The Internet of Things (IoT) has become a widespread force in business, offering ever-greater degrees of interconnection and data exchange, as well as the operational benefits that come with it.
The usage of remote patient monitoring equipment adds to the growth of trust and transparency in healthcare. They help consumers to gain better awareness of diseases and treatments, allowing them to exert more influence over their treatment plans. Digital technology is used to convey communications between patients and clinicians via remote patient monitoring systems. Healthcare professionals and owners are placing a greater emphasis on prevention and wellness, creating opportunities for key firms to expand their share in the global remote monitoring systems market. Manufacturers are focusing to gain the largest share through new product development, collaborations, and distribution as a result. Also, vendors are consolidating and expanding their footprint in the global remote monitoring systems market.
The Internet of Things (IoT) in healthcare is expanding virtually simultaneously with remote patient monitoring (RPM) to transform the entire idea of care. RPM is a system that uses the act of recording and monitoring data on devices connected to the same network as its foundation to provide care via numerous networked and home-based systems. In recent years, IoT is gaining high traction in healthcare.
As the number of people with chronic conditions and the elderly in Canada has grown rapidly. As a result, the demand for hemodynamic monitoring is expected to rise and drive the patient monitoring systems market in Canada. The incorporation of healthcare with advanced technologies such as the Internet of Things (IoT) and data analytics has increased the telemedicine market's potential in Canada.
During the Ongoing Covid-19 Pandemic, Telemedicine is the Best Solution.
COVID-19 has prompted the need for population-level screening, and telemedicine is an ideal solution. Over the last decade, remote monitoring has evolved as a novel and significant telemedicine paradigm in the global market. Remote monitoring is becoming a crucial tool for players, clinicians, and public health officials as telemedicine grow and evolves. COVID-19 is bringing telemedicine to the forefront of national attention, which has been long needed, but it comes at a difficult time.
Due to the widespread use of wireless internet and cellphones, telemedicine and remote patient monitoring have grown rapidly in recent years. For clinicians and patients to use RPM effectively, Covid-19 has created a great platform. Businesses attempting to reestablish normal operations are expected to raise awareness of RPM products, which are expected to expand to individual use at home. Increased simplicity of use of home-based RPM systems, will help the payers and providers to scale up their ROI.
The US Remote Patient Monitoring Market To Reach $23.07 Billion By 2027
Due to the emergence of consumer health tracking technology and the global health problem, remote patient monitoring systems are predicted to continue to gain popularity in the US. The rise in the elderly population, rising acceptance of the Meaningful Use Act, and rising prevalence of cardiovascular disease is expected to drive the growth of US remote patient monitoring market.
Vendors, especially US players, need to focus on pursuing inorganic growth strategies such as acquisitions to expand their presence, enhance product portfolio, and improve their ability in the market. Such inorganic initiatives will complement vendors’ organic growth strategies, thereby gaining traction among end-users in the remote patient monitoring market.
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ACQUISITIONS AND PRODUCT LAUNCHES
- In August 2020, Stasis Labs introduced a mobile-connected remote patient monitoring technology in hospitals and outpatient settings in the US. The company's Stasis system monitors important vital parameters in its functioning.
- In July 2020, Philips and BioIntelliSense teamed together to improve remote patient monitoring systems for at-risk patients from the hospital to their homes. Philips has added the BioIntelliSense sensor to the device for remote usage.
- Phillips launched Tempus ALS, a pre-hospital wireless monitoring solution, in the US in July 2020. It includes a remote professional defibrillator (Tempus LS-Manual) and portable vital signs monitor(Tempus Pro).
- In March 2020, the US government announced a financing authorization for a remote health care initiative of USD 500 million over ten years. The government's funding implies that the US government is interested in incorporating RPM into its healthcare system.
- T-Mobile delivered 5G in the Miami Veterans Affairs (VA) Healthcare System in February 2021 to improve telemedicine capabilities.
- Verizon's HIPAA-compliant virtual care platform BlueJeans Telehealth was released in April 2021.
- Boost Mobile, owned by Dish Network, collaborated with digital health startup K Health in May 2021 to offer free telehealth services to users of its Unlimited Plus plan.
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