthcare professional. Telehealth service is used by 63% of adults for chronic illness. People would likely use telehealth in the future, said to 8 in 10 respondents.