The future of the medical industry will be shaped by a range of disruptive themes, with remote patient monitoring being one of the themes that will have a significant impact on medical companies. A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report,Remote Patient Monitoring Devices – Thematic Research. Buy the report here.
Remote patient monitoring (RPM) is the use of digital technologies and services to monitor, analyse, and capture the health data of patients and send this information to healthcare professionals for further evaluation. RPM devices can greatly improve the management of various chronic conditions. The primary goal of RPM devices is to accurately collect a wide range of health data for a patient, such as blood pressure, heart rate, vital signs, weight, and blood sugar levels. The patient’s health information is then transmitted to healthcare specialists for monitoring and evaluation, with patients staying at home rather than visiting healthcare facilities.
While the integration of RPM into healthcare systems is a relatively new phenomenon, the Covid-19 pandemic has greatly expedited the adoption rate of RPM devices. RPM became one of the fastest-growing and most in-demand industries in 2020 and 2021. These devices helped to improve workflow at healthcare facilities and lifted the burden from overworked health systems during the Covid-19 pandemic. Furthermore, RPM devices have demonstrated their potential to improve patient care, reduce readmissions, and facilitate early discharge. In particular, RPM models using pulse oximetry and other measurements (such as temperature) that seek to remotely monitor patients have been implemented for suspected Covid-19 cases in numerous countries.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
According to GlobalData’s thematic research report, Remote Patient Monitoring Devices, leading adopters include: Abbott Laboratories, AliveCor, Boston Scientific, DexCom, GE Healthcare, Medtronic, Omron and Philips.
Insights from top ranked companies
Abbott Laboratories (Abbott) discovers, develops, manufactures, and sells a diversified range of healthcare products including diagnostic systems and tests. The company also offers various medical devices, including heart failure, electrophysiology, rhythm management, vascular and structural heart devices, and neuromodulation devices. An example of this is the company’s FreeStyle Libre CGM, which harnesses sensor-based technology to read and display glucose data. Abbott is a leader in the RPM market as the company is a strong competitor in all the device segments.
DexCom designs, develops, and commercialises CGM systems used by people with diabetes and healthcare providers in the hospital. The company’s major products include an integrated DexCom G6 CGM system, DexCom Share remote monitoring system, associated software, and mobile apps. It provides DexCom Care training to users of its CGM system and other support services.
Medtronic is a medical technology company that designs, develops, manufactures, and markets a wide range of medical devices and solutions for the treatment of heart failure; heart valve disorders; diseases of the coronary artery; aortic, peripheral, and vascular diseases; venous, renal, and neurological diseases; spine and musculoskeletal disorders; and diseases of the ear, nose, and throat. It also provides biologic solutions for the orthopaedic and dental markets. Medtronic is one of the strongest leaders in the RPM market with a variety of products in all device segments.
To further understand the key themes and technologies disrupting the medical industry, access GlobalData’s latest thematic research report on Remote Patient Monitoring Devices.
- Siemens Healthineers
- Boston Scientific
- Agilent Tech
- Quest Diagnostics
- Thermo Fisher Scientific
- Becton Dickinson
- Intuitive Surgical
- Smith & Nephew
- Edwards Lifesciences