The deadly COVID-19 pandemic has impelled the adoption of telehealth techniques. Millions of people worldwide are harnessing the benefits of virtual healthcare options since the outbreak of the pandemic in 2020. A substantial contributor to this extraordinary surge in adoption of telehealth by people is the acceptance of remote patient monitoring (RPM) technology by doctors, patients, as well as the government.
Remote patient monitoring devices possess the potential to revolutionize the delivery of healthcare. RPM makes use of several advanced devices to maintain a track of patients’ health progress and send this information to physicians. This technology is paving way for simplified patient monitoring processes and at times also permitting patients to obtain complete healthcare consultation from experts even without leaving home or from remote locations.
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What is Boosting the Demand for Patient Monitoring Devices?
Patient monitoring devices offer a wide array of benefits for clinicians such as easy access to patient data, efficiency to provide enhanced healthcare to many patients with lesser risk of exhaustion, expert’s advice at lower costs, and greater efficacy, to name just a few. These outstanding benefits of patient monitoring devices are boosting their demand, which is expected to fuel the patient monitoring devices market growth. As per a report by Research Dive, the global patient monitoring device market is foreseen to garner $56,376.2 million in the 2021-2028 timeframe. The growth of the market is mainly because of the potential of these devices in decreasing the problems involved in severe medication treatments and in forming safer and more consistent processes. Moreover, these devices help improve the efficacy of the healthcare and ultimately reduce medical costs. This technology also offers the convenience and liberty to reach under-serviced populaces. This has encouraged more and more practitioners and medical experts to adopt remote patient monitoring technology.
The blend of the patient monitoring technology and other advanced technologies, such as improved internet speed with 5G technology is likely to play a massive role in fueling the notion of smarter healthcare. Apart from delivering smart healthcare services, this technology is also going to prove to be beneficial in educating medical students and junior doctors. By breaking geographic barriers, the RPM technology will make it trouble-free for people living in unreachable zones to obtain quality healthcare, thus making the diagnosis and management of chronic diseases rather easier.
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Recent Trends in the Patient Monitoring Device Industry
Tech-giants, such as Google, Apple, and Amazon, and various healthcare focused companies, such as Omron Healthcare, GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Masimo Corporation, Edwards Lifesciences Corporation, AD Medicals, Abbott Laboratories, and Schiller Global are greatly investing in the patient monitoring device industry. These market players are putting efforts to develop advance RPM technologies to increase the quality of life, decrease hospitalization costs, and reduce hospital stays. Today, more and more companies are diving into the patient monitoring device market by launching novel RPM devices.
For instance,
In December 2020, Konica Minolta, Inc., a Japanese multinational technology company, announced that the company is planning to launch VS1, a patient monitoring system, in Japan for hospitalized Covid-19 patients.
In March 2021, Dozee, a forerunner in contactless patient monitoring and early warning system using artificial intelligence, launched Dozee Pro, a contactless vitals monitor for hospitals.
In June 2021, Max Healthcare, a leading healthcare provider in India, launched an artificial intelligence (AI) powered device integrated patient monitoring technology, in collaboration with MyHealthcare, a digital health solutions provider.
In May 2021, Essence SmartCare, a frontrunner in IoT-based remote care solutions, launched VitalOn, an inclusive remote patient monitoring (RPM) platform, for active seniors and elderly people suffering with chronic disorders.
The COVID-19 Pandemic Impact and Future Scope
The global patient monitoring device market growth has been positively impacted with the rise of the COVID-19 pandemic. The pandemic has resulted in the enforcement of social distancing norms, thus increasing the adoption rate of digital technologies. During the pandemic, many people are getting infected and the death rates have skyrocketed. In such perilous circumstances, the demand for patient monitoring devices has surged enormously and is expected to continue rising even in the coming years, thus booming the growth of the patient monitoring device market.
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