The remote patient monitoring systems industry has been contributing to the social health aspect of the ESG indirectly by using the technology to monitor health impediments. The advancement of technology has impacted the industry and has increased the rate of efficiency, by enabling the observation of health illnesses, thereby indirectly creating a positive outcome in the sphere of ESG.
Changes in lifestyle and its impact on human health are the crucial factors that impact the industry in terms of ESG. Also, in terms of the United Nations Sustainable Development Goals (UN SDG), the impact of the product and services in this market can be evaluated to achieve ESG goals.
This industry has created an impact in the arena of ESG in both positive and negative manners. The devices of the remote patient monitoring systems market help to accurately monitor most kinds of diseases and during the Covid-19 pandemic, the noninvasive remote patient monitoring systems devices of the market have served the consumers through enabling them to monitor chronic health diseases, preventing the need of physical contact.
Usage of technologies such as wearable devices that monitor helps in tracking the patient’s blood pressure, heart rate and sleep contribute in treating the illness effectively. These wearable devices are connected to applications that keep the data and help in accessing the health condition of the user. Technologies such as ECG stethoscopes record heart rate and help to listen and record the cardiovascular system sounds. Through remote monitoring the data can be sent to clinician and physical visit to clinician can be eliminated to an extent.
Invasive technologies such as glucose meters are used to monitor diabetes, a common health illness caused due to changes in lifestyle. The glucometer records the blood sugar of the patient sourced from the blood of the patient, recording and sending the real time blood sugar levels to the clinical purpose. Through these technologies, the remote patient monitoring systems industry promotes the United Nations Sustainable Development Goal of good health and wellbeing (SDG3).
Conversely, there are certain challenges to the remote patient monitoring systems market in terms of ESG. The manufacturing of the remote monitoring devices, including plastic, which is generally sourced from petroleum increases carbon footprint on the environment, where 4-8% of the natural oil consumption is of plastic production. Further the emissions from the value chain and manufacturing process, the energy consumption and water and waste management are some of the challenges for the patient monitoring systems market.
In response to the aforementioned challenges, key companies of the patient monitoring systems market have made strategies to reduce the dependence on plastic by integrating recycle, reuse and reduce strategy, which also reduces emissions of greenhouse gasses and helps in waste management. Some of the key players have created strategies to reduce the fresh water consumption and treatment of the waste water in eco friendly methods, promoting the UN SDG goals of clean water and sanitation (SDG6), industry innovation and infrastructure (SDG9).
The remote patient monitoring systems market at global scale was valued at USD 3.8 billion as of 2021 and is forecasted to expand with a CAGR (compound annual growth rate) of 18.3 %. Usage of invasive and non-invasive technologies for monitoring the health of the patients and for efficient treatment for health illness positively impacts the social health, while the manufacturing process poses challenges to the environmental aspect of the ESG.
• American Telecare
• Philips Healthcare
• Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape
• Key insights on infrastructure developments and ESG issues affecting the theme
• Identify key initiatives and challenges within the industry
• Identify ESG leaders within the industry
• Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process
• Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment
• Offers a global perspective of remote patient monitoring systems industry and the policies and measures taken by the players, for overcoming the challenges faced in terms of Environment, Social and Governance.
• Key insights into the sustainability practices of major players in the market.
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