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Remote Patient Monitoring Market 2019:Increasing product launches by key players Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare

11-11-2019 01:27 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: CMI

Remote Patient Monitoring Devices

Remote Patient Monitoring Devices

Key players are focused on getting approvals for new products from regulatory bodies to expand their product offerings. For instance, in April 2019, Current Health, a healthcare company, received Class II clearance for an artificial intelligence (AI)-based wearable remote patient monitoring platform (RPM), from the U.S. Food and Drug Administration (FDA) for post-acute care. It can be used in both hospital setting and home care setting.

Key players are focused on collaborations to offer innovative remote patient monitoring devices. For instance, in July 2019, three telehealth vendors such as Henry Schein Medical, Medpod, and Uber Health teamed up, to provide a new technology to hospitals and health systems for carrying out diagnosis, and examination on remote patients and accessing their data anytime anywhere. This will help healthcare providers to diagnose their patients in any emergency situations such as natural disasters, accidents, and battlefields, or locations like oil rigs, cruise ships, island communities, and others.

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Moreover, manufacturers are focusing on increasing customer reach for generating more revenue, which is expected to drive global remote patient monitoring devices market growth. For instance, in July 2019, NavCare, a division of US CareNet have begun testing My Sophi Remote Patient Monitoring devices, in a direct selling business model (Business to Customer) in the Central Savannah River (CSRA), Augusta, Georgia area. The retail website, MySophi.com is offering 24/7 health monitoring services.

Increasing demand for technologically advanced healthcare products in medical care for enhancing patient care management is expected to boost global remote patient monitoring devices market growth over the forecast period. For instance, in August 2019, Atlanta-based Emory University launched remote patient monitoring study to determine whether a mHealth wearable (an ECG patch) can help in improving patient care management for patients suffering from coronary artery disease. The wearable ECG patch is developed by California-based VivaLNK Company.

Moreover, according to the Stanford Center for Sleep Sciences and Medicine 2017, around 30 million people suffer from sleep deprivation and sleep disorders called, sleep apnea. Sleep apnea can cause serious health consequences by increasing the risk of diabetes, hypertension, and heart attack if left untreated. In July 2019, Healthcare providers such as ResMed, SRETT, and Philips Respironics are focused on adopting mHealth technology and using it for making continuous positive airway pressure (CPAP) therapy to help doctors and patients to monitor breathing problems such as obstructive sleep apnea (OSA).

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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.

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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