Remote Patient Monitoring Devices And Equipment Market:
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The remote patient monitoring devices and equipment market consists of sales of remote patient monitoring devices and equipment and related services. Remote patient monitoring devices and equipment allow a patient to use a mobile medical device for undergoing a routine test and send the test data to a healthcare expert in real-time.
The global remote patient monitoring devices and equipment market is expected to grow from $0.4 billion in 2019 to $0.6 billion in 2020 at a compound annual growth rate (CAGR) of 45.6%. The growth can be contributed to the expanded use of certain remote monitoring devices such as temperature monitoring devices for patient monitoring during COVID-19 pandemic. FDA has given clearance to some of the noninvasive remote monitoring devices (including body temperature monitors, continuous glucose monitors) that are used to support patient monitoring, considering public health emergency, without prior submission of a premarket notification. The quick approvals and the use of temperature monitoring devices at hospitals, home and different locations where there is mass gathering, is certain to contribute to rapid growth of this market.
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The market is then expected to grow at a CAGR of 10.4% from 2021 and reach $0.8 billion in 2023.
North America was the largest region in the remote patient monitoring devices and equipment market in 2018, followed by Europe. This region is expected to remain the largest during the next five years. The remote patient monitoring devices and equipment market in Asia Pacific and is forecasted to register the highest CAGR during 2018-2023.
The upcoming shortage of skilled healthcare professionals (doctors and nurses), drives the remote patient monitoring (RPM) devices and equipment market. As the number of patients with chronic diseases are increasing, it is getting difficult to monitor the patients due to operational time and cost related issues. The rising number of patients with chronic diseases, increasing need for monitoring and projected shortfall in the number of nurses in the near future increases the growth of remote patient monitoring devices and equipment. According to a report by Mercer, the US require 2.3 million new health care workers by 2025; this includes nurses, physicians, lab technicians and various other healthcare personnel. According to the Bureau of Labor Statistics, there is an additional need for 203,700 new registered nurses every year by 2026. However, only 438,100 nurses are expected to be added from2016 to 2026, which is way less than the demand. World Health Organization (WHO) projected that by 2030, low- and middle-income countries will have a deficit of 14.5 million healthcare professionals.
The remote patient monitoring devices market is limited, as healthcare professionals are averse to adopt new technologies. Technologically advanced remote patient monitoring devices and equipment are adopted to reduce patient’s expenditure on hospitalization in terms of follow-up care. Rise of such adoption results in reduction of hospital revenues. Therefore, hospitals and healthcare professionals resisted the adoption of remote patient monitoring systems and are limiting the market. For instance, in 2016, a case study in the UK states, organizational barriers at various levels, technical, social, ethical, financial, and legal factors are restraining to invest, implement and use advanced patient monitoring systems.
Remote patient monitoring device manufacturers are increasingly integrating IoT and wireless technology with remote patient monitoring devices to efficiently diagnose and treat medical conditions. Wireless sensor technology such as biosensor monitoring devices are multi sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real time monitoring of patient’s medical condition. IoT technology enable healthcare service providers to remotely monitor patients’ health parameters.
These devices are miniaturized multi-sensing devices, aiding healthcare professionals to monitor blood pressure, blood glucose levels and physiological parameters and recommend appropriate treatment. Major companies offering IoT and wireless sensor technology integrated patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, Kenzen.
The remote patient monitoring device and equipment manufacturers must comply with the rules and regulations of the Health Insurance Portability and Accountability Act (HIPAA). These HIPAA regulations secure definitions of network, take physical security and process security measures regarding the Protected Health Information (PHI). The Title II of HIPPA directs the Health and Human Services (HHS) of U.S Department to manifest national standards for the exchange of electronic healthcare data and information. In 2016, Health and Human Services (HHS) Office for Civil Rights (OCR), issued guidance by clarifying that cloud service providers and other business associates of healthcare organizations are covered by the HIPAA privacy, security and breach notification rules for safe and secure electronic data interchange.
In 2018, ResMed acquired Propeller Health for $225 Million. With this acquisition, ResMed broadened its portfolio into the Respiratory Care market and strengthened its market position in digital health for chronic obstructive pulmonary disease (COPD). Propeller Health is a medical device and digital therapeutics manufacturing company that designs remote patient monitoring devices for treating chronic respiratory disease. Propeller Health was established in the year 2007 and is headquarters in Madison, USA.
Major players in the market are Philips Healthcare, Honeywell, GE Healthcare, Medtronic and Boston Scientific.
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