Remote Patient Monitoring Market Overview
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.
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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.
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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.
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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