The home healthcare system is also known as formal or skilled healthcare that comes under the support and caregiving services provided by the healthcare experts to the patients at their home. There are several types of such services that include home infusion therapy, respiratory therapy, telehealth, rehabilitation services, unskilled home care, etc. Now, the integration of monitoring devices with these services through smartphones and other devices has given rise to the global home healthcare monitoring device market in the past few years. Some of the common home healthcare monitoring devices are mobile cardiac telemetry devices, remote monitoring systems, ambulatory wireless EEG recorders, mobile personal digital assistant (PDA) systems, ambulatory event monitors, and many others.
The shifting trend from hospitalization to home care facilities is bolstering the demand in the global market of home healthcare devices. Moreover, the prevalence of proactive monitoring is also foreseen to contribute to market growth in the forthcoming years. The global home healthcare monitoring device market is foreseen to be propelled by several factors. Advancement in technology and rising awareness has given rise to the increased preference for customization, automation, and portability of healthcare devices so that the patient stays in a comfortable environment at his own house. Besides, the reduction in the elderly support ratio is also fueling the market demand. Owing to the increasing population around the world, hospitals and physicians are prescribing home care services over admittance in the healthcare centers. This has resulted in reduced patient flow. In addition, an increased number of sports injuries and vehicle accidents are also contributing to the market growth.
However, the home healthcare monitoring devices come with high manufacturing prices which make them non-suitable options for the middle-class section of the society who are usually looking for affordable healthcare options. In addition, the lack of supportive government reimbursement policies is also hampering the overall market demand.
The global home healthcare monitoring device market is broadly categorized into product type, application, and region. On the basis of product type, the global market is segmented into fetal monitoring devices, heart rate monitors, peak flow meters, pulse oximeters, blood glucose monitors, blood pressure monitors, and so on. In terms of application, the market is divided into respiratory therapy, unskilled care, infusion therapy, rehabilitation, and others.
Geographically, the global home healthcare monitoring device market is highly dominated by North America with the largest share within the forecast period. This is due to rising research and development activities so as to develop advanced patient monitoring systems embedded with sensors, rising safety concerns, increased cases of infectious diseases, and overall advancement in technology. In addition, several major companies are based in this region, fueling the growth, as they are continuously working on upgrading the technology and launching more efficient products in the market.
The leading players operating in the global patient monitoring device market include Abbott Laboratories, Drägerwerk AG & Co. KGaA, HILL-ROM HOLDINGS, INC., Edwards Lifesciences Corporation, Masimo Corporation, OMRON Corporation, Compumedics Limited, Nihon Kohden Corporation, Natus Medical, Koninklijke Philips N.V., Medtronic plc, GE Healthcare, Boston Scientific Corporation, Getinge AB, Dexcom, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., BIOTRONIK, Nonin, SCHILLER, BioTelemetry, Inc., and so on.
To cite, last year, Medtronic received clearances of 510(k) from the CE and FDA for its Insertable Cardiac Monitor (ICM), LINQ II. It helps data transfer and patient monitoring through a mobile app or home communicator using BlueSync technology.