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Who are the key players in the "virtual patient monitoring" market?
Key players in the global remote patient monitoring market are Biotronik, Honeywell Life Care, Boston Scientific Corporation, Medtronic, and Philips Healthcare. Together, they account for about 60% of the market. Unfortunately, the up to date information about market shares is behind a paywall. The most recent data is from 2012. I tried to triangulate the numbers using those from 2009 and 2012, but the results are not viable. You will find the outcome of my research on the attached spreadsheet, with a detailed overview of my findings below.
KEY PLAYERS AND THEIR MARKET SHARES
After analyzing numerous reports on the remote patient monitoring market from years 2015-2017, I concluded that major players are Biotronik, Medtronic, Honeywell, Philips Healthcare, and Boston Scientific Corporation. I chose them because they are most frequently mentioned and offer home monitoring solutions, as opposed to remote solutions for clinical settings. They hold a combined market share of 60%. Unfortunately, free previews of reports don't disclose shares of particular companies or home monitoring products. The most recent article with the percentage breakdown of key players is from 2012, preceded by the report from 2009.
I tried to triangulate the number for 2015 using those two sources, but the results were unrealistic. For example, if Medtronic's market share dropped from 36% in 2009 to 20% in 2012, it would only hold a 6% market share in 2015:
20%-14% = 6% (est. 2015 share)
Recent reports confirm that Medtronic is still one of the key players. It also holds the biggest market share in the U.S., which is the largest market for remote monitoring. Therefore, the number is unrealistic. According to this triangulation, all companies bar Biotronik would have a relatively small market share:
Biotronik would have a 34% (23%+11% = 34%) market share in 2015, but no sources indicate that the company has become so dominant, which is another proof that the estimation is not valid.
According to experts, the market for remote monitoring devices is relatively static, so it's possible that the respective shares for each major player didn't change much between 2012 and 2015-2017. However, it can only be confirmed by the reports that are behind the paywall.
I also tried to approach it from a different angle. According to reports, the market size for remote monitoring systems was around $703mln in 2015. I tried to find sales figures for each major home monitoring system, which would allow me to calculate the share. Unfortunately, after analyzing annual reports and performing press searches, I concluded that even public companies don't disclose such specific financial information.
Unable to triangulate the shares for 2015 or 2016, I decided to provide you with pie charts for 2009 and 2012. The spreadsheet features two tabs, one with detailed breakdowns for those years and one with a simplified chart for 2016.
KEY PLAYERS AND THEIR PRODUCTS
Biotronik (Home Monitoring® System)
The company offers FDA-approved, award-winning cardiac monitoring solution. According to their website, they were first to develop mobile patient transmitters and cellular connectivity. Their device collects patient data during the night, detects changes, and alerts physicians about them. Additionally, Biotronik claim that their system is most effective for early detection of asymptomatic arrhythmias.
Medtronic (Vital Sync)
As you mentioned you are familiar with Medtronic's products, I won't cover them in detail. Vital Sync is a virtual patient monitoring platform capable of monitoring life parameters and sending them to the hospital server. Overall, while Medtronic lost a huge part of its global market share, it became dominant on the U.S. market thanks to partnerships with VHA programs.
Boston Scientific Corporation (The Latitude System)
Boston Scientific's core product is the Latitude System, recently upgraded to Latitude NXT. It consists of a weight scale and blood pressure monitor, as well as a communicator, which transmits data to the providers and allows patients to access them through a special website. The former can track weight, blood pressure, respiratory rate, heart rate, SDANN, and various other metrics.
Philips Healthcare (eCac Program)
According to experts, Philips Healthcare has the most versatile portfolio of remote monitoring solutions, though some of them are geared toward clinical setting. However, their eCac Program is a telehealth system that consists of software and devices that allow monitoring vital signs and submitting daily health status surveys to physicians. It's dedicated to home monitoring of patients with chronic conditions.
Honeywell Life Care (Genesis System)
Honeywell Life Care provides a wide set of home monitoring solutions, with their core product being Genesis DM remote patient monitor. It can be used to aid patients with hypertension, COPD, CHF, diabetes and more. Some of its features include vital signs collection, disease-specific symptom management, questions. The device integrates with other Honeywell solutions, like Genesis Touch that collects biometrics or LifeStream Mobile Help, which makes it easier to locate patients.
Abbott Laboratories/St. Jude Medical (Merlin.Net)
In 2017, St. Jude Medical was acquired by Abbott for $25bln, thus becoming its subsidiary. However, while it's not one of the five key players, the most recent reports still consider the company important.
The Merlin.net platform, which is St. Jude Medical's core product, sends the information from pacemaker or ICD directly to the provider. They also offer CardioMEMS™ HF System, a hemodynamic monitoring device, which according to them can reduce HF-related hospitalizations by 48%.
CONCLUSION
In conclusion, key players in the home patient monitoring market include Biotronik, Medtronic, Boston Scientific Corporation, Honeywell Life Care, and Philips Healthcare. Their combined market share is 60%. In 2009, four dominant players accounted for 90% of the value, so the market is becoming less concentrated. Unfortunately, up to date market shares for particular companies are behind a paywall, and there is no way to triangulate them. You will find pie charts with the most recent data available on the attached spreadsheet.