Any RPM company that wants to differentiate and grow rapidly, needs to fine-tune their business strategy to address the key pain points in the market such as patient engagement & compliance & ease of use of technology” Sr. VP Marketing, Top 5 RPM Company BRUSSELS (PRWEB) June 21, 2021
Medi-Tech Insights latest analysis reveals a huge, untapped growth opportunity of over $15 Billion in the U.S Vitals & Remote Patient Monitoring (RPM) market.
Lasting, positive impact of Covid-19
Growth will be driven by increased adoption and usage in the pandemic, need to reduce patient costs and improve outcomes for patients with chronic conditions. Patient demand and financial incentives for providers and health systems are driving demand for post-acute care in areas like cardiology, orthopedics amongst others.
Providers are biggest users but other high growth segments are emerging
While the largest segment continues to be providers, other segments like health plans/payors, employers, home health agencies and clinical trials are expected to grow at a CAGR of 25+% over the next 5 years.
Highly fragmented market
The RPM market is highly fragmented with over 200 companies vying to grab a share of this nascent market and it is critical for RPM companies to deploy well-researched pricing and go-to-market strategies. Companies from Telehealth market, PERS market are also eyeing entry into the market as seen by the acquisition of Livongo by Teladoc recently.
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Key Growth Levers for RPM companies include:
Offering solutions that are comprehensive, integrated and tailored to chronic disease areas like diabetes, COPD, hypertension Incorporation of AI/ML into RPM solutions to increase patient engagement & compliance Going beyond capturing data and helping physicians to manage patient populations to improve outcomes and reduce costs Partnerships with third-parties including technology companies, device manufacturers, patient care companies to provide holistic care pathway Strategic M&A to acquire wider coverage of geographies, disease areas and to gain scale and financial muscle Customer Segment analysis including current pain points, key benefits & pricing for:
Providers Payers Health Systems/IDNs Medicare Advantage Plans Home Health Agencies Key players in this market include Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs and many others.
Innovative companies are differentiating from their competitors by fine-tuning their business models, refining their product & service offerings and tailoring pricing strategies based on type of customer segment, geographic coverage, population health metrics & continuum of care offered.
Today, there is a unique window of opportunity to tap into this high-growth RPM market by developing the right strategies and leveraging industry acumens. Contact us at [email protected] to gain exclusive industry insights.
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm with offices in US & Europe. Our clients include Fortune 500 companies, blue-chip Investors & hyper-growth Start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.
Contact:
Ruta Halde
Associate, Medi-Tech Insights
[email protected]
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