Mental health care has come a long way since the introduction of Thorazine in the 1950s, which marked a significant milestone in the treatment of schizophrenia. Thorazine, also known as chlorpromazine, was the first antipsychotic drug developed and its widespread use led to the growth of the mental health drugs market, which was valued at over $15 billion in 2021 with the largest share in the United States.
Now, remote therapy monitoring technology offered by Noble Health has the potential to revolutionize mental health care by providing access to mental health services from a distance. This innovative solution allows mental health professionals to monitor patients remotely, improving access to care for those living in rural or remote areas and reducing the cost of in-person visits.
The market for remote therapy monitoring is growing rapidly and is expected to reach a value of over $5 billion by 2025, driven by the increasing demand for mental health services and the recognition of the benefits of remote therapy monitoring.
The Centers for Medicare & Medicaid Services (CMS) plays a significant role in the growth of the remote therapy monitoring market by paying for these services. This reimbursement is driving the growth of the market and is likely to encourage private payers to follow suit, expanding access to remote therapy monitoring.
As demand grows, Noble Health and other vendors supporting remote therapy monitoring products will benefit from increased demand for their products and services. This growth will lead to new business opportunities and the development of new and innovative products and services.
Studies have estimated that remote therapy monitoring can reduce healthcare costs by up to 20% compared to traditional in-person mental health care, improving patient outcomes and reducing hospitalization rates.
Choose Noble Health’s remote therapy monitoring solutions to transform mental health care and improve patient outcomes while reducing healthcare costs.