- Remote home monitoring is becoming more common across the healthcare industry in this country with various medical conditions tracked when patients are away from the hospital. For instance, the monitoring of cardiac health problems can be managed when patients are residing at home with the use of cardiac monitoring equipment.
Markets and Markets released a report called “Cardiac Monitoring & Cardiac Rhythm Management Market by ECG, Implantable Loop Recorder, Manual Event Monitor, Cardiac Outp ut Monitoring, Defibrillator, Implantable Cardioverter Defibrillator, Dual Chamber Pacemaker, CRT-D, CRT-P - Global Forecast to 2020.” The report details the general growth of the remote home monitoring market specifically with regard to cardiac monitoring devices. The challenges, opportunities, and market trends are covered in the report as well.
There are several key areas that are driving the advancement and growth within the remote home monitoring sector. These include higher likelihood and incidence of cardiovascular disease, technological innovations including mobile cardiac monitoring equipment, and the ongoing use of nursing and home care among patients.
The report found that the remote cardiac monitoring market will reach more than $26,600 million by the year 2020 on a global scale. North America is expected to hold the greatest share of the market in 2015 with Europe right behind. Additionally, Asia is predicted to have the highest growth during the period of time forecasted in the report.
“CM (cardiac monitoring) and CRM (cardiac rhythm management) devices market is segmented on the basis of products, end users, and regions,” the Markets and Markets press release stated. “The CM devices segment is categorized into electrocardiogram (ECG) devices, event monitors, implantable loop recorders (ILR), and cardiac output monitoring (COM) devices.”
“The ECG devices segment is expected to account for the largest share in 2015. This segment will also be the fastest-growing product segment during the forecast period. Prime factors contributing to the growth of the product segment includes rise in the incidence rates of lifestyle diseases including cardiovascular diseases and launch of technologically advanced products offering ambulatory care. The CRM devices segment is categorized into defibrillators, pacemakers, and cardiac resynchronization therapy (CRT) devices. The defibrillator segment is expected to account for the largest share in 2015 and will also be the fastest-growing product segment during the forecast period.”
Essentially, the remote home monitoring market is growing throughout the globe. Berg Insight released a report called mHealth and Home Monitoring to show how the revenue of this particular sector is rising especially with regard to mobile health tools, medical monitoring solutions, and care delivery systems.
When it comes to the implementation of new technologies, the healthcare industry has put greater focus on increasing interoperability and connectivity between medical devices and mobile health platforms. The report goes over how cardiac rhythm management has taken the top place in remote home monitoring devices accounting for 65 percent of remotely monitored patients.
Sleep therapy, however, has come out as the second major driver of the remote home monitoring market, which accounted for 18 percent of patients in 2013. A few other segments include glucose monitoring and air flow monitoring. Telehealth solutions and medication compliance tracking are some other areas that have developed from these remote patient monitoring capabilities.
“Care delivery platforms and mHealth connectivity solutions are two of the most rapidly developing parts of the mHealth value chain. Care delivery platforms are software solutions that enable the remote delivery of healthcare services and allow care efforts to be coordinated between patients, various professional caregivers and other stakeholders such as the patient’s family,” the report detailed.
“The adoption of remote patient monitoring solutions is driven by a wide range of incentives, related to everything from demographics and technology development to new advancements in medical treatment. However, there are a number of barriers, including resistance to change among healthcare organizations and clinicians, misaligned incentive structures and the financing of wireless solutions by what is at large an underfunded healthcare sector.”