This Frost & Sullivan research service titled Remote Patient Monitoring Technologies--A Strategic Assessment provides detailed coverage of the trends and developments in the market. The study also explores investment opportunities (funding patterns, government funding programs, and incentives) available for technology innovators and investors. It also identifies the opportunities available for key stakeholders in the market to effectively capitalize on remote patient monitoring (RPM) technologies. In this research, Frost & Sullivan’s expert analysts thoroughly research the following markets: telehealth, mHealth, and hospital patient data management.
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Technological Advancements and Favorable Environment Ramp up Prospects for Remote Patient Monitoring Technologies
Remote patient monitoring (RPM) or telehealth has taken huge strides forward, and the demand for this technology is on the upswing, especially among home care agencies, disease management companies, and clinical trial groups. The advent of low-energy Bluetooth, near-field communication (NFC), secure data management, and wireless sensor platforms are catalyzing the mode of healthcare delivery. Participation from market giants, such as GE, Google, HP, IBM, Intel, Microsoft, Philips, Qualcomm, Siemens, and Wal-Mart, has enabled development of remote monitoring products that effectively interface IT and life science technologies. Commercialization of RPM technologies is also shifting delivery of healthcare from a hospital-centric to a patient-centric approach. “The demand for simple and easy-to-understand technology for chronic disease management at home using telehealth, especially for elderly people, has not only shown an increase in its demand for remote monitoring products in the US, Europe, and Japan, but also in emerging and lucrative markets, such as India, China, and other South Asian countries,” notes the analyst of this research service. “The development of new technologies and availability of sufficient funding from government agencies and venture capital firms has stoked growth in the RPM market over the past few years,” The Remote Monitoring Access Act of 2007 offers financial incentives for potential users of RPM solutions and services for efficiently managing chronic diseases under the Medicare Program. The market has incrementally developed over the past 12 months, assisted by investments from major companies that focused on the development of end-to-end wireless health and wellness solutions.
Despite being a high growth market, barriers to customer adoption include the absence of wide scale reimbursement, the lack of standardization and global regulatory policies governing technology usage. Low awareness levels among patients and issues surrounding security of patient data also contribute to delays in adoption lifecycle. Unlike other reimbursable technologies classified by a respective common procedure terminology (CPT) code, there is no specific codes that are assigned for telehealth or mHealth solutions. Reimbursement for electronic health record (EHR) solutions is identified to indirectly benefit telehealth vendors.
To be successful in this marketplace, it has become highly essential for technology developers to roll out high-quality, low-cost solutions that are available worldwide. For instance, the Health Buddy system developed by Robert Bosch Healthcare is an intelligent system, which not only focuses on measuring vital signs, but also fosters patient self-management by asking sensible questions and providing feedback on patient health behavior. The company is also working in collaboration with the U.S. Center for Medicare and Medicaid Services on a demonstration project, which is expected to heighten awareness levels while considerably reducing healthcare costs to its adopters. To better understand customer perceptions, companies are conducting periodic surveys and feedback to constantly evolve their products. “Going forward, a higher degree of technological sophistication is expected in the design of high-performance medical sensors that can be easily integrated with wireless networks,” says the analyst. “Ultra-low-power sensing hardware architecture, computation, and communication for extending overall battery life are the other areas where technological advancements are expected.” Companies operating in this domain have found that it is easier to acquire new technologies or companies rather than develop new technologies from scratch. Thus, acquisition of a competitive portfolio would enable high synergies by reducing market entry time, overcoming regulatory barriers, and incorporating a competitive brand name for the technology.
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
The following technologies are covered in this research:
Near-field communication (NFC)
Body area networks (BANs)
Mobile-to-machine (M2M) communication networks
Bed sensor panel integrating ultra wideband (UWB) radar
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