New-age concepts such as the Internet of Medical Things (IoMT), Artificial Intelligence(AI), and Big Data analytics are opening up new cases for remote patient monitoring (RPM). In recent years, venture capitalists have increasingly invested in start-ups with competencies in these areas, especially integrated and lower-cost monitors and sensors. With this development, RPM will soon shift the centre of care from the hospital to the home and become a mainstream medical service, growing to $1.15 billion in 2023 at a strong CAGR.
“AI technology is poised to become more visible across the healthcare process and clinical workflows. There will be significant opportunities in the virtual assistant space and other data-driven AI applications,” said Chandni Mathur, Industry Analyst at Frost & Sullivan. “Vendors are also choosing the bring-your-own-device model (BYOD), giving users the flexibility of using their own hardware. Data-driven technologies such as predictive analytics and data visualization are also gaining momentum.”
Frost & Sullivan’s recent analysis, Remote Patient Monitoring Market in Europe, Forecast to 2023, analyses in-home or mobile patient environment RPM. It examines the country/regional trends that will influence the uptake of RPM solutions as well as the market segments most likely to adopt this technology. It also identifies the growth opportunities and future perspectives for vendors to consider while devising their strategies for the European markets.
“Europe is an enthusiastic adopter of RPM solutions, with the highest growth expected from the United Kingdom, Germany, the Netherlands, and Sweden,” noted Mathur. “Furthermore, the imminent spate of regulatory approvals across Europe for consumer-grade wearables to monitor vital signs will prove a huge growth driver over the next five years.”
For greater growth opportunities, market vendors need to:
- Partner with health systems in different European countries to deploy RPM solutions for data gathering and, eventually, precise risk stratification.
- Integrate monitoring data from disparate medical-grade wearables/data collection tools into a single platform.
- Collaborate with telemedicine providers to offer a holistic service.
- Offer a continuous RPM system coupled with predictive AI that provides actionable insights when required and reduces manual intervention.