Vital Signs Devices and their Evolution:
If we look at the history and growth timeline of vital signs monitoring Medical Devices, they have received a lot of traction in the market because of their ability to provide continuous monitoring and ambulatory care. Because of their accuracy, they have now become a part of the care prescriptions from the providers for outpatient care programs such as at-home care and hospital-to-home care.
This phenomenon became standard practice in the market after the onset of COVID-19. Medical Devices became a part of virtual care delivery as well as in-hospice care as the Healthcare Industry understood the significance of Remote Patient Monitoring and the users understood the need for preventive care along with the growing need to gain healthy lifestyle insights from devices that can generate medical-grade health data.
Growing market demand also leads to an increased need for technical maturity:
While the majority of these solutions were adapted for COVID-19 monitoring, they have now become a part of the virtual care ecosystem and are used for various chronic disease monitoring as well as ambulatory care devices after surgical treatments. But, increased demand has again put these RPM devices in turmoil and now, they are challenged with the following technical requirements:
- Increased demands for interoperability and data integration
- Creating Super Apps or Platforms with increased strategic partnerships that ensure not only detection but also allow for proactive interventions
- Create a global presence for their solutions by integrating their devices for countries and markets outside of the US
Trajectory of increased interoperability and innovation:
If we look at the recent trends and technical requirements of RPM devices, these changes suggest that they are led toward creating interoperable and integrated MedTech solutions!
These changes will help them with the race to win acceptance from healthcare providers, clinical trials, CROs and payors. The result of interoperability again evolves Monitoring Devices into comprehensive care platform-centric solutions.
Here’s a deep dive into the trajectory of Vital Signs monitoring companies that have been shaping this paradigm shift:
Creating scalable platforms:
Pioneering scalable and wearable medical-grade devices, while companies initiated their journey by focusing on continuous health monitoring, today, they have evolved into a comprehensive platform offering predictive analytics and actionable insights.
Insights for Chronic Disease Prevention:
As these devices get connected with smart AI-driven platforms, the data generated from these devices are also used for the prevention of medical hazards, especially for chronic diseases such as cardiovascular care, diabetes, blood pressure, sleep apnea and others.
Strategic Partnerships for Capability Augmentation:
Instead of limiting their monitoring capabilities to their devices, these companies are now also leveraging partnerships with other platforms and devices to create a comprehensive care system that can be adapted for better care delivery.
Conclusion- integration leads to trusted and connected care delivery:
Because of these changes made by the RPM device companies, they are now starting to see the following changes in the market:
Acceptance from Healthcare Providers:
Companies recognize that seamless integration with existing healthcare systems is crucial for widespread adoption.
Payor Recognition:
Companies are aligning their strategies to demonstrate not only the clinical efficacy of their devices but also the long-term cost-effectiveness and improved patient outcomes.
Cost Justification:
While users were concerned about the cost of medical-grade devices compared to consumer devices, integration of these devices with healthcare systems helped them justify the cost as they can gain better value from these devices and also get cost reimbursements with Medicare and Medicaid plans.
