Global Telemonitoring System Market - 2022-2029

Global Telemonitoring System Market - 2022-2029

Market Overview

Telemonitoring Systems Market size was valued at US$ xx million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 12.42% during the forecast period (2022-2029).

Telemonitoring is used for patient monitoring at a distance by using information technology. It is a cost-effective system that allows minimizations in chronic disease complications due to a better follow-up; enables health care services without using hospital beds; and lesson patient travel, time off from work, and overall costs.

Market Dynamics

The telemonitoring system market growth is driven by the rising adoption of telemonitoring systems monitoring the disease condition, increase in the geriatric population, technological advancement and rising new product launching by key players.

The adoption of telemonitoring among patients is expected to drive market growth.

The technological advancements in patient monitoring are expected to boost the market over the forecast period. Mobile health (mHealth) tools have emerged as a promising health care technology that may contribute to cost savings, better access to care, and enhanced clinical outcomes. As per the article published in Sage Journals in January 2021, chronic disease is the main health concern globally, with the population aging at a remarkable rate. There is a growing trend towards increasing home health care services to meet the demand for the care of individuals living with chronic diseases. Telehealth has played a crucial role in responding to the needs of home health care. Resulting in rising demand for telemonitoring systems in the market.

In addition, key players are adopting new market strategies such as product launches and acquisitions. For instance, in January 2022, Clear Arch Health acquired Life Care Solutions (LCS), a division of Resideo. Life Care Solutions has been a global leader in the remote patient monitoring industry for two decades, with a complete RPM solution to help streamline care coordination and improve outcomes. Also, in Oct 2021, Honeywell introduced its Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform for remote and real-time monitoring of patients that acts as a bridge between caregiver and patient. By digitizing and automating critical tasks, RTHMS can reduce hospital administrative tasks by 35%.

The lack of awareness of telemonitoring systems will hamper the growth of the market

However, a lower level of education is the main barrier to the use of these telemonitoring systems. The less access to skills in using technology and lower eHealth literacy negatively impacted the market. In addition, lower adoption in the old population and less knowledge of mHealth tools and capabilities limit the market growth.

COVID-19 Impact Analysis

The appearance of COVID-19 considerably impacted the global telemonitoring system market. The COVID-19 pandemic has created a difficult challenge for global public health. However, in-hospital monitoring of all patients with a surged risk of severe disease puts even more pressure on health care systems that are already overburdened. According to the article published in the journal of medical internet research in September 2020, telemonitoring allows one to closely monitor symptoms and vital parameters while a patient remains at home. Telemonitoring may enable fast identification of decreased symptoms and allows for suitable treatments for each patient with COVID-19.

In addition, in April 2020, telehealth adoption approached up to 17 % of all outpatient/office visit claims with evaluation and management (E&M) services. This use has been relatively stable since June 2020. The monitoring of health in cardiology, diabetes, infections, gynecology and other areas are easy because of telemonitoring. Overall the COVID-19 telemonitoring opens a new opportunity for the market players as its demand is rising worldwide.

Segment Analysis

The diabetes telemonitoring segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The diabetes telemonitoring segment is expected to boost the market throughout the forecast. According to World Health Organization, around 422 million people worldwide have diabetes, the majority living in low-and middle-income countries. To monitor diabetes conditions, the demand for telemonitoring is increasing worldwide. Furthermore, the launching of new products and program drives the diabetes telemonitoring market. For instance, in April 2022, Carbon Health launched its diabetes program, a new omnichannel care approach to diabetes management that combines at-home continuous glucose monitoring (CGM) devices with direct access to an interdisciplinary care team available in-person and virtually. Also, in March 2022, Glooko Inc. acquired the DIABNEXT, a Paris-based company whose digital health platform helps people with diabetes better manage their conditions and connects to their healthcare providers, so they can work together to improve health outcomes.

Moreover, in June 2022, Abbott declared that it's developing a new wearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, designed to expedite the review of innovative technologies that can improve people's lives with life-threatening or irreversibly debilitating diseases or conditions.

Geographical Analysis

North America region holds the largest market share of the global telemonitoring system market

North America dominates the market for telemonitoring systems and is expected to show a similar trend over the forecast period. It is estimated to hold a significant market size over the forecast period (2022-2029) owing to the growing number of patients with chronic disease, advanced healthcare system, and awareness of telemonitoring systems. According to the Centers for Disease Control and Prevention 2022 data report, around 130 million adults suffer from diabetes in the United States. In addition, as per the article published in JMIR Nursing 2020, in Canada, approximately 25% of the population suffers from three or more chronic conditions. Growing the number of patients leads to increasing demand for telemonitoring to save travel time and get suitable treatment in the region.

Moreover, key players in the North American region adopt different market strategies to expand their business. For instance, in August 2022, Teladoc Health and Cloud DX, a leading remote patient monitoring platform, entered into a strategic partnership to better serve the remote monitoring needs of patients across Canada. Also, in December 2021, Koninklijke Philips N.V. and IJsselland Hospital signed a long-term technology partnership; the hospital’s strategic technology partner, Philips, will target improved care for patients and care providers at IJsselland Hospital and in the surrounding region.

Competitive Landscape

The telemonitoring system market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market are Honeywell Life care solutions, Medtronic, Nomadeec, Meytec, Cisco Systems, Philips, Intouch health, AT&T, Medisanté AG, GE Healthcare, BodyTel, and Emperra GmbH among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the telemonitoring system market globally.

For instance,

• In April 2020, GE Healthcare expanded 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.

• In March 2020, Sparrow Health System introduced 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.

Medtronic

Overview:

Medtronic is an American medical device company founded in 1949 and headquartered in Ireland. The company develops and distributes patient monitoring systems, such as heart device checks, to minimize the traveling to the clinic.

Product Portfolio:

MyCareLink Relay home communicator: It sends data from patients/user heart devices directly to their clinic using Wi-Fi or cellular data. It is compatible with Bluetooth-enabled devices.

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