Remote Patient Monitoring: Top Players in the US

Goals

To determine the top players in remote patient monitoring in the US that have IoT capabilities.

Early Findings

By going through several industry reports from iData Research, Reuters, and Health Tech, we were able to identify the top US remote patient monitoring competitors as Medtronics, Honeywell Life Sciences (Resideo), and Philipps Healthcare. Abbot and Boston Scientific were another 2 competitors that were mentioned in multiple industry reports as leaders in the industry. We made sure that

Medtronic

  • Medtronic mainly focuses on providing cardiac device monitoring and diabetes monitoring. Their solutions are powered by their connected CareLink™ network, which transmits data from the device through the network to a secured website in order to be accessed by the authorized clinician.
  • The CareLink solution is marketed under its Diabetes segment, which mainly focuses on monitoring solutions, so we have assumed that the total revenue from that segment would be equal to the revenue for their remote patient monitoring solutions.
  • Revenue in the US: $1,148 million in 2017 but the company experienced a 13.2% year-on-year growth between 2017 and 2019.
  • Using that information, we were able to calculate that their 2019 US revenue for the specific segment would be $1,471.07 million

Philips Healthcare

  • Philips Healthcare offers remote monitoring to patients through the eCareCompanion™ platform, which connects patients and clinicians via "cellular or Wi-Fi networks to deliver cloud-based telehealth services."
  • Their overall North America revenue amounted to $7,124 million (converted from 6,338 million euros), which represents 51.9% of their global revenue (6,338 million / 12,221 million = 0.5186 or 51.9%).
  • Assuming that this breakdown would carry over to their connected health and informatics division, the US revenue would be 917.4 million euros (0.5186 * 1,769 million euros) or $1,031 million.

Resideo (Honeywell Life Sciences)

  • Resideo's Lifecare Solutions branch focuses exclusively on telehealth and connected remote patient monitoring solutions.
  • Its biggest product is their GenesisTouch v2 device that that collects health metrics and transmits data to Resideo's LifeStream™ Management Suite platform.
  • Resideo's total revenue for 2018 was $4.82 billion. Unfortunately, there was no specific breakdown of their solutions by segment or geography.
  • Accrding to Hoovers, however, the Lifecare Solutions branch of Honeywell's Resideo generated roughly $15 million in revenue in 2018.

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