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The market for remote patient monitoring (RPM) devices is influenced by several variables, including the desire for payers and providers to reduce expenses and boost operational efficiency, the growing usability of home-based RPM devices, the growing demand for better healthcare in rural regions, the growing elderly population, and the rapid rise of chronic diseases outside of the US and Europe.
The COVID-19 pandemic drove international healthcare systems to redesign current products and services or develop new virtual care delivery models. Due to changes in regulatory, licensure, and reimbursement restrictions, RPM adoption was accelerated in the US. According to GlobalData’s Marketed Products database, 37 firms introduced new RPM products during the pandemic.
GlobalData’s recent Thematic Research: Remote Patient Monitoring Devices report forecasts that the RPM market will increase from $548.9 million in 2020 to $760 million in 2030 at a compound annual growth rate (CAGR) of 3.3%.
Investment in wearable technology has created a wide range of options to enhance results, cut costs, and empower patients. Wearable technology and artificial intelligence (AI) are transforming healthcare through RPM. For example, Waire Health, which was established in 2018 and is dedicated to advancing wearable technology innovation and assisting in the creation of a healthier future, intends to accelerate its expansion. The company is committed to the creation of tools for use in illness management and preventative healthcare.
The C-Detect device, developed by Waire Health, recently received a £2 million ($2.47 million) investment from Eos Advisory. This will give medical personnel access to real-time data on vital signs like heart rate, blood pressure, and body temperature, allowing them to remotely monitor their patients’ health both more accurately and effectively. The C-Detect device can constantly track certain physiological vital indicators for five days on a single battery at intervals of every 10 minutes; is ready to use right out of the box; and does not require the use of routers, hubs, or cellular or internet connections. The C-Detect already utilizes multiple types of integrated connections, including Bluetooth, Wi-Fi, and cellular service.
The COVID-19 pandemic showed the difficulties that RPM helps solve in healthcare. It is essential to create automated and efficient systems that enable RPM of the elderly, disabled, or patients with chronic diseases, allowing them to preserve their independence in their own homes while being aware of the monitoring.
