The Growing Remote Patient Monitoring Market: A Lucrative Healthcare Sector
The remote patient monitoring market size is witnessing a significant expansion in healthcare, presenting numerous growth opportunities. Do your campus’ current offerings align with the needs and the growing remote patient monitoring market? In this article, our team will delve into why universities should prioritize forging partnerships in this growing healthcare industry.
Evolution and Expansion of Remote Patient Monitoring
The inception of remote patient monitoring systems dates back to the 1970s when Kaiser Foundation International collaborated with Lockheed Missiles and Space Company to develop an innovative patient monitoring system, particularly for underserved rural areas. Since then, the healthcare industry has witnessed a tremendous expansion in the use of these systems.
Market Insights and Projections
With the market size being worth $14 billion dollars as of 2023 and is projected to reach $41.7 billion dollars by 2030. Remote patient monitoring offers physicians a way to monitor patients who are not in the hospital and saves hospitals time, money, and resources. It allows hospitals and doctors to care for many patients.
Thriving Market Landscape and Key Players
By 2024, it’s projected that remote patient monitoring devices will be utilized by 30 million patients in the U.S., indicating a thriving market for these medical devices. Patient monitoring companies are crucial in supplying the required technology. Currently, the top remote patient monitoring companies, including Dexcom ($2.91 billion dollar revenue), Medtronic ($31.686 billion dollar revenue), and ResMed ($4.2 billion dollar revenue), are leading the way.
Industry Investments and Government Support
In Q1 of 2023, venture capital investing in healthcare IT, including remote patient monitoring increased from 451.3 million in Q4 of 2022 to $1.3 billion. Additionally, in 2022 The U.S. Department of Health and Human Services granted $55 million to 29 health centers in order to increase access to telehealth/remote patient monitoring to underserved populations.
University Initiatives and Research Advancements
Universities are capitalizing on this pivotal research area in healthcare. The University of Mississippi Medical Center, a pioneer in remote patient monitoring, conducted a study demonstrating the effectiveness of patient monitoring among patients with hypertension. Moreover, the University of Pittsburgh Medical Center discovered that patient engagement soared to over 90% due to the implementation of virtual care and remote patient monitoring.
Opportunities in the Landscape of Remote Patient Monitoring
In the U.S., there are over 6,500 medtech companies currently, with many of them offering remote patient monitoring technology. This is 6,500 unique opportunities for your campus to reach out and form a partnership for sponsored research, experiential learning, licensing, and more. FirstIgnite can help your university become a market leader in remote patient monitoring through enhancing your marketing efforts.