The market for connected RHM is expanding quickly as a result of the increased need for 24-hour healthcare services. Connected RHM systems use medical monitoring equipment to administer patient tests remotely, at any time, and without requiring human intervention.
Using a smartphone, tablet, or other smart device with an internet connection, the health monitoring data can be transmitted. Various health-related data, including vital signs, weight, blood pressure, blood sugar levels, blood oxygen levels, pulse rate, cardiovascular disease indicators, or any other illness indicators, can be collected by connected RHM.
Patients who need regular monitoring for their safety, including the elderly or those with mental disabilities, can benefit most from connected RHM. However, connecting them will have the most impact.
Currently, decreasing cost of central data analytics and storage along with the growth of the Internet of Things (IoT) have been enabling more effective remote patient monitoring, improvements in treatment, and data collection. Among various classes of RHM IoT devices, connected and wearable have particularly proved to be effective in care cost reduction and patient engagement.
Connected devices will remain crucial in driving the next phase of healthcare industry. The velocity and direction of the connected devices, such as connected RHM, depend on the factors such as reimbursements by insurance companies, changes in government regulation, advancements in the hardware and software designs of wearable, and development in healthcare infrastructure.
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Oceanic Countries Swiftly Embrace Connected RHM
Australia and New Zealand are compelling destination to examine, develop, and commercialize digital healthcare solutions, including connected RHM. Both countries have embraced technology to provide new ways to transform current processes, deliver services, increase efficiencies, and improve outcomes.
Medical technology companies in Oceania are coming together for creating and commercializing innovative technologies in the market. For instance, in January 2019, Ellume, an Australian digital diagnostics firm, partnered with QIAGEN for introducing new tuberculosis (Tb) testing solution for reducing country’s high disease burden of Tb. Similarly, some of the market players in New Zealand are adopting comparable strategies to introduce connected remote healthcare monitoring facilities to their population.
Impact of the Government Regulation on Connected RHM
Current regulations imposed by the U.S. federal government are expected to have drastic sway on the development of the connected healthcare landscape. The Food and Drug Administration (FDA) has recently deregulated consumer wearable healthcare electronics by relinquishing approval for low-risk equipment that reduces the specific medical claims and refrains from ascertaining standard security practices. As a consequence, the number of low-risk equipment gained tremendous traction among consumers. The U.S. Federal Communication Commission (FCC) has formulated plans to promote fifth generation wireless system (5G), by making more spectrum available in the market space, limiting the ability of local city governments to impede the installation of 5G infrastructure, and updating regulations.
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The Future of Connected RHM
Similar to consumer electronics, connected and wearable healthcare devices are also highly likely to become multifunctional. Innovations will be enlisting virtual personal assistant including Siri and Alexa to monitor patients, gather environmental information, and send reminders. Another development of Starkey’s Livio AI hearing aid which translates 27 languages in double and real-time as a hand-free tracker of the patients mental and physical health. While the outlook of the connected RHM market is promising in the connected healthcare industry, several challenges persist including government regulations, the need to keep patients data safe and private, and the clearance of diverse datasets for decision integration and analysis.
Connected RHM Market Segmentation
Segmentation of connected RHM on the basis of application:
- Disease Monitoring: Disease monitoring includes monitoring of diseases such as cardiovascular diseases, chronic kidney ailments, cancer etc.
- Vital Signs Monitoring: Vital sign monitoring includes monitoring of blood pressure, diabetes, body temperature, hypertension, pulse rate etc.
- Wellness Management: This category includes monitoring of indicators such as weight monitoring, sleep disorder, fitness monitoring etc.
Segmentation of connected RHM on the basis of end user:
- Hospitals
- Laboratories
- Blood Banks
- Physician Clinics
- Individual
- Others
Segmentation of connected RHM on the basis of geography:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
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