April 24, 2023
(press release)
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The market for telemedicine and remote patient monitoring (RPM) has been rapidly expanding, driven by the COVID-19 pandemic and the need for remote healthcare delivery. RPM devices are estimated to grow to a market value of $1.2 billion by 2025, while the market for telemedicine is projected to reach $185.6 billion by 2026, according to GlobalData, a leading data and analytics company. RPM devices allow healthcare providers to monitor patients’ health metrics from a distance. This technology provides early detection of health problems and can prevent unnecessary hospital visits, making it an attractive option for both patients and providers. Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, comments: “Artificial intelligence (AI) is also being integrated into telemedicine and RPM, enabling providers to analyze data from remote monitoring devices and gain valuable insights into patient health. This technology has the potential to significantly improve patient outcomes and reduce healthcare costs.” In addition to these developments, telemedicine is becoming more accessible to patients. Virtual consultations allow patients to connect with their healthcare providers from anywhere, and market growth is being driven by the convenience and cost-effectiveness of virtual visits as well as the availability of high-speed internet and mobile devices. Stinchcombe concludes: “The expansion of telemedicine and RPM is expected to continue in the coming years, as these technologies become increasingly vital to the healthcare industry. With the ongoing COVID-19 pandemic and the growing demand for virtual healthcare, telemedicine and RPM are poised to play a critical role in delivering healthcare services to patients around the world.”
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