In Europe, respiratory device manufacturer ResMed has accelerated their process of launching remote tracking of ventilators, to combat the ongoing COVID-19 crisis. This cloud-based technology provides healthcare professionals with clinical data while patients are at home. This tackles several issues related to the ongoing pandemic. Firstly, it may provide increased room in hospitals, as patients can receive ventilator support, as well as have their symptoms tracked, while being outside of the hospital. Secondly, it provides healthcare professionals with a method of monitoring patients while preserving their own safety, as they do not need to be in close contact with patients. Thirdly, receiving treatment and monitoring in their own homes can provide patients with an increased sense of comfort.
Odile Bigaignon, ResMed’s European VP of respiratory care marketing, stated that “As a result of the current crisis, we accelerated the development and release of these new features by several months,” reinforcing the importance of this expedition.
The telehealth monitoring market has grown tremendously in recent years, fueled by increasing awareness of the benefits of remote monitoring and home healthcare. Growth was heavily driven by telehealth monitoring for disease management, which represented approximately more than half of the total telehealth market value in 2018.
Currently, the U.S. boasts the most mature telehealth market in the world, as well as a diverse competitive landscape, attributable to a trend towards reimbursement reform and successes of large-scale deployment initiatives. Moreover, the Veteran’s Health Administration (VHA), America’s largest purveyor of home telehealth, continues to rapidly expand the size of its remote patient monitoring (RPM) programs and funding.
In 2018, the total market for telehealth monitoring valued at approximately $1.1 billion, a 12.6% increase over 2017, and is expected to grow at a CAGR of 11.4% by 2025.
To read more on the telehealth market, refer to iData Research’s report page: Telemedicine Market Analysis, Size, Trends | Global | 2019-2025 | MedCore
COVID-19 has already caused significant social and economic impacts on medical device organizations world-wide. At iData Research, it is our prime responsibility to keep you updated on the latest market trends in the industry. We have created a dedicated page, COVID-19: Implications for the Medical Device Industry, to post news updates and provide information on the current market situation. It is our intention that this page can help industry leaders ask the right questions, and shed light on what the future might hold for medical device markets.
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