Remote patient monitoring is the concept of
assimilating, sorting and transmitting the health data across the
care continuum in a virtual manner. There has been a significant
increase in the aging population in the last decade across major
economies in Europe and North America. The onset of chronic diseases
such as diabetes and cancer have put immense burden on different
healthcare systems. Remote patient monitoring assists healthcare
providers to reduce hospital time and decrease readmissions for
patients, which eventually helps in providing quality care in an
affordable manner.
Rampant integration of Internet of Things
(IoT) and high smartphone penetration augmenting market growth
Increasing smartphone penetration has created a
shift towards a more techno-savvy approach to healthcare and it has
enabled the healthcare providers to deliver quality care with less
human intervention. As per the data published by PeW Research Center,
92% of the population in the U.S. use smartphones and 45% use
tablets. Internet of Things is going to play a crucial role in the
healthcare sector over the following decade as technology adoption
intensifies across the world. The advantage with remote patient
monitoring is that the providers have access to real-time patient
data collected from wearable devices such as smart watches, wearable
devices, smartphone apps and fitness trackers. The patient will have
better control over the data and the ability to manage his/her own
health through this novel technology, a factor that is projected to
drive market growth at global scale.
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Remote Patient Monitoring is slowly
becoming an indispensable part of the Healthcare systems in North
America and Asia Pacific
The healthcare spending reached US$ 3.2 trillion
at the end of 2015. Remote patient monitoring holds the promise of
reducing the excessive healthcare spending, as the U.S. transitions
from volume-based model to value-based model. Integration of the
system would lead to savings of US$ 700 billion over the course of
15-20 years. The study conducted by St. Jude Medical concluded that
remote patient monitoring can lead to savings of US$ 370,000 per 100
patients. The U.S. government introduced the concept for Department
of Veteran Affairs that serves 8.3 million people. The cost of
treating a veteran through this technology was estimated to be US$
1,600 per year, which is incredibly low in comparison to direct care
and hospital based care. This creates a highly conducive environment
for growth of the remote patient monitoring market, especially in
developed regions.
The study conducted by Canada Health Infoway found
that the use of remote patient monitoring led to reduction in
hospital readmissions and improved health outcomes, with patients
being able to manage healthcare from remote locations. The market is
witnessing an upswing in Canada as patients receive quality care at
lower costs. Remote patient monitoring enables patients to keep a
check on their vital health signs and undertake required treatment
without delay. The patients are constantly notified about their
health status that eliminates the need for regular hospital visits.
The remote patient monitoring market is projected to flourish in
North America, as the healthcare sector embraces technology for
delivering better outcomes.
In emerging economies such as India, where more
than 60% of population lives in rural areas, demand for remote
patient monitoring increases substantially. Lack of skilled
professionals and hospital infrastructure will drive growth of the
remote patient monitoring market in India. China is a lucrative
market for remote patient monitoring as the government is working on
reducing over-utilization of hospital resources in tier 1 cities to
treat patients. Chinese government is aiming to provide quality care
to a significant population base in a remote manner across the rural
areas. Such digitization of healthcare will play a crucial role in
taking forward the market in China.
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Emergence of new players will change the
existing market dynamics as they continue to compete with existing
key players
Key players in the remote patient monitoring
market include Biotronik, Honeywell, Boston Scientific Corporation,
Medtronic, and Philips Healthcare. The market has been in a state of
consolidation, with the top 5 companies accounting for more than 60%
of global market share. The industry is currently undergoing a
dramatic shift as venture funded startups such as Healthsense,
Foundry,Vivify Health and EarlySense are starting to create strong
foothold in the market. In 2013, 12 startups cumulatively raised an
estimated US$ 100 million in venture funding to support business
expansion. The remote patient monitoring industry will continue to
expand as healthcare continues to shift towards digitization.
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