[COVID-19] Telemonitoring System Market 2021 - Develop Rapidly

Telemonitoring systems offer new ways for diagnosis and treatment of patients from distance. The technological advancements and fast-increasing communication capabilities are opening new growth opportunities in telehealth industry due to increasing prevalence of chronic conditions among elderly population, worldwide. Home care for patients with chronic conditions is becoming an important part of the new healthcare strategies in developed economies. Telemonitoring also has many advantages including financial benefits since patients do not have to pay for the cost of hospitalization and transportation.

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Market Dynamics

Rising geriatric population, higher incidences of non-communicable diseases such as Alzheimer’s disease, cardiovascular disease, cancer, diabetes, metabolic disorders, and other mental health problems, which require prolonged treatment are expected to be the major factors driving the telemonitoring systems market growth during the forecast period. Moreover, less number of physicians and healthcare professionals also increases the demand for telemonitoring systems. For instance, according to the 2016 Physician Supply and Demand report released by the Association of American Medical College (AAMC), the significant physician shortfall in the U.S. is expected to reach 94,700, from 61,700 between 2014 and 2025.

However, lack of trained professionals in rural regions, privacy and information security concerns, and low availability of telecommunication bandwidth are the major factors restraining growth of the telemonitoring systems market. Significant privacy and security risks in telehealth systems can adversely affect patients’ and clinicians’ level of trust and willingness to adopt and use the system. For instance, home telemonitoring systems that are designed to detect falls, can collect and transmit information on personal activities that a patient wishes to keep private.

Advancements in telemedicine such as telemonitoring used to improve outpatient and homecare services reduces healthcare costs and effectively serve elderly people suffering from chronic diseases. According to a National Center for Biotechnology Information (NCBI) 2012 study, telemonitoring helps in the management of common chronic illnesses such as asthma, chronic obstructive pulmonary disorder (COPD), diabetes, heart failure, and hypertension.

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For instance, as per a study published by BMC Health Services Research in 2013, a multi-parametric telemonitoring system reduced the rate of COPD exacerbations in a randomized clinical trial of 100 COPD patients in the Global Initiative for Chronic Obstructive Lung Disease (GOLD) stage II–III, aged 65 years or above for nine months.

The intervention group measured oxygen saturation, heart rate, temperature, and physical activity using a telemedicine commercial cellular phone plus specific software. Telemonitoring systems allow caretakers and doctors to remotely check the status of patients at any given point of time. Telemonitoring systems can be used in rural areas with low health care facilities.

Manufacturers in telemonitoring systems market are focusing on strategic collaborations and development of adequate security and privacy protections of telehealth data and systems. In 2017, GE Healthcare acquired Monica Healthcare, a monitoring technology company. Moreover, in January 2018, Royal Philips and American Well entered into a strategic partnership to work together to integrate American Well's mobile telehealth services into an array of Philips solutions for both healthy consumers and patients with a medical need.

Major players operating in the global telemonitoring system market include Abbott Laboratories, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Inc., Cisco Systems, Inc., Care Innovations LLC, General Electric Company, Honeywell Life Care Solutions, InTouch Health, Koninklijke Philips N.V., McKesson Corporation, Medvivo Group Ltd., Medtronic Plc, Nihon Kohden, Siemens Healthineers AG, St Jude Medical, Tunstall Healthcare Group Ltd, and Vidyo, Inc.

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