Innovators should be encouraged as a recent report from Kalorama Information says there is room for new companies in remote patient monitoring. Although the top 25 companies in remote patient monitoring systems have two-thirds of the shares, the remainder is still over $9 billion. The finding was made in the company’s report, Advanced Remote Patient Monitoring Systems, 7th Edition.
The report says that four companies—St. Jude, Boston Scientific, Medtronic, and Philips—hold one third of the market. Another 21 companies control another third, and the remaining third consists of hundreds of companies. Many of these are companies providing telehealth or telemedicine services that can connect the patient’s home and the hospital or physician.
“That leaves a lot of room for small, innovative companies, regional companies, or companies that focus on a particular disease specialty,” says Bruce Carlson in a release. “Of course, it also leaves room for large or mid-size device players to enter the market as well, and we expect both will happen.”
Medtronic is the largest provider of advanced patient monitoring equipment, devices, and technologies, according to the report, with more than $3 billion in sales for the segment. Medtronic provides cardiac rhythm management with products such as implantable cardioverter defibrillators, diagnostic and monitoring devices, and patient management tools and services. The company also is active in devices and solutions to help patients manage their diabetes.
Smaller companies in the market include Hoana, based in Honolulu, a medical technology company focusing on bed and gurney technologies in patient monitoring. Waukesha, Wis-based Criticare Systems concentrates on anesthesia, vital signs, and pulse oximetry. Compumedics of Victoria, Australia, specializes in sleep medicine and neurology. These are just a few of the hundreds of small competitors in this market.
Kalorama’s Advanced Remote Patient Monitoring Systems, 7th Edition contains both the US and global markets for these systems. It contains market share determinations, profiles companies, and estimates market sizing for different types of systems and disease conditions monitored.
