The ability to remotely monitor patients using various consultation tools and software have revolutionized modern healthcare practices. The concept of monitoring patients over telephone can be traced back to the 1800’s. However, it was not until 1961, during the National Aeronautics and Space Administration (NASA) space mission, when remote physiologic monitoring of astronauts was efficiently required. Further, with the introduction of cloud computing in 1960s, the remote patient monitoring domain evolved at a significant pace, as these solutions were capable of enabling information sharing and analysis to carry out the process in a more robust manner. Since then, the domain has gained more popularity amongst patients and their caregivers owing to ease of use and cost-effectiveness.
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It worth highlighting that despite the various advantages offered, it was not until the COVID-19 pandemic that remote patient monitoring (RPM) solutions witnessed rapid adoption. During the pandemic, several regional governments endorsed the use of such solutions in order reduce low-importance or follow-up visits to hospitals and clinics and consequently, limit the spread of the virus. Further, various healthcare facilities, such as hospitals and clinics, have actively started monitoring and managing their patients remotely. At present, RPM solutions are complimenting conventional approaches to provide better and well-defined healthcare facilities to patients.
During our study, we were able to identify over 200 remote patient monitoring (RPM) tools and software. It is worth mentioning, the RPM tools and software market is dominated by the presence of small companies (57%), followed by mid-sized players (23%). This can be attributed to the fact that healthcare domain has seen a shift from traditional medicines to telehealth solutions in the recent years, especially with increase in cases where the pa tients are not able to frequently visit their healthcare professional. In fact, in the recent years, a number of RPM solutions have received regulatory approval, which has spurred the establishment of many start-ups in this domain.
RPM solutions can facilitate services for patients suffering from chronic, as well as acute, disorders. As a result, RPM solutions are capable of reducing the burden on healthcare facilities, especially in the wake of a pandemic. It is worth highlighting that RPM solutions involve a set of functions that are performed by the software to produce the analyzed output. These functions include data collection, transmission, evaluation and notifications.
- Data Collection: It includes continuous collection of a patient’s vital signs from various sources, such as wearable devices, IoT devices and sensors. It is important to mention that the data is collected remotely, without an oversight from a healthcare provider.
- Transmission: The data collected from RPM devices is transmitted to the healthcare provider via the internet, text, phone or other modes of communication. The collated data can either be transmitted continuously or stored in a cloud / web-based platform.
- Evaluation: The transmitted data is then analyzed by a software in order to evaluate the patient’s condition. The physician then examines the received data and provides information on areas of concern.
- Notification: The data gathered is then fed into an AI system that sends quick alerts to the patient. In case immediate attention is required, alerts are sent to the specific emergency responders in order to prioritize the treatment. In addition to risk-alerts, the physicians might communicate relevant data-driven insights and interventions to patients.
In order to determine the relative competitiveness of remote patient monitoring software, we focused on several relevant parameters, such as, such as supplier power (in terms of expertise of the developer) and key product-related specifications (such as status of development, HIPPA compliance, type of software, area(s) of application, therapeutic area, purpose of software, number of patient monitoring related service(s) offered, type of telemedicine operation, and type of business model).
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Key Questions Answered
- Who are the leading players engaged in the development of remote patient monitoring tools and software?
- Which type of software is most commonly offered by remote patient monitoring consultation tools and software providers?
- Which kind of partnership models are commonly adopted by stakeholders engaged in this industry?
- What is the relative competitiveness of different remote patient monitoring software solutions?
- What is the likely cost saving potential associated with the use of remote patient monitoring software?
- What are the key challenges currently faced by stakeholders in this industry?
- What are the anticipated future trends related to remote patient monitoring consultation tools and software providers?
- How is the current and future market opportunity likely to be distributed across key market segments?
- What is the likely impact of the ongoing COVID-19 pandemic on the overall remote patient monitoring market?
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