Medical device companies are leveraging digitalization to gain more market share in the rapidly growing, global healthcare market currently worth $8 trillion, according to GlobalData. The leading data and analytics company notes that while medical device companies reap the many benefits of digitalization, they need to ensure that these benefits are inclusive to all patients, including those with limited access to digital services.
Digital health inequity is especially prevalent in patients of lower socioeconomic statuses and in older-aged patients who struggle to understand how to use digital technology. GlobalData predicts remote patient monitoring (RPM) through wearable technologies could address digital inequity issues as these devices will significantly change how physicians monitor patients’ vitals.
Joselia Carlos, Medical Device Analyst at GlobalData, comments: “Since RPM measures patients’ vitals at the comfort of their own homes, patients may no longer need to schedule appointments with their doctors to measure their metrics. This reduces the number of visits to hospitals and healthcare centres, thereby reducing healthcare costs. Visits to doctor’s offices may soon shift to only advanced healthcare treatments.
“However, to make this reality, we first need to ensure services such as RPM are available to everyone. Mount Sinai’s RPM program addresses this issue of digital inequity as it provides patients with in-home devices that can detect vitals in real-time and, most importantly, do not require additional technology or Wi-Fi.”
The increasing necessity to monitor chronic diseases in the global aging population will drive growth in the wearable technology market. The market is set grow at a compound annual growth rate of 19% and is forecasted to reach $64 billion by 2024, according to GlobalData.
