Data Shows the Global Remote Patient Monitoring Market is Set to Grow Rapidly
NEW YORK, /PRNewswire/ --
According to data compiled by Allied Market Research, the global remote patient monitoring market was valued at USD 703 Million in 2015 and is expected to reach USD 2.13 Billion by 2022. The market is also expected to register a CAGR of 17% during the forecast period. The global remote patient monitoring market is driven by the demand for technology to collect medical and health-related data from patients and electronically transfer it to healthcare providers. Remote monitoring is predominately used to observe physiological parameters such as blood oxygen levels, vital signs such as blood pressure, heart rate, and also blood sugar. The increasing number of cases of diabetes and chronic obstructive pulmonary disease are also driving factors of the market. Monitoring these conditions can largely reduce the risk of developing chronic diseases, reduce emergency medical visits and the duration of hospitalization. Cognetivity Neurosciences Ltd. (OTC: CGNSF), Abbott Laboratories (NYSE: ABT), Boston Scientific Corporation (NYSE: BSX), Exact Sciences Corporation (NASDAQ: EXAS), Medtronic plc (NYSE: MDT)
The growing consumerization of healthcare and an increase in the number of patients with chronic conditions is putting pressure on the healthcare system. However, emerging technology offers new strategies for care delivery to combat growing trends while delivering quality care, according to a report by eHealth Initiative and Foundation in partnership with Validic. The report also indicates that Americans are largely contributing to the demand for the technology due to the aging population, rising obesity rates and the negative impacts of alcohol and tobacco usage. Estimates show that nearly six in every 10 American adults are living with at least one chronic condition, which is leading to a demand for monitoring technology. "Using patients' own mobile devices as health hubs is now becoming a viable alternative for remote patient monitoring," the researchers wrote, according to Mobi Health News, "Bring-your-own-device connectivity will be preferred by select patients groups and will be used for the monitoring of 22.9 million patients in 2021."
Cognetivity Neurosciences Ltd. (OTCQB: CGNSF) is also listed on the Canadian Securities Exchange under the ticker (CSE: CGN). Just earlier today announced breaking news that, "it has signed a commercial agreement with dacadoo, a fast-growing global provider of digital health platforms, to provide a first-of-its-kind cognitive assessment tool for dacadoo's client base of major life and health insurance providers. The agreement covers the commercial relationship between Cognetivity and dacadoo and allows the companies to work together to make Cognetivity's advanced cognitive assessment platform available to dacadoo's corporate partners in health and life insurance on an ongoing, per-user, subscription basis.
By adding Cognetivity's 'at home' cognitive assessment tool to its digital health engagement platform, dacadoo has the opportunity to offer its existing and future life and health insurance clients a highly-unique and valuable new technology for monitoring cognitive health.
Cognetivity's CEO and Director, Dr. Sina Habibi, commented: "This agreement represents a significant opportunity for us to make our proprietary technology available to a mass user base within the new and rapidly-growing area of non-clinical health monitoring. Whether it be via our professional platform for early cognitive impairment diagnosis, which is in its final stages of clinical validation, or our at-home health monitoring tool being integrated with dacadoo, our key mission remains clearly focused on giving people control of their health and ensuring the best possible health outcomes for as many people as possible."
Peter Ohnemus, Founder, President and CEO of dacadoo, added: "We are very happy to partner with Cognetivity and provide our insurer customers with access to its impressive, AI-driven technologies in the space of cognitive monitoring."
According to a 2018 report by Transparency Market Research, the global digital health market was valued at approximately US$180 bn in 2016. Expanding at an expected CAGR of 13.40% from 2017, the market is projected to reach approximately US$535 bn by the end of 2025.
About Cognetivity Neurosciences Ltd. - Cognetivity is a technology company developing a cognitive testing platform, the Integrated Cognitive Assessment (ICA) for use in medical and commercial environments. Cognetivity's ICA uses Artificial Intelligence and machine learning techniques to help detect the earliest signs of impairment by testing the performance of large areas of the brain, potentially allowing early diagnosis of dementia. Cognetivity aims to develop the ICA through planned clinical studies to the market in North America and Europe. For more information please visit - www.cognetivity.com
About dacadoo AG - dacadoo is a globally active and an innovative business partner, which promotes digital transformation in healthcare. Their aim is to strengthen health and wellbeing through active engagement and artificial intelligence, and their comprehensive digital health engagement platform motivates its users with a playful approach to a healthy lifestyle and makes health individually measurable. The mobile dacadoo health engagement platform combines motivation techniques from behavioral science and online games, with social and collaborative features from social networks as well as personalized feedback. On the basis of scientifically founded "Health Scoring" and health coaching by the "Lifestyle Navigator", dacadoo offers leading digital solutions for companies in the healthcare sector as well as for corporate health promotion and wellness."
Abbott Laboratories (NYSE: ABT) is committed to helping people live their best possible life through the power of health. Abbott recently announced that the U.S. Food and Drug Administration (FDA) has approved the FreeStyle® Libre 14 day Flash Glucose Monitoring system, which allows people with diabetes to wear the sensor up to 14 days with high accuracy. This approval makes Abbott's revolutionary continuous glucose monitor (CGM) the longest lasting self-applied personal glucose sensor available on the market. The FreeStyle Libre system, which first launched in Europe in 2014, with a 14-day wear time, was the first to eliminate the need for fingersticks, and is designed to be an easier-to-use, streamlined and more affordable system compared with other available CGMs on the market. In the U.S., the FreeStyle Libre system (10 day) is approved for the replacement of blood glucose monitoring (BGM) for adults with diabetes. With just a quick, one-second scan, users can see real-time glucose readings, as well as identify glucose trends with a directional arrow and review eight hours of glucose history. The sensor is worn on the back of the upper arm and is the size of two stacked quarters. "At Abbott, we are continuously pushing for new innovations that minimize the daily burden of managing diabetes," said Jared Watkin, Senior Vice President, Diabetes Care, Abbott. "With the new FreeStyle Libre 14 day system, people with diabetes will now have extended access to their glucose data with a high degree of accuracy, which will improve their experience and help empower them to better manage their condition."
Boston Scientific Corporation (NYSE: BSX) announced earlier this year the results from an analysis of the LATITUDE database which evaluated the successful reduction of inappropriate shocks using the SMART Pass sensing filter in patients implanted with the EMBLEM™ Subcutaneous Implantable Defibrillator (S-ICD) System. The real-world data were presented during a late-breaking clinical trial at Heart Rhythm 2018, the Heart Rhythm Society's 39th Annual Scientific Sessions in Boston, and demonstrated that when the sensing filter was in use, the rate of inappropriate shocks was reduced to 4.3% at one year. The analysis was also published online in the Heart Rhythm Journal. The SMART Pass sensing filter is an advanced algorithm within the EMBLEM S-ICD System that filters out certain signals that are the primary reason for inappropriate shocks, while maintaining the ability to accurately detect ventricular tachycardia or ventricular fibrillation and deliver lifesaving therapy. Study authors evaluated the effect of SMART Pass on shocks in ambulatory patients and found that the filter reduced the risk for the first inappropriate shock by 50% and the risk for all inappropriate shocks by 68%, without a negative impact on delivery of appropriate shocks. The prospective, blinded evaluation reviewed one year of remote monitoring data from 1,984 patients that were implanted with an EMBLEM S-ICD System between 2015 and 2016. "The positive data presented today underscore our commitment to advancing this device and providing protection for patients at risk for sudden cardiac death while avoiding the risks and complications associated with transvenous leads," said Kenneth Stein, M.D., Senior Vice President and Chief Medical Officer, Global Health Policy and Rhythm Management, Boston Scientific.
Exact Sciences Corporation (NASDAQ: EXAS) is a molecular diagnostics company focused on the early detection and prevention of the deadliest forms of cancer. Exact Sciences Corp. and Pfizer Inc. recently announced an agreement through 2021 to co-promote Cologuard, the first and only FDA-approved noninvasive stool DNA screening test for colorectal cancer. Pfizer will join Exact Sciences' sales representatives in reaching both physicians and health systems and will also actively participate in extending and deepening the Cologuard marketing campaign. "This partnership marks a turning point in the fight to end colorectal cancer," said Kevin Conroy, chairman and Chief Executive Officer of Exact Sciences. "Pfizer is joining Exact Sciences' mission of eradicating colorectal cancer by helping detect the disease at its earliest, most treatable stages. Together we can help reduce the prevalence of colorectal cancer by combining the power of Cologuard and the talented Exact Sciences team with Pfizer's experience, relationships and resources."
Medtronic plc (NYSE: MDT), headquartered in Dublin, Ireland, is among the world's largest medical technology, services, and solutions companies - alleviating pain, restoring health, and extending life for millions of people around the world. Medtronic plc and UnitedHealthcare recently announced first-year results from an innovative value-based relationship focused on delivering patient-centered solutions that improve health outcomes while reducing soaring healthcare costs related to managing diabetes. Results from an analysis of over 6,000 members with diabetes on Medtronic MiniMed (TM) 630G and previous generation insulin pumps demonstrated 27% fewer preventable hospital admissions compared to plan participants who are on multiple daily injections of insulin (MDI). The analysis included a mix of members utilizing both standalone insulin pumps and pumps integrated with continuous glucose monitors (CGM). "These positive results provide further evidence of the benefits of both automated insulin delivery and of value-based healthcare models" said Hooman Hakami, Executive Vice President and President of the Diabetes Group at Medtronic. "Through this unique partnership, Medtronic and UnitedHealthcare have demonstrated a commitment by both organizations to prioritize innovation that improves health outcomes and lowers healthcare costs. At Medtronic, our commitment is to drive innovation with the clear objective of delivering demonstrable value to patients and to the healthcare system. Our hope is that this agreement is just the beginning and that the entire healthcare community follows UnitedHealthcare's lead to not only champion innovation in diabetes that has a clear and measurable tie to better outcomes and lower cost, but to also drive business models that reward those results as they are achieved."
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Company Codes: OTC-BB:CGNSF, NYSE:ABT, NYSE:BSX, NASDAQ-SMALL:EXAS, NYSE:MDT