Telemedicine Tools and Software Providers Market, Industry Trends and Global Forecasts, 2021-2030.
Roots Analysis has announced the addition of Telemedicine Tools and Software Providers Market report to its list of offerings.
The ability to remotely monitor patients using various
consultation tools and software have revolutionized modern healthcare
practices. The concept of monitoring patients over telephone can be traced back
to the 1800’s. However, it was not until 1961, during the National Aeronautics and Space Administration (NASA) space
mission, when remote physiologic monitoring of astronauts was efficiently
required. Further, with the introduction of cloud computing in 1960s, the
remote patient monitoring domain evolved at a significant pace, as these
solutions were capable of enabling information sharing and analysis to carry
out the process in a more robust manner. Since then, the domain has gained more
popularity amongst patients and their caregivers owing to ease of use and
cost-effectiveness.
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It worth highlighting that despite the various advantages
offered, it was not until the COVID-19 pandemic that remote patient monitoring
(RPM) solutions witnessed rapid adoption. During the pandemic, several regional
governments endorsed the use of such solutions in order reduce low-importance
or follow-up visits to hospitals and clinics and consequently, limit the spread
of the virus. Further, various healthcare facilities, such as hospitals and
clinics, have actively started monitoring and managing their patients remotely.
At present, RPM solutions are complimenting conventional approaches to provide
better and well-defined healthcare facilities to patients.
During our study, we were able to identify over 200
remote patient monitoring (RPM) tools and software. It is worth mentioning, the
RPM tools and software market is dominated by the presence of small companies
(57%), followed by mid-sized players (23%). This can be
attributed to the fact that healthcare domain has seen a shift from traditional
medicines to telehealth solutions in the recent years,
especially with increase in cases where the pa tients
are not able to frequently visit their healthcare professional. In fact, in the
recent years, a number of RPM solutions have received regulatory approval,
which has spurred the establishment of many start-ups in this domain.
RPM solutions can facilitate services for patients
suffering from chronic, as well as acute, disorders. As a result, RPM solutions
are capable of reducing the burden on healthcare facilities, especially in the
wake of a pandemic. It is worth highlighting that RPM solutions involve a set
of functions that are performed by the software to produce the analyzed output.
These functions include data collection, transmission, evaluation and
notifications.
§ Data Collection: It includes
continuous collection of a patient’s vital signs from various sources, such as
wearable devices, IoT devices and sensors. It is important to mention that the
data is collected remotely, without an oversight from a healthcare provider.
§ Transmission: The data collected from
RPM devices is transmitted to the healthcare provider via the internet, text,
phone or other modes of communication. The collated data can either be transmitted
continuously or stored in a cloud / web-based platform.
§ Evaluation: The transmitted data is
then analyzed by a software in order to evaluate the patient’s condition. The
physician then examines the received data and provides information on areas of
concern.
§ Notification: The data gathered is
then fed into an AI system that sends quick alerts to the patient. In case
immediate attention is required, alerts are sent to the specific emergency
responders in order to prioritize the treatment. In addition to risk-alerts,
the physicians might communicate relevant data-driven insights and
interventions to patients.
In order to determine the relative competitiveness of
remote patient monitoring software, we focused on several relevant parameters,
such as, such as supplier power (in terms of expertise of the developer) and
key product-related specifications (such as status of development, HIPPA
compliance, type of software, area(s) of application, therapeutic area, purpose
of software, number of patient monitoring related service(s) offered, type of telemedicine operation, and type of business
model).
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Key Questions Answered
- Who are the
leading players engaged in the development of remote patient monitoring
tools and software?
- Which type of
software is most commonly offered by remote patient monitoring
consultation tools and software providers?
- Which kind of
partnership models are commonly adopted by stakeholders engaged in this
industry?
- What is the
relative competitiveness of different remote patient monitoring software
solutions?
- What is the
likely cost saving potential associated with the use of remote patient
monitoring software?
- What are the key
challenges currently faced by stakeholders in this industry?
- What are the
anticipated future trends related to remote patient monitoring
consultation tools and software providers?
- How is the
current and future market opportunity likely to be distributed across key
market segments?
- What is the
likely impact of the ongoing COVID-19 pandemic on the overall remote
patient monitoring market?
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Ben Johnson
+1 (415) 800 3415
ben.johnson@rootsanalysis.com
Roots Analysis
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