Remote Patient Monitoring Devices And Equipment Global Market Report 2021: COVID 19 Implications And Growth to 2030

Remote Patient Monitoring Devices And Equipment Global Market Report 2021: COVID 19 Implications And Growth to 2030

  • April 2021 •
  • 175 pages •
  • Report ID: 6067886 •
  • Format: PDF
Major players in the remote patient monitoring devices and equipment market are Philips Healthcare, Honeywell, GE Healthcare, Medtronic, and Boston Scientific.

The global remote patient monitoring devices and equipment market is expected to decline from $0.58 billion in 2020 to $0.56 billion in 2021 at a compound annual growth rate (CAGR) of -3.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $0.85 billion in 2025 at a CAGR of 11%.

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 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.

The rise of such adoption results in a reduction of hospital revenues.Therefore, hospitals and healthcare professionals resisted the adoption of remote patient monitoring systems and are limiting the market.

For instance, a case study in the UK states, organizational barriers at various levels, technical, social, ethical, financial, and legal factors are restraining to investment, implement and use of advanced patient monitoring systems.

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 is 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 the 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 requires 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 from 2016 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.

In 2019, United Health Group’s Optum division has acquired Vivify Health for an undisclosed amount.This acquisition is expected to provide an opportunity to Optum to reduce hospital readmission rates and better manages care for patients with chronic diseases.

Vivify Health is a patient-monitoring start-up. The company was founded in the year 2009.

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 the network, take physical security, and process security measures regarding the Protected Health Information (PHI).

Title II of HIPPA directs the Health and Human Services (HHS) of the U.S Department to manifest national standards for the exchange of electronic healthcare data and information. 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.

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 is multi-sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real-time monitoring of a patient’s medical condition.

IoT technology enables 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 the appropriate treatment. Major companies offering IoT and wireless sensor technology integrated patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, Kenzen.