Government Curbs on Hospital Spending to Drive Remote Patient Monitoring Devices Market

Wednesday 25 April 2012, Amsterdam

A new report states that technology offers to bridge the geographical gap between patients and doctors – and the healthcare deficit − if new treatment options using remote patient monitoring (RPM) devices are adopted. New research has found that RPM is being used to cut the financial burdens of national healthcare systems and present the patient with an improved freedom, as individuals can remain at home while receiving constant medical monitoring.

The RPM market is expected to grow in the future due to greater numbers of patients being diagnosed with chronic diseases such as cardiovascular disease (CVD) and diabetes. Globally increasing life expectancy will result in an increase of chronic diseases, which are often directly related to aging, occurring primarily in individuals aged 65 years and above.

The rising prevalence of chronic diseases has forced governments and healthcare providers to find ways of reducing healthcare costs. RPM has been indicated to reduce follow-up appointments and hospitalization numbers, which acts to lower the healthcare cost burden for hospitals and insurers, providing an incentive for governments to adopt the new monitoring technology.

Furthermore, RPM offers patients a higher quality of life, as it reduces the inconvenience caused by constant medical appointments.

Some companies are currently developing site-based health management kiosks, allowing patients in rural areas and remote communities to transfer health indicators to physicians in distant locations.

In November 2010, Canadian based IDEAL LIFE and China’s Shandong NovaTech Biological Pharmaceutical Co., Ltd agreed to establish interactive kiosks with remote health monitoring devices in many Chinese villages, community centers and cities. The kiosks will initially be installed in the Shandong province, where the program is expected to serve up to 100,000 patients. This initiative shows the ability of RPM devices to manage the rise of chronic diseases, through extending the virtual reach of technologically advanced healthcare amenities. The global RPM market was valued at $184.4m in 2010 and is forecast to grow at a compound annual growth rate (CAGR) of 16%, to reach $506.2m in 2017.

The Remote Patient Monitoring Devices Market to 2017 - Chronic Disease Prevalence and Government Curbs on Hospital Spending to Drive the Market report offers key data, information and analysis on the global remote patient monitoring (RPM) market, and provides information on the market landscape, competitive landscape and market trends for two RPM market categories: implantable RPM devices and external RPM devices. It provides comprehensive information on the key trends that affect these categories and analytical content on market dynamics. The report also reviews the competitive landscape, with information on key acquisitions and mergers in the last three years, and a detailed analysis of pipeline products in each category.

This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis.