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BRUSSELS, Aug. 22, 2022 /PRNewswire/ — Medi-Tech Insight’s latest analysis reveals a huge and an untapped growth opportunity in the global remote patient monitoring market. The global remote patient monitoring market report deep dives into key growth levers, pricing intelligence, competitive landscape, segment analysis, product/offering mapping & untapped growth pockets.
Healthcare is a field that is rapidly developing and is marked by incessant advancements in technology and services. A significant development in this field is remote monitoring of patients which offers several advantages in a fast-aging world population with growing health complications.
The global remote patient monitoring market is driven by an increasing prevalence of chronic diseases, the introduction of new CPT reimbursement codes by the CMS, the Covid-19 pandemic-driven surge to move hospital care into the home, and technological advancement in RPM hardware, software and patient care capabilities.
Major Influencing Factors: Remote Patient Monitoring (RPM) Market
Key Drivers
- Introduction of CMS-approved expanded code set for Remote Therapeutic Monitoring/Treatment Management (RTM) in 2022. The 2022 CPT reimbursement codes for RTM – 98975, 98976, 98977, 98980, +98981 allow reimbursement to providers for collecting and interpreting non-physiological data of respiratory system status, musculoskeletal system status, therapy adherence, and therapy response.
- Introduction of CPT reimbursement codes by the CMS in 2019 (CPT 99453, CPT 99454, CPT 99457) and 2020 (CPT 99458) to broaden the adoption of RPM services.
- Rising burden of chronic diseases and pressure to reduce healthcare costs.
- Growing recognition of RPM as a tool to proactively monitor and improve patient engagement, and reduce ED visits, readmissions, and lengths of stay in hospital—all of which help improve patient outcomes and contain costs, among others.
Market Barriers/Challenges: Remote Patient Monitoring (RPM) …
Full story available on Benzinga.com
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