Remote Patient Monitoring Market Value to Nearly Triple by 2019
Increasing diabetes and cardiovascular disease patient populations will push need for systems, services.
- By David Kopf
- Apr 18, 2013
As the United States’ population continues to age, an increase in diabetes and heat disease will push an nearly three-fold increase in the market for remote patient monitoring, according to “Remote Patient Monitoring Market to 2019 – Potential to Reduce Healthcare Cost Burden and Improve Quality of Care to Drive Future Growth,” a new report from analysts at GBI Research.
By 2030, an aging United States is projected to see diabetes prevalence rise to 29.6 percent, and the cost of heart disease treatment triple, according to the report. These trends will push the need for remote patient monitoring (RPM) to the point where the U.S. RPM market, which was valued in 2012 at $104.5 million, to hit a forecasted $296.5 million by 2019 at a compound annual growth rate (CAGR) of 16 percent, GBI reports.
On a global basis, the world market for RPM was valued at $222.8 million in 2012 and is forecast to reach $620.3 million by 2019, growing at the same 16 percent CAGR as the U.S. market, GBI said.
The report notes that cardiovascular disease is projected to cause the annual deaths of 25 million people globally by 2030, and the global diabetes population projected to hit 552 million by 2030. Already, diabetes caused 4.6 million deaths and over $450 billion in healthcare costs in 2011. In both cases, the report says RPM could help reduce the number of clinic visits and hospitalizations, as well as the duration of hospital stay for those sort of patient populations.
David Kopf is the Publisher and Executive Editor of HME Business and DME Pharmacy magazines. Follow him on Twitter at @postacutenews.