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May 15, 2019

Dear Regina,

Welcome to BioMarketing Insight’s monthly newsletter.

Last month, I covered “Digital Health: Is This the Future of Healthcare?”  If you missed last month’s article, click here to read it.  This month we’ll cover “Future Trends in Remote Monitoring Medical Devices.”

Read on to learn more about this topic and other current news.  The next newsletter will be published on June 15th, 2019.

We encourage you to share this newsletter with your colleagues by using the social media icons below, or by simply forwarding this newsletter or use the link below.  Should you or your colleagues want to join my mailing list, click on the link below. 
 
Please email me, Regina Au, if you have any questions, comments, or suggestions.

Sincerely,
Regina Au
Principal, New Product Planning/
Strategic Commercial Consultant
BioMarketing Insight
 Table of Contents
Developing a Product?  Commercializing a Product?

LiveWorx – June 10-13, 2019, Boston Convention Center
3D Medical Printing Potential
Updates in Solving the Mystery of Alzheimer’s Disease Pathology
Future Trends in Remote Monitoring Medical Devices
Closing Thoughts
Previous Newsletters
 Join my mailing list
developing-a-product

Developing a Product?  Commercializing a Product?
 

If you are developing a product and have not conducted the business due diligence to determine commercial viability or success, contact me for an appointment.  For successful commercial adoption of your product or looking to grow your business, contact me for an appointment.

For more information on our services, click on the links below:

 

LiveWorx Conference – June 10-13, 2019, Boston Convention and Exhibition Center
I am pleased to announce that I will be speaking at the LiveWorx Conference on “Future Trends In Remote Monitoring Medical Device” on Tuesday, June 11, 2019. You don’t want to miss this it.  For more information and to register, click here.  Look forward to seeing you there.

3D Medical Printing Potential

I am pleased to announce that my article on 3D Medical Printing, Printing Potential has been published in the April 2019 issue of Innovations in Pharmaceutical Technology (IPT).  This article reviews where 3D printing is the most beneficial and why.  To read the article, click here.

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Updates in Solving the Mystery of Alzheimer’s Disease Pathology
I am pleased to announce that my article entitled “Updates in Solving the Mystery of Alzheimer’s Disease Pathology” was published in the International Journal of Clinical Pharmacology & Pharmacotherapy.  This commentary reviews the “Updated Proposed timeline of biomarker abnormalities leading to cognitive impairment” and the involvement of both beta amyloid clearance and plaque, and tau clearance and tau-mediated neuronal injury and dysfunction.  To read the article, click here.

Future Trends in Remote Monitoring Medical Devices
In last month’s newsletter entitled “Digital Health: Is This the Future of Healthcare?”  I mentioned there are four (4) market segments that digital health tools can help to delivery better healthcare:  1) In the hospital; 2) Outside of the hospital; 3) Clinical Trials; and 4) Clinical Research.
 
I will be discussing the 2nd market segment “Outside of the hospital” defined as at home, at work, in transit to the doctors’ office, and any place that’s outside of a traditional clinical setting.  This segment represents the Remote Patient Monitoring (RPM) market and it is predicted to be one of the largest and fastest growing market.  The definition of RPM is using specific technology used to electronically transmit information between patients and physicians.  This is one delivery system within the broader telehealth industry.
 
There are five (5) main drivers as to why this market to growing so rapidly:
1) to manage chronic diseases better (i.e. cardiovascular diseases and diabetes);
2) to better diagnose a disease in real-time (i.e. arrhythmias) ;
3) to intervene and treat a patient early on to prevent an emergency situation;
4) to engage patients to be more proactive in their healthcare; and
5) to decrease healthcare cost.
 
All RPM devices would not exist without the advance technology we have today.  Specifically more advance technology such as 4G Wifi for faster upload, Electronic Medical Records (EMR), Cloud Storage to store and access mega data from anywhere and download it to EMR, software and devices to capture vital signs and symptoms, and analytical software that can diagnose abnormalities or predict risk using machine learning or narrow AI.  All of these tools can help healthcare professional to better diagnose and care for their patients.
 
The classification of a remote monitoring devices is very broad and can be categorized in many different ways.  For example, the categories can be divided into the following belowor by disease application.
 

  • Vital Sign Monitors
    • Blood Pressure Monitors
    • Pulse Oximeters
    • Heart Rate Monitor (ECG)
    • Temperature Monitor
    • Respiratory Rate Monitor
    • Brain Monitoring (EEG)
  • Special Monitors
    • Anesthesia Monitors
    • Blood Glucose Monitors
    • Cardiac Rhythm Monitor
    • Respiratory Monitor
    • Fetal Heart Monitors
    • Prothrombin Monitors
    • Multi Parameter Monitors (MPM)

Remote patient monitoring devices are generally wearable device (which can include sensors that are imbedded into clothing) with a mobile apps or a portable device with sensors, not worn with a mobile apps.  Reports on RPM can include both medical and fitness devices.

The global market for remote patient monitoring devices reached a value of nearly $22.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.2% since 2014. The market will grow at a CAGR of 8.2% to nearly $30.7 billion by 2022.
 
Another source predicts that the global RPM market is expected to reach US$31.326 billion by the end of 2023, from US$15.9 billion in 2017 at a CAGR of 12% during the forecast period.

Depending on the source one is using and the products that are included in remote monitoring will account for the differences in dollars forecast.  For examples, some reports may include the device, software and apps, while other may include just the device and app.  Some sources may also include fitness devices and other may include wearable used in the hospital to allow the patient to be ambulatory and not be tethered to the hospital bed.

The US RPM market was valued at US$104.5m in 2012, and was forecast to reach US$296.5m by 2019 at a compound annual growth rate of 16%.

One can agree that this market is growing rapidly and this growth is fueled by specialty monitors as companies expand their focus on other diseases in addition to diabetes and arrhythmias in developing remote monitors or wearables devices to diagnose and manage these diseases as depicted in the graph below:

The global remote patient monitoring market share by country is exhibited below in this pie chart:

North America has the largest market share due the shift to a patient-centric focus environment and increasing pressures to lower the cost of healthcare.  Both existing companies and start-up that are formed everyday due to our ecosystem encouraging, funding and nurturing innovation are all racing to comply and deliver these goals.

Emerging countries will also increase the use of remote monitoring rapidly because they have already had significant adoption of cellular phones which are far less expensive than traditional land line phones that require significant and expensive infrastructure that is un-applicable for remote monitoring which requires Wifi.

What are the future trends for remote patient monitoring devices and what type of devices are being developed?
 
This is an interesting question and one that goes beyond the length of this newsletter.  However, there is good news in getting this information.
 
I am speaking on “Future Trends in Remote Monitoring Medical Devices” at the LiveWorx Conference held at the Boston Convention and Exhibition Center on Tuesday, June 11th at 4:00 pm and will be covering this very topic and addressing this last question.  I hope to see you there. For more information on the conference and to register, click here.   Should you have any questions feel free to email me.

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Closing Thoughts

Remote Patient Monitoring or the setting outside of the hospital is the fastest growing market because the healthcare industry’s goal is to deliver better healthcare by diagnosing diseases earlier, managing chronic diseases such as cardiovascular diseases and diabetes that drive up healthcare cost when it worsens, and lowering overall healthcare cost.  This five main drivers are listed above.  Having a patient- centric focus is part of this equation in having the healthcare team including the caregiver and family along with the patient be responsible for his/her own healthcare. 

Remote patient monitoring is especially useful for the aging population who prefer to stay in their own home, patients with disabilities or too ill to travel to their physician, and those who have to travel a great distance to get to the physician or hospital.

Large companies such as GE and Philips are mostly addressing the hospital market.  Consumer or Fitness companies such as the Apple watch and the Fitbit and medical device start-ups are all trying to enter this market.

We will see more and more companies large and small enter into this market.  There will be more collaboration between medical device companies and high tech companies each bringing their respective expertise to address this market. 

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Should you have any questions or need assistance with your business due diligence, determining your product’s value proposition and economic value of your product, feel free to contact me at 781-935-1462 or regina@biomarketinginsight.com.

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