WirelessDevNet.com Press Release
Berg Insight Says Remote Patient Monitoring Revenues to Reach € 19.4 Billion in 2018
Berg Insight estimates that revenues for remote patient monitoring (RPM) solutions reached € 4.3 billion in 2013, including revenues from medical monitoring devices, mHealth connectivity solutions, care delivery software platforms and monitoring services. RPM revenues are expected to grow at a CAGR of 35.0 percent between 2013 and 2018, reaching € 19.4 billion 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.
While the healthcare industry is advancing towards an age where connected care solutions will be part of standard practices, this progress is still far from uniform. “The growth in the remote patient monitoring market is today centred on very specific market verticals and regions. 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” said Lars Kurkinen, Senior Analyst, Berg Insight. 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 to this, the first pharmaceutical companies have recently initiated rollouts of connected adherence monitoring solutions that are bundled together with specific drugs. “Another high-level development that will have a major impact on the use of connected care solutions in several countries during the coming years is the shift from fee-for-service reimbursement systems to pay-for-performance structures that emphasize cost-effective delivery of quality care”, adds Mr Kurkinen. In the US, one example of this development is the large number of RFPs for telehealth solutions that are being issued due to the hospital readmission reduction programs.
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About Berg Insight
Berg Insight is a dedicated M2M/IoT market research firm based in Sweden. We have been specialising in all major M2M/IoT verticals such as fleet management, car telematics, smart metering, smart homes, mHealth and industrial M2M since 2004. Our vision is to be the most valuable source of intelligence for our customers. Berg Insight offers numerous market reports, detailed market forecast databases and advisory services. We provide custom research tailored to your requirements including focussed research papers, business case analysis, go-to-market strategies and bespoke market forecasting. In addition to M2M/IoT, we are also active within Location-Based Services, mobile Value-Added Services and Next Generation Technologies. We have provided analytical services to 700 clients in 68 countries on six continents to date. Our customers range from many of the world’s largest mobile operators, IT companies and telecom vendors, to venture capitalists, technology start-ups and specialist consultants.