High Prevalence of Chronic Disorders to Augment Growth of Global Patient Monitoring Devices Market

 

Patient monitoring refers to the collection and analysis of medical data from one or more health settings (such as in hospitals or doctor's offices) for use by health care providers and other professionals in order to detect changes in an individual's medical status and to provide treatment options as needed. In health care, patient monitoring is generally the measurement of one or more medical parameters over extended periods of time, usually at different health care settings (such as in doctor's offices or hospitals).

Patient monitoring may be implemented in many different health care settings including primary care offices, emergency rooms, doctors' offices, nursing homes, private practices, and government agencies. Most patient monitoring systems contain software that collect and store medical data in a database that is accessible to multiple health care providers and to health care facilities.

Market Dynamics

High prevalence of chronic disorders is expected to propel growth of the global remote patient monitoring devices market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Approval and launch of new products is also expected to aid in growth of the global remote patient monitoring devices market over the forecast period. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted Class II clearance for Current Health (a healthcare company)’s Artificial Intelligence (AI)-based wearable remote patient monitoring platform (RPM), for post-acute care in hospital and home care setting.

Increasing geriatric population is expected to offer lucrative growth opportunities for players operating in the global remote patient monitoring devices market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Competitive Analysis

Major players operating in the global patient monitoring devices market include, 3M Healthcare, Boston Scientific Corporation, Covidien, Draegerwerk AG and Co. KGaA, GE Healthcare, Medtronic Plc, Mindray Medical, Omron, Nihon Kohden Corporation, Biotricity Inc., Bittium Corporation, DexCom, Inc., Caretaker Medical, Shimmer, Edwards Lifesciences Corporation, Saranas, Inc., DiaMonTech GmbH, VivaQuant, and Philips Healthcare.

May 2019: Device Authority Ltd., an Internet of Things (IoT) service provider, partnered with Wipro, an IT, consulting, and business process Services Company, to launch a remote patient monitoring service.