U.S. Home Health Care Market for Remote Patient Monitoring Services

Research Overview

This Frost & Sullivan research service titled U.S. Home Health Care Market for Remote Patient Monitoring Services provides an overview of this market through estimates and forecasts of market revenues, unit shipments, and pricing analysis, along with an in-depth discussion of market drivers, restraints, challenges, strategies, and trends that are impacting the U.S. home health care market for RPM services.

Market Overview

Rising Incidence of Chronic Conditions among Elderly Spurs Demand for Home Health Monitoring

As healthcare facilities are bearing the responsibility of treating a growing population of elderly patients suffering from chronic illnesses, home health agencies are looking for innovative ways to improve patient outcomes and reduce re-hospitalization rates. Certain agencies are turning to remote patient monitoring (RPM) technology to achieve their goals in expanding the range of their services to effectively and efficiently treat larger volumes of patients. There is a large potential patient group for such services, and the recent emphasis on preventative care has helped raise awareness about remote monitoring solutions.

RPM services can help compliment traditional home health services, while expanding the treatment and health monitoring capacity of home health agencies. RPM services enhance home health operations by fostering closer relationships between patients and visiting nurses, while motivating better compliance with treatment plans.

Cost-efficient Technical Innovations Allow Market Participants to Overcome Decreasing Investments in RPM Services

Although the market is experiencing high growth, high setup costs, concerns over cost-effectiveness, and return on investment deter potential purchasers from investing in RPM technology. "Without more empirical evidence demonstrating that RPM technology improves health outcomes, many home health agencies are likely to remain reluctant to devote resources to RPM services," explains the analyst. As RPM service providers expose the extent to which the healthcare system is incurring preventable costs in its treatment of elderly chronically ill patients, opportunities may arise for RPM technology to demonstrate its effectiveness.

As several companies have already begun responding to cost-reduction demands for the hospital market, participants should be well prepared to transfer their skills to the home market. There is still significant room for technical innovation within the home monitoring market. "Product developers must not only focus on adapting to existing technologies for new uses, but also integrate new technologies into home monitoring systems," notes the analyst. "As the cost of technology declines, those companies developing products for this market are likely to gain greater flexibility to provide cutting-edge designs for home users and professional service providers."