Few Diverse Global Players that Comprise ~10% of Total Competitors Dominate the Market despite the Presence of ~300 Competitors Comprising a Large Number of Country-Niche Players and Regional Players, finds a recent market study on the Global Remote patient monitoring Market by Ken Research
Remote patient monitoring is a simple and effective method for tracking physiological symptoms and includes a wide range of medical solutions that are convenient for patients and give doctors access to real-time information to determine the cause of sickness. Additionally, providers can access a specific patient's probable diagnosis and medical history by using Artificial Intelligence (AI) of remote patient monitoring technologies.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
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Global Players Constitute Just 5% of the Total Number of Competitors While Regional Companies Also Have a Strong Presence and Hold 45%
A comprehensive competitive analysis conducted during The Research Study found that the Global Remote Patient Monitoring Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players who have their niche in the remote patient monitoring for multiple end-user industries. Large global players comprise ~10% of the total competitors, followed by regional companies with ~30% of the total competitors, and finally, country-specific companies with ~60% of the total competitors by share. RPM offers features like gathering patient data from a single or more medical device (e.g., to detect early symptoms of diseases, and track chronic disease management), symptom logs for the patient (e.g., shivering, nausea, abnormal thirst), patients should keep a lifestyle and physical activity diary (e.g., sleep duration, walking distance), Patient medication intake log, alert to doctors about aberrant vital signs that should be prioritized for care or consultation, patients with chronic illnesses and disorders can have virtual consultations to talk about their symptoms, abnormal vitals, and to modify their treatment plans, for patients with eye problems, movement issues, etc., voice control is available to represent the vast majority of the specialized players in the country. Significant global players frequently acquire some of them in an attempt to quickly diversify and expand, and some of these effectively adapt to provide solutions tailored to certain applications.
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Leading Global Specialists' Ongoing Initiatives To Offer Remote Patient Monitoring To Different End-Users Are What Are Promoting The Growth Of Their Competitors.
Detailed comparative analysis of key competitors available within The Research Study shows that specialist companies such as Aerotel Medical Systems (1998) Ltd, Boston Scientific Corporation, Nihon Kohden Corporation, Medtronic Plc, Masimo, Abbott are highly focused on providing a significant Remote Patient Monitoring that can be used across multiple industries, including hospitals & Clinics, Home Care Settings & Long Term Care Centers, patients and many more. The market is very competitive, and an increasing trend of collaborations and agreements between market participants and other medical device manufacturers is occurring in order to build functionalities enabling Global Remote Patient Monitoring Market within their devices. In June 2020, Philips, a world leader in health technology, announced that it had re-joined forces with the American Telemedicine Association (ATA) to support the industry's adoption of telehealth. This move showed Philips' commitment to integrating care across acute, post-acute, and home care settings. The ongoing partnership highlights the exponential rise in telehealth capabilities and its expanding popularity and momentum in the COVID-19 environment.
Expanding Government Programs to Support the Global Remote Patient Monitoring Market Growth
Through the Health Resources and Services Administration (HRSA), the Department of Health and Human Services (HHS) in 2022 reported that they have provided roughly US$55 million to 29 HRSA-funded health centers to improve the quality and accessibility of health care for marginalized populations by using virtual care techniques like telehealth, remote patient monitoring, digital patient aids, and health information technology platforms. In order to lessen the effects of COVID-19, the American Rescue Plan in 2022 has already invested over $7.3 billion in community health facilities over the past year.
The Federal Communications Commission in 2022 stated that they have granted the Middletown-based Community Health Center US$1,093,398 to serve low-income and veteran patients with complicated, chronic diseases with remote patient monitoring and video consultations, which include hypertension, mental health issues, obesity, opiate dependence, and HIV. The organization plans to utilize the money to treat roughly 15,000 people throughout Connecticut.
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