A report from research firm GBI Research (New York, N.Y.) indicates the report patient monitoring (RPM) market is set for a huge growth period thanks to the implied cost-savings that go with the technology. The new report found that RPM technology is being used to cut the financial burdens of national healthcare systems while aiming to give patients an improved freedom, as individuals can remain at home while receiving constant medical monitoring.
According to GBI Research, 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. The rising prevalence of chronic diseases, thanks to an aging population, has forced governments and healthcare providers to find ways of reducing healthcare costs and RPM has been indicated as a possible solution, according to GBI Research. The technology, GBI says, can 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.
The global RPM market was valued at $184.4 million in 2010 and is forecast to grow at a compound annual growth rate (CAGR) of 16 percent, to reach $506.2 million in 2017.