Ahead of Specialty Gas Report’s medical-themed quarter four edition, a new report has highlighted the role of remote patient monitoring (RPM) devices in the home healthcare market.
Home healthcare is an area that addresses public health challenges and, we understand, is set to see strong growth in the future as both global and regional megatrends develop. Aging populations, increasing chronic diseases, and advancing healthcare sectors in emerging economies are three key trends driving the evolution of the homecare business.
In the US, the latter factor is not applicable. But it’s thought that there is a third factor driving the rise in the national homecare market - a need to reduce the financial deficit in healthcare.
A new report by market intelligence company GBI Research claims that if new treatment options using RPM devices are opted for, then technology offers to bridge both the geographical gap between patients and doctors, and the notable gap in finances.
The report, titled Remote Patient Monitoring Devices Market to 2017 - Chronic Disease Prevalence and Government Curbs on Hospital Spending to Drive the Market, offers data, information and analysis on the global RPM market and looks closely at two RPM categories in particular: implantable RPM devices and external RPM devices. According to a statement by NY-based GBI Research, it finds that RPM is being used to cut the financial burdens of national healthcare systems and present the patient with an improved sense of freedom or mobility.
The report also shows that the RPM market is expected to grow in the future due to greater numbers of patients being diagnosed with chronic diseases such as cardiovascular disease (CVD) and diabetes. Globally increasing life expectancy will result in an increase of chronic diseases.
Likewise, this is thought to be the case for the medical gas and equipment sector, with technologies like portable oxygen concentrators seeing rapidly increasing uptake in homecare applications. In fact, as of mid-2011, Specialty Gas Report understood from sister publication gasworld that home healthcare represented up to 45% of Europe-based Air Liquide’s healthcare revenues - an area of activity that the company believes will continue to grow.
Such are the growth prospects for the homecare business that, according to GBI Research, the global RPM market was valued at just over $184 million in 2010 and is forecast to grow at a compound annual growth rate (CAGR) of 16 percent, to reach a value of more than $500 million in 2017, its projections claim.
Another recently released report from the company cites the advances in wireless and sensor technologies as continuing to drive the RPM market, pointing out that efficient patient management through the use of wireless technology will help to reduce the rising healthcare burden.
What does all this mean for the gases business? It’s difficult to draw too many conclusions from a report that focuses on the remote monitoring devices market. But we can see clear parallels between the megatrends driving the RPM market and those which are already known to be a stimulus for sales of medical gas equipment.
Further still, it might be suggested that if the growth in RPM is realized then this might also open the door to an even greater rise in the homecare market as a whole - and further increases in demand for specialty and medical gases and equipment.
With financial burdens adding to megatrends like aging populations and increases in chronic diseases, could opportunities exist for growth in medical gas equipment sales?