Artificial Intelligence (AI) in the Remote Patient Monitoring Market: Trends and Opportunities
The shift in healthcare from volume-based to value-based care has created a new paradigm in healthcare IT. A diverse range of ICT-based eHealth systems have created new value propositions in value-based care. Cutting-edge technologies and tools, such as artificial intelligence (AI), have made healthcare delivery more patient-centered, with the potential to improve clinical outcomes. AI, in particular, has received a lot of attention as an adjunct technology for guiding clinical decisions, diagnosing disease conditions early on, and monitoring patients with chronic diseases. These value propositions have fueled the demand for AI in the remote patient monitoring market.
The role of technology has crossed geographical boundaries and reduced the number of in-person visits. Most importantly, AI-powered eHealth technologies have opened up a vast avenue for holistic patient care, with remote patient monitoring garnering a lot of attention among proponents. Payers, providers, and policymakers are investigating the role of various AI-powered tools and platforms in delivering better patient experiences, thereby broadening the market for AI in remote patient monitoring.
Apart from remote patient monitoring, allied areas of AI include electronic health records (EHR), robotics, telehealth and telemedicine, and diagnosis. These are all interconnected in the sense that they all seek to improve one another’s ability to provide high-quality patient care. Progress in telehealth in some countries, particularly those reliant on continuous advances in ICT in health care, has broadened the outlook for the AI in remote patient monitoring market.
Artificial Intelligence (AI) in the Remote Patient Monitoring Market: Current Opportunities and Emerging Pathways
The demand for AI in remote patient monitoring is thriving, owing to the critical role of technologies in monitoring patient cohorts with diseases that are prone to fatal adverse events. Patients suffering from neurological and cardiovascular diseases have thus benefited increasingly from the use of telehealth in remote monitoring. The preference will continue in the future, as there is an urgent need to reduce the morbidity and mortality associated with these diseases. AI and robotics play a significant role in enabling remote monitoring of chronic illnesses that are prone to negative outcomes, such as cardiac failure, which necessitates emergency department hospitalization. AI adoption is increasing revenue streams for market participants in the AI in remote patient monitoring market.
Several healthcare systems around the world have integrated with electronic health in recent decades to provide centralized and easy access to patients’ medical history, medications, treatment plans, radiology images, immunization schedules, and laboratory and test results. AI has improved diagnostic and therapeutic accuracy, boosting demand in the AI in remote patient monitoring market. The application of AI in clinical decision systems has also increased as a result of the accuracy and precision propositions in these areas.
The Market for Artificial Intelligence (AI) in Remote Patient Monitoring: A Competitive Analysis
A number of healthcare companies looking to capitalize on the emerging prospect of personalized medicine are interested in forming partnerships and alliances with AI pioneering technology companies. The proliferation of eHealth apps has thus enriched the value chain of AI in the remote patient monitoring market. Apple and other technology behemoths are offering products that provide remote patient monitoring for overall well-being. To grow in the AI in remote patient monitoring market, technology companies are investing heavily in wearables R&D.
A number of healthcare providers have bolstered their product portfolios by incorporating more security features into AI tools that are compliant with regional and global patient privacy and data safety concerns. The trend will broaden the scope of strategic alliances and collaborations among players, broadening the market for AI in remote patient monitoring.
Regional Growth Prospects for Artificial Intelligence (AI) in the Remote Patient Monitoring Market
In the global Ai in remote patient monitoring market landscape, North America has been a highly profitable region for healthcare tech companies. North American growth has been fueled by extensive R&D in health wearables and growing acceptance of mHealth apps. With advancements in telehealth and telemedicine, Asia Pacific has emerged as a potentially lucrative market.
TMR’s intelligence report is the result of extensive research and rigorous analysis of the various market dynamics shaping the market’s growth. TMR cultivates a tight-knit team of analysts, strategists, and industry experts who provide clients with tools, methodologies, and frameworks to help them make better decisions. Our objective, insights, and actionable analytics enable CXOs and executives to confidently advance their mission-critical priorities.
The examination of the various forces influencing market dynamics, as well as key and associated industries, assists enterprises in understanding various consumer propositions. In today’s fast-paced business environment, our clients use these insights and perspectives to improve the customer experience.
Learn more from Artificial Intelligence and read AI in music: Bach, Beethoven, and the bots.
