Product Code: 63608
The telemonitoring systems market was evaluated at USD 2,052.6 million in 2019, and it is expected to reach a value of USD 4,595.9 million by 2025, registering a CAGR of 13.41% over the forecast period, 2020 - 2025. As telemonitoring refers to the process that comprises transmission of symptom scores, physiological patient data, such as the heart rate, oxygen saturation, blood pressure, and others, the usage of IoT is significantly driving the new trend in the studied market. Devices, like IoT-enabled medical wearable temperature sensors to transmit data to a central monitoring system remotely, are already being implemented in regions, such as North America. Medical staff is alerted based on trends and thresholds, identifying the patient and room, and can respond accordingly. Further, countries such as in Europe, it is predicted that the use of IoT in the region may increase almost three-fold between 2017 and 2025, reaching 4.9 billion connected devices, increasing the integration of telemonitoring systems significantly.
- Increasing chronic diseases and the growing aging population is driving the market. The global population is aging at a rapid pace, owing to various government initiatives to enhance the longevity revolution. Most developed nations are increasingly observing growth in the number of the aging population. According to the UN data, in 2019, there were 703 million people aged 65 or older, and the number is projected to reach 1.5 billion by 2050. The world is observing a significant increase in the number of chronic diseases, especially in terms of hypertension, diabetes, and respiratory problems. According to IDF, in 2019, 463 million adults were living with diabetes, and by 2045, this is expected to increase to 700 million. Furthermore, 1 in 5 of the people that are above 65 years are suffering from diabetes.
- Rising healthcare expenditure is driving the market. The global Medicaid expenditure increased significantly over the years. According to CMS, the global Medicaid expenditure in 2019 was valued at USD 639.4 billion, which was USD 616 billion during the previous year. Further, a significant share of global healthcare spending is directed toward the purchase of equipment. For instance, in 2019, the UK's consumer spending on medical products, appliances, and equipment was valued at GBP 16,685 million, according to the Office for National Statistics (UK). Such developments are expected to influence the demand for telemonitoring.
- Further, the healthcare expenditure to treat diabetes in the United States during 2019 was valued at USD 294.6 billion, and in China, it was valued at USD 109 billion, according to the International Diabetes Federation. Such growth is expected to further augment the demand for monitoring devices by patients undergoing the treatment.
- Furthermore, the impact of COVID-19 has been evident with the sudden spurt in demand as the investment in healthcare infrastructure has experienced a sudden increase to improve health services. The demand for telemonitoring system is expected to spearhead over the coming years due to the outbreak of COVID-19. As the government across the world has announced to reduce non-emergency visits to the hospitals and postpone surgeries, in-case they are not on an emergency, so it influences both patients and healthcare professionals to adopt remote monitoring systems.
- Telemonitoring solution vendors are increasingly working with the government and healthcare industry to encourage the use of such systems. For example, Phillips is enabling hospitals in the Netherlands to remotely screen and monitor patients with COVID-19. Further, in April 2020, GE Healthcare extended its long-time collaboration with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems. The software is designed for providing a central hub from which hospital staff can monitor patients in intensive care units, including those on medical ventilation.
Key Market Trends
Cardiac Telemonitoring System Accounts for Significant Share
- The adoption of telemonitoring in heart ailment patients is anticipated to grow at a steady rate as they reduce the cost by significantly reducing emergency hospitalization, provide continuous monitoring, and patient for accurate treatment. There has been an increasing interest regarding the impact of telemonitoring devices and its ability to reduce the increasing burden of chronic diseases, including chronic cardiovascular disease (CVD), on healthcare systems.
- It is said that CVD is one of the world's largest killers and claims more than 17.5 million lives across the world. Cardiovascular disease (CVD) produces immense health and economic burdens, globally. Across Australia, each year, as many as 30,000 out-of-hospital cardiac arrests (OHCAs) occur, and unfortunately, the death rate remains at 90%, cementing OHCA as one of the leading causes of death in Australia.
- Further, telemonitoring may serve as a vital conduit for improving hypertension control and reducing the economic burden that stems from the costly hospital stays that result from acute events related to hypertension.
- For instance, the LifeWatch MCT 3 Lead is a mobile cardiac telemetry (MCT) product that detects, records, and wirelessly transmits asymptomatic and symptomatic arrhythmia to clinicians for analysis. The four wearable cardiac electrodes are connected to a smartphone via Bluetooth. If an arrhythmia is detected, the smartphone automatically sends the data to a monitoring center for review and notifies a doctor if required.
- The capability and efficacy delivered by cardiac devices with RPM, specific devices with wireless technology, propelled the management of cardiac device patients to the next level and is also redefining the standard of care for patients with implanted devices. Remote patient management of cardiac devices provides a safe, outcomes-based, and scalable platform for the management of cardiac patients with implantable devices.
- Further, the country such as Germany is witnessing growth in mobile health deployments in Europe, with different solutions being offered and services being delivered through varied means, from simple SMS to complex apps, where the primary focus is on remote monitoring of patients suffering from chronic diseases. For instance, T-Mobile has a cardio messenger service in Germany that provides remote cardiac monitoring. Telefonica's 'help at hand' service provides location information on dependent people (e.g., the elderly), coupled with tracking and geo-fencing. It also supports emergency and alert signals that are handled by its alarm receiving center.
- Furthermore, players, such as Abbott Laboratories, launched the latest in Insertable Cardiac Monitor (ICM) across India in December 2019, which helps in providing patients access to the world's first and only smartphone with compatible ICM. The technology is designed to assist physicians remotely identify cardiac arrhythmias, atrial fibrillation (AF) in order to help guide appropriate therapy.
Asia-Pacific to Witness Significant Growth
- Many Asian countries rely heavily on technology to assist in day-to-day living, from smartphones to smart homes. As technology advances, it brings new opportunities to enhance the well-being and quality of life of its users. Within Asia, India, Japan, and Singapore are emerging as crucial health tech hubs, concentrating many startups and attracting a significant portion of investments.
- As per the United Nations Population Fund and HelpAge India report, the number of elderly persons in the country is expected to grow to 173 million by 2026. These factors are driving several players to innovate and introduce different telemonitoring solutions in the market. For instance, Abbott provides Insertable Cardiac Monitor (ICM) across India, offering patients access to a smartphone-compatible ICM. The technology is designed to further help physicians remotely identify cardiac arrhythmias.
- Furthermore, several companies operating in the Singaporean region are witnessing economic prosperity, with an unprecedented boom in sales. Owing to the surge in demand, many market players are introducing solutions catering to different patient requirements. For instance,myHealth Sentinel Pte Ltd is offering TeleMetrix+, which is the first commercial cloud-based telehealth service in the Singapore that enables patient vital signs, such as blood pressure, blood sugar, weight, and temperature, to be remotely monitored and tracked by the doctor.
- Further, product innovation in terms of adding features, enhancing software, and other functionality is expected to differentiate vendors. In September 2019, in China, GE Healthcare launched the Edison AI platform in China by signing an MoU of the strategic partnership with five local software development companies to develop applications for the platform. Under the MoU, GE would cooperate with the five software vendors to develop the platform's applications in China and propel the growth of the market.
- Moreover, with the spread of COVID-19, several companies from the region have launched solutions, specifically catering to the need of the hour. For instance, in 2020, Defense major Bharat Electronics Ltd (BEL) developed a telemonitoring system, along with the All-India Institute of Medical Sciences (AIIMS), Rishikesh. The device has non-invasive sensors to measure the main parameters of the COVID-19 patient's health - temperature, pulse rate, SPO2 (saturated oxygen level), and respiration rate.
The telemonitoring systems market is highly fragmented and competitive, consisting of several major players. Vendors are continually introducing smart medical devices and are investing massively toward the development of next-generation healthcare IT along with the partnership, mergers, etc. Vendors are competing based on the quality of telemonitoring systems and solutions, along with services and advanced characteristics. Key players are Abbott Laboratories, Care Innovations LLC, etc. Recent developments in the market are -
- March 2020 - With growing concerns about Coronavirus (COVID-19) and when to seek medical care, Sparrow Health System launched a COVID-19 virtual care screening digital app in partnership with a telemedicine service provider, Amwell. The new app is accessible by smartphone, tablet, or computer.
- December 2019 - Nihon Kohden announced that it launched subscription-based pricing models for its patient monitoring and neurology products, the first in the industry to take such a step. The pricing models help align costs with usage, let hospitals and health systems benefit from the latest technology, and can lower the overall risk for upgrading technology.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitute Products
- 4.3 Market Drivers
- 4.3.1 Increasing Chronic Diseases and Growing Aging Population
- 4.3.2 Rising Healthcare Expenditure
- 4.4 Market Restraints
- 4.4.1 Lack of Adequate Information and Communication Technology Infrastructure in Rural Areas
- 4.5 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
- 5.1 Product Type
- 5.1.1 COPD Telemonitoring System
- 5.1.2 Glucose Level Telemonitoring System
- 5.1.3 Cardiac Telemonitoring System
- 5.1.4 Blood Pressure Telemonitoring System
- 5.1.5 Other Product Types
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Latin America
- 5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 GE Healthcare Systems (General Electric Company)
- 6.1.3 Care Innovations LLC
- 6.1.4 Koninklijke Philips NV
- 6.1.5 Aerotel Medical Systems Ltd
- 6.1.6 Boston Scientific Corporation
- 6.1.7 Resideo Technologies Inc.
- 6.1.8 Sparrow Health System
- 6.1.9 InfoBionic Inc.
- 6.1.10 AMD Global Telemedicine Inc.
- 6.1.11 SHL Telemedicine
- 6.1.12 Omron Corporation
- 6.1.13 Nihon Kohden Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS