Remote Patient Monitoring Devices Market Will Be Fiercely Competitive in 2025 Including Eminent Players such as Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic, St. Jude Medical, Smiths Medical, Philips Healthcare

Remote patient monitoring devices allow for digital collection of medical health data from one location and electronically transmit the information to health care providers to another location for recommendation and assessments. The monitoring devices collect wide range of healthcare data from the point of care, which includes blood pressure, blood oxygen levels, heart rates, electrocardiograms, vital signs 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. Healthcare is revolutionized by Health Information Technologies (HITs) by becoming mainstream tools to assist patients in decision-making and self-monitoring and consequently, driving a shift towards a care model centered on the use of digital and web-based tools.

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According to the World Health Organization 2017, one-third of ischemic heart disease is attributable to high cholesterol. Increase in cholesterol levels is estimated to cause 2.6 million deaths (4.5% of total) and 29.7 million disability adjusted life years. The remote patient monitoring device provides easy-to-use and portable system with correct assessment of the cholesterol levels.

The global remote patient monitoring devices market is estimated to be valued at US$ 856.8 million in 2017 and is expected to witness a CAGR of 7.1 % during the forecast period (2017 – 2025).

Market Dynamics -

The market is gaining significant traction due to rising prevalence rate of hypertension and diabetes. Management of these chronic conditions include a lifelong collaboration with the healthcare professionals. According to the World Health Organization 2012, an estimated 1.5 million deaths were directly caused by diabetes and another 2.2 million deaths were attributable to hyperglycemia or high blood glucose levels. The technological innovations and developments of remote monitoring products are contributing to the market growth. For instance, the FDA approval of CGM remote mobile communications device Dexcom SHARE, an accessory of Dexcom G4 PLATINUM Continuous Glucose Monitoring System, uses a secure wireless connection to transmit the glucose levels of a diabetic. With Dexcom SHARE, the glucose data can be easily monitored by parents and personal caregivers from a remote location. However, uneven reimbursement policies, economic instability in the developing countries and lack of operating knowledge are the factors restraining the market growth.

Increasing prevalence of respiratory disorders drives the growth of remote patient monitoring devices market

The remote patient monitoring devices market is expected to grow drastically owing to the government regulations to control the rising healthcare costs, the technological innovations and developments of efficient self-monitoring products. The Patient Protection and Affordable Care Act, also known as Obamacare was implemented under the Hospital Readmissions Reduction Program by U.S. government to impose penalties to hospitals. According to the penalty, government had reduced up to 1% in the Medicare payment per patient for hospital readmission within 30 days in 2013, thereby, accelerating the growth of remote patient monitoring devices by the healthcare professionals. 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.

Increasing awareness of home-based treatments is a prominent factor to fuel the remote patient monitoring devices market

The rise in the geriatric population, associated with high susceptibility to chronic diseases, increases demand for home-based treatments, opinion based diagnosis of chronic diseases tests in rural areas is expected to boost the global remote patient monitoring device market. The remote patient monitoring device in Asia Pacific is expected to increase over the forecast period, owing to high population base and the increasing purchasing power of the patients. The key players are acquiring smaller organizations to improve their product portfolio and gain additional market share. The collaborations between manufacturers, hospitals, and academic institutions are expected to establish a positively impact the market growth. For instance, Truman Medical Centers and Cerner launched a Pilot Program to Combat High-Risk Chronic Conditions in 2017 to track health conditions and vitals outside of the traditional hospital settings, the patients and program participants received remote patient monitoring kits with medical devices connected to their individual electronic health records. Also, companies such as Apple and Google have also 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.

Top Key Companies -

Key companies covered as a part of this study include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic, St. Jude Medical, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd. And Kokinklijke Philips N.V. and St. Jude Medical.

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