The healthcare industry is rapidly evolving with large volumes of data and increasing challenges related to healthcare costs and accurate patient outcomes. The rise in prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and chronic respiratory diseases, is increasing the need for real-time data, which in turn, is boosting the demand for AI technology in remote patient monitoring. According to Diabetes Research and Clinical Practices in 2019, 463 million people have diabetes globally, especially in low and middle-income countries, which is nearly 9.3% of the global population. Increasing adoption of data-driven projects owing to a substantial increase in demand for real-time information, a rise in the number of patient registries, the surge in demand for reducing healthcare expenses, and providing quality care to patients for better outcomes is propelling the demand of AI in remote patient monitoring services.
Benefits offered by AI in remote patient monitoring, such as improving patient engagement, real-time monitoring, reducing errors, detecting activity patterns, reducing hospital readmissions, optimizing utilization management, and reduce costs, is increasing its adoption in the market. It further helps healthcare providers in gathering critical patient data, improving patient care experience, efficient management of staff and hospital capacity, and increase their ROI. As per the Association of American Medical Colleges, it is estimated that there will be a shortage of between 124,000 to 160,000 full-time physicians by 2025. Owing to the growing population and aging population, the demand for physicians is anticipated to grow by 17% by 2025. With a rapid increase in the number of patient population and shortage of healthcare professionals, the pressure on the existing healthcare staff has grown substantially. This has increased the need for AI technology in remote patient monitoring. For instance, SafeBeing is one of such wearables, AI-powered remote monitoring solution that gives real-time support to caregivers to detect changes in activity patterns, improve on quality metrics, and reduce hospitalizations.
In addition, rising healthcare costs generating the need to curb overall healthcare expenses, increasing penetration of internet and mobile phones, and surging need for real-time data to support decision making & provide quality care to patients is increasing the demand for AI in remote patient monitoring services market. Rising government initiatives to support the implementation of AI in healthcare is positively impacting market growth. For instance, in February 2019, Executive Order on Maintaining American Leadership in Artificial Intelligence is introduced by the government to reduce barriers in the usage of AI technology in the U.S., enhancing access to fully traceable, high-quality federal data, while maintaining privacy, confidential protections, safety and security with applicable laws and policies. An increase in the number of startups, mergers and acquisitions, investments, and collaborations is further boosting the AI in the remote patient monitoring market. For instance, in April 2019, Current Health received Class II clearance from the U.S. FDA for post-acute care.
Currently, the demand for AI-based remote monitoring has surged rapidly across the globe owing COVID 19 pandemic condition. In April 2020, Current Health collaborated with Mayo Clinic to accelerate the identification of COVID-19 positive patients, predicting symptom, and disease severity by combining artificial intelligence and remote patient monitoring.
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