Revenues for remote patient monitoring (RPM) solutions reached 4.3 billion EUR in 2013, including revenues from medical monitoring devices, mHealth connectivity solutions, care delivery software platforms and monitoring services. According to Berg Insight, these revenues are set to grow at a CAGR of 35% between 2013 and 2018, reaching 19.4 billion EUR at the end of the forecast period.
Savings attributable to payers and care providers will by far exceed this amount as connected care solutions can allow better health outcomes to be achieved more cost efficiently. The new care models enabled by these technologies are furthermore often consistent with patients’ preferences of living more healthy, active and independent lives.
Savings attributable to payers and care providers will by far exceed this amount as connected care solutions can allow better health outcomes to be achieved more cost efficiently.However, this progress is still far from uniform. “The growth in the RPM market is today centered on very specific market verticals and regions,” said Berg’s Senior Analyst Lars Kurkinen. “Most of the market growth in the sleep therapy segment has for instance occurred in the US and France, where frequent compliance audits are becoming more common.”
He adds that the telehealth market benefits from local and regional project financing in several European countries, whereas remotely monitored medication dispensers gain traction among home care providers in the Benelux and Nordic countries in particular. In addition, the first pharmaceutical companies have recently initiated rollouts of connected adherence monitoring solutions that are bundled together with specific drugs.
The shift from fee-for-service reimbursement systems to pay-for-performance structures will have a major impact on the use of connected care solutions in several countries. this development is the large number of RFPs for telehealth solutions that are being issued due to the hospital readmission reduction programs.