Remote Patient Monitoring Devices Market - Insights
Remote patient monitoring devices are used for digital collection of a person’s medical health data from one location, and electronically transmit the information to health care providers in different location for recommendation and assessments. The monitoring devices collect wide range of healthcare data from the point-of-care testing, which includes blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar. The data obtained through the devices is then transmitted to health professionals in facilities such as hospitals, intensive care units, and nursing facilities for further assessment.
The global remote patient monitoring devices market size was valued at US$ 917.6 million in 2018, and is expected to exhibit a CAGR of 7.1% over the forecast period (2019-2027).
Figure 1. Global Remote Patient Monitoring Devices Market Share, By Product Type (%), 2019 and 2027
Source: Coherent Market Insights Analysis (2019)
Increasing prevalence of several disorders and diseases is expected to drive the global remote patient monitoring devices market growth over the forecast period.
The global remote patient monitoring devices market is expected to witness significant growth over the forecast period, owing to increasing prevalence of disorders such as cardiac disorders, respiratory disorders, and others. For instance, according to the World Health Organization (WHO) 2017, one-third of ischemic heart diseases are attributable to high cholesterol. Increasing cholesterol levels is estimated to cause 2.6 million deaths (4.5% of total deaths) and 29.7 million with ill health. The remote patient monitoring device are easy-to-use and portable systems that assess the cholesterol levels and can help in controlling cholesterol levels, which can prevent serious heart diseases (as cholesterol is a major contributor in worsening heart conditions). Moreover, according to the Biomed Central Respiratory Research 2016, asthma and chronic obstructive pulmonary disease (COPD) are common chronic obstructive lung disorders characterized by variable airflow limitation, and airway hyper responsiveness, affecting over 25 million people in the U.S. These patient monitoring devices can be used as tools for the management of such disease by monitoring them.
Increasing demand for remote patient monitoring devices has encouraged manufacturers for expanding their products offerings by collaborations and new product developments
The collaborations between manufacturers, hospitals, and academic institutions are expected to drive the global remote patient monitoring devices market growth. For instance, Truman Medical Centers and Cerner (a healthcare technology company) have launched comprehensive health management programs by using Cerner’s patient monitoring technology, and Truman Medical Centers electronic health records to combat high-risk chronic conditions in 2017.
Moreover, company such as Apple have launched their own HITs. Apple has created two software frameworks, ResearchKit in 2015 and CareKit in 2016, that facilitate the creation of healthcare apps, designed to assist in medical research patient enrollment and patient-centered disease self-management. Such collaborations and innovations are expected to drive the global remote patient monitoring devices market growth over the forecast period.
Increasing product launches by key players is expected to boost the global remote patient monitoring devices market growth
Key players are focused on launching new devices for patient monitoring, in order to meet unmet needs in the healthcare sector, which is expected to drive the global remote patient monitoring devices market growth. For instance, in February 2019, AT&T Inc., a U.S.-based multinational company launched a new smart watch, One Pulse, designed with telehealth and remote patient monitoring capabilities. This smart watch helps in monitoring real-time alerts for family and physicians, medication reminders, and prescription refills. It also provides medical records, which can be accessed through a cloud-based software and application programming interface that allows connectivity to any electronic health record platform.
Moreover, in September 2019, India-based Sanskritech Smart Solutions Private Limited, a healthcare startup launched an advanced self-monitoring, health diagnostic Point-of-care testing (POCT) system ‘Swayam AHM’, which is an ATM-like kiosk that helps people to walk in and take 55 basic and advanced pathology tests with instant test reports.
Global Remote Patient Monitoring Device Market - Regional Analysis
Based on region, the global remote patient monitoring device market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold a dominant position in the global remote patient monitoring device market over the forecast period, owing to factors such as rising health awareness, presence of major market players, and adoption of novel products and devices in the region. For instance, GE Healthcare, Abbott Laboratories, Baxter International, Boston Scientific are some U.S.-based companies that offer various types of patients monitoring devices. For instance, in May 2018, Baxter International Inc., launched updates for remote patient management platform for home dialysis patients. This is expected to drive the remote patient monitoring devices market growth in North America.
Moreover, Asia Pacific is expected to witness significant growth in the global remote patient monitoring device market over the forecast period, owing to increasing population and purchasing power of the patients. For instance, according world health organization (WHO) in 2016, approximately 114 millon people suffer from chronic disease in china, however in India, and japan 69 million and 31.4 million people suffered from chronic diseases respectively. This increases the healthcare spending cost in Asia Pacific region.
Moreover, Key players such as Omron Healthcare (based in Japan) are engaged in offering huge range of patient monitoring devices and focused on launching new heart health technology to expand their product offerings. For instance, in February 2019, Omron Healthcare announced deal with PhysIQ to integrate wearable blood pressure monitor HeartGuide into remote monitoring platform pinpointIQ. Such integration by manufactures is expected to boost the global remote patient monitoring device market growth.
Figure 2: Global Remote Patient Monitoring Device Market Share (%), By Region, 2019 & 2027
Source: Coherent Market Insights Analysis (2019)
Factors restraining the global remote patient monitoring device market growth include lack of trained professionals, insufficiency in maintaining privacy and security of the medical data, lack of uniformity in device functionality, and lack of awareness about monitoring devices in rural or backward areas.
Key players operating in the global remote patient monitoring devices market include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., and St. Jude Medical.