Proving the Business Case for the Internet of Things

Remote patient monitoring set for rapid growth, says Berg

Steve Rogerson
February 6, 2019
 
Revenues for remote patient monitoring (RPM) products reached €17.5bn in 2018, according Swedish IoT market research firm Berg Insight. Revenues are expected to grow at a CAGR of 21.4 per cent until 2023, reaching €46.1bn.
 
This includes revenues from medical monitoring devices, mhealth connectivity, care delivery platforms and mhealth care programmes. Most of the revenues come from the sales of connected medical devices.
 
New care delivery platforms show the highest growth rate, with an expected CAGR of 53.1 per cent during the forecast period. The new care models enabled by these technologies are often consistent with patients’ preferences of living more healthy, active and independent lives.
 
Healthcare systems around the world are undergoing a major transformation to adopt value-based care – a care model that requires care products to be both cost-efficient and of high quality. Healthcare industry players are responding to this by developing data-driven products to optimise healthcare.
 
One example is the use of self-engagement apps that rely on behavioural analytics to coach patients in how to manage their conditions. This can include reminders to take medication, recommendations to handle certain symptoms and real-time adjustments of the treatment plan to address changes in the patient’s condition. Berg believes that patient engagement apps are likely to become a standard practice in many chronic disease management programmes and that this will spur the adoption of mhealth.
 
Consumer-oriented mhealth devices of medical-grade standards are at the same time gaining traction on the market. During the last years, millions of consumers have connected medical monitoring devices via their smartphones to cloud platforms.
 
“Payers and healthcare providers can take advantage of this trend, as consumers that already have started to use connected medical devices more easily can be onboarded onto new mhealth care programmes,” said Sebastian Hellström, IoT analyst at Berg Insight.
 
Similarly, medical researchers will have the possibility to collect data in volumes that have never been seen before. However, gaining access to patients’ data may also become more complicated. New regulations such as the GDPR give individuals more control over their personal data.
 
“Previously, patients have barely been able to access their own health records,” said Hellström. “This is about to change and in a few years’ time it will become much easier for patients to not only view their data, but also suggest changes to it and even decide whom to share it with.”
 
Healthcare actors will have to make it attractive for patients to share their data. Those who do, may get access to rich information including everything from daily activity habits to ECG, blood pressure and blood sugar readings.