During our study, we were able to identify over 200 remote patient monitoring (RPM) tools and software. It is worth mentioning, the RPM tools and software market is dominated by the presence of small companies (57%), followed by mid-sized players (23%). This can be attributed to the fact that healthcare domain has seen a shift from traditional medicines to telehealth solutions in the recent years, especially with increase in cases where the patients are not able to frequently visit their healthcare professional. In fact, in the recent years, a number of RPM solutions have received regulatory approval, which has spurred the establishment of many start-ups in this domain.
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In fact, most of the players engaged in this domain were established between 2011 and 2015. Further, in recent years, more than 35 RPM solution providers have been established, indicating a growing demand for RPM solutions. Notable examples include (established before 1950; in reverse chronological order) Abbott (1888), Dräger Medical (1889), Kaiser Permanente (1945), Medtronic (1949), Murata Vios (1944), OMRON Healthcare (1933), Siemens Healthineers (1847), and Smiths Medical (1940).
During our research, we were able to identify that most of the solutions are currently made available / being developed in the form of software as a service (108). Notable examples include (established since 2019; in alphabetically order) Caregility.com (2019), Diagnext (2019), Doccla (2019), Doconvid (2020), Kayan Health (2019) and PurpleRibbon Healthcare Services (2020).
Currently, around 70 RPM solutions have been approved in various countries. Of these, majority of the solution have been approved in US (79%), followed by solutions that have been approved in Germany (14%).
Even though efforts for development of RPM solutions have been undertaken by players based all across the globe, majority of the developers (63%) are headquartered in North America. It is worth mentioning that within North America, maximum number of players are headquartered in the US (98%). This trend is followed by companies headquartered in Asia-Pacific (21%).
In order to determine the relative competitiveness of remote patient monitoring software, we focused on several relevant parameters, such as, such as supplier power (in terms of expertise of the developer) and key product-related specifications (such as status of development, HIPPA compliance, type of software, area(s) of application, therapeutic area, purpose of software, number of patient monitoring related service(s) offered, type of telemedicine operation, and type of business model).
Additionally, the insights on company competitiveness have been presented in the form of a 2*2 matrix, with the company’s experience (abscissa) on the x-axis and competitiveness (ordinate) on the y-axis.
As per our proprietary scoring criteria, software as a service RPM solution in this domain, software 2B emerged as the most prominent player based on product competitiveness. It is worth mentioning that this product is HIPAA compliant and used for commercial purposes. Further, it has a wide range of applications, such as blood pressure measurement, oxygen saturation detection and body temperature analysis. It was followed by Promantra RPMPro (offered by Promantra Synergy Solutions), software 1B (offered by company 1) and software 3A (offered by company 3).
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