The Emergence of COVID-19 to Augment the Telemonitoring System Market Growth

Telemonitoring System Market

 The telemonitoring system allow physicians and doctors to examine and monitor vital health data of the patient at any time. The system is used to monitor medical parameters, symptoms, condition, and health of the patient. Moreover, telemonitoring systems can improve access to specialized care in areas where healthcare professionals are lacking, or in areas where access to healthcare is difficult. The system helps improve quality of life of patients suffering from chronic diseases, as well as help reduce hospital costs.

Market Dynamics:

Increasing prevalence/incidence of chronic diseases coupled with growing geriatric population worldwide is expected to propel the growth of the telemonitoring system market. Chronic diseases are the leading causes of death and disability worldwide. For instance, according to the Centers for Disease Control and Prevention (CDC), six in ten people in the United States live with at least one chronic disease, such as diabetes, cancer, stroke, or heart disease.

Moreover, increasing research and development activities, government initiatives to promote telehealth, and technological advancements in patient monitoring devices are major factors expected to augment the growth of the telemonitoring system market. For instance, in October 2020, the Dubai Diabetes Centre (DDC) announced that they are testing a telemonitoring system, with 40 patients selected for the research.

The demand for telemonitoring system is expected to spearhead due to the outbreak of COVID-19, which is expected to offer lucrative growth opportunities for players in the telemonitoring system market. ​For instance, in April/May 2020, Phillips enabled hospitals in the Netherlands to remotely screen and monitor patients with COVID-19.

However, inadequate reimbursement, high cost of monitoring products, and risks associated with invasive monitoring devices are expected to restrain the telemonitoring system market growth.

Competitive Analysis:

Major players operating in the telemonitoring system market are Vidyo, Tunstall Healthcare Group Ltd, St Jude Medical, Siemens Healthineers AG, Nihon Kohden, Medtronic Plc., Medvivo Group Ltd., McKesson Corporation, Koninklijke Philips, InTouch Health, Honeywell Life Care Solutions, General Electric Company, Care Innovations LLC, Cisco Systems, AMD Global Telemedicine, Allscripts Healthcare Solutions Inc., and Abbott Laboratories.

Major Players in the market are involved in different business strategies, such as partnerships and collaborations, to enhance their market share. For instance, in April 2020, GE Healthcare collaborated with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems. Moreover, in March 2020, Sparrow Health System, in partnership with Amwell, launched a COVID-19 virtual care screening digital application that is accessible by computer, tablet, or smartphone. ​

Location: India

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