Artificial Intelligence (AI) in Remote Patient Monitoring Market: Contours
The shift from volume-based to value-based care in healthcare sector has opened a new paradigm in healthcare IT. A wide spectrum of ICT-based eHealth systems have opened up new value propositions in value based care. Cutting-edge technologies and tools including artificial intelligence (AI) have made healthcare delivery patient-centric, and promises to improve the clinical outcomes. AI in particular has gained groundswell of attention as an adjunct technology for guiding clinical decision, diagnosing disease conditions in the early stage, and monitoring patients suffering from chronic diseases. The drive for the AI in remote patient monitoring market has stemmed from these value propositions.
The role of technologies has transcended geographical barriers and reduced the numbers of in-person visits. Most important, eHealth technologies powered by AI has opened a vast avenue for holistic patient care, with remote patient monitoring garnering massive attention among the proponents. Payers, providers, and policy makers are exploring the role of various AI-powered tools and platforms for delivering better patient experiences, thereby extending the horizon in the AI in remote patient monitoring market.
Some of the allied areas to AI apart from remote patient monitoring are electronic health records (EHR), robotics, telehealth and telemedicine, and diagnosis. These are all interrelated in that these seek to enrich one another in the delivery of quality patient care. Strides made in telehealth in some countries, notably pivoting on continuous advancements in ICT in health care, has expanded the outlook of the AI in remote patient monitoring market.
Artificial Intelligence (AI) in Remote Patient Monitoring Market: Current Prospects and Emerging Avenues
The demand in the AI in remote patient monitoring market is thriving on the back on the critical role of technologies in monitoring of patient cohorts with diseases that are prone to fatal adverse incidents. Patients with neurological and cardiovascular diseases, thus, have been increasingly benefitted from the use of telehealth in remote monitoring. The preference will stay in future as well, since there is a pressing need to reduce the morbidity and mortality of these diseases. AI and robotics play a massive role in facilitating remote monitoring of chronic illnesses that are prone to adverse outcomes such as cardiac failure, which need emergency department hospitalization. The adoption of AI is boosting the revenue streams for players in the AI in remote patient monitoring market.
In recent decades, several healthcare systems around the world have integrated with electronic health for a centralized and easy access to patient’s medical history, medications, treatment plans, radiology images, immunization schedules, and laboratory and test results. AI has helped boost the accuracy in diagnosis and therapeutics, thereby boosting the demand in the AI in remote patient monitoring market. The application of AI in clinical decision systems has also risen on back of the propositions of accuracy and precision in these areas.
Artificial Intelligence (AI) in Remote Patient Monitoring Market: Competitive Scenario
A number of healthcare companies aspiring to capitalize on emerging prospect of personalized medicine are keen on entering into partnerships and alliances with technology companies pioneering in AI. The value chain of the AI in remote patient monitoring market has thus been enriched by proliferation of eHealth apps. Technology stalwarts such as Apple are offering products that offer remote patient monitoring for general wellbeing. Technology companies are expanding sizable R&D in wearables to grow in the AI in remote patient monitoring market.
A number of healthcare providers have strengthened the product portfolio by integrating more security features in AI tools that comply with regional and global patient privacy concerns and data safety. The trend will unlock the scope of strategic alliances and collaborations among players, expanding the horizon of the AI in remote patient monitoring market.
Artificial Intelligence (AI) in Remote Patient Monitoring Market: Regional Growth Avenues
North America has been highly lucrative regions for healthcare tech companies in the global Ai in remote patient monitoring market landscape. The growth in the North America has been fueled by extensive R&D in health wearables and growing acceptance of mHealth apps. Strides made in telehealth and telemedicine has made Asia Pacific a potentially lucrative market.
