Medtronic and Philips soaking up patient monitoring market

Medtronic is the largest company in remote patient monitoring systems, with Philips coming in with the second biggest share.

Research from Kalorama Information finds that Medtronic’s $3 billion in sales gives it twelve percent of the market, while Philips has secured close to ten percent. 

Medtronic is specialised in cardiac rhythm management with a portfolio that includes implantable cardioverter defibrillators, diagnostic and monitoring devices, and patient management tools and services. The company is also active in devices and solutions to help patients manage their diabetes.

Philips on the other hand has continued to invest in its patient care and clinical informatics business, which contributes significantly to the professional patient monitoring market. Acquisitions, such as the 2011 acquisition of Dameca, a global provider of anesthesia machines has assisted the company in maintaining the leading position in the market. The company also continues to introduce clinical systems that provide advanced monitoring capabilities, such as the IntelliVue systems.

"The patient monitoring market is extremely fragmented worldwide with suppliers offering products to a variety of end users (professional, home, and consumer segments), making this one of the largest segments in the health industry," said Melissa Elder, Kalorama analyst. 

The report notes that although hundreds of companies compete in the patient monitoring market, a handful of companies dominate the segment. Remaining competitive in the widespread patient monitoring market is a struggle with changing health professional demand and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes.

Strategies for growth often include the acquisition of key product lines.  Alternatively, companies may decide to work in collaboration in order to reach new demographics or to develop new products. Acquiring an established product line can provide turnkey entrance to a segment of the patient monitoring market.