Back to top

Image: Shutterstock

Masimo's (MASI) New Product Expansion to Boost Patient Outcome

Read MoreHide Full Article

Masimo Corporation (MASI - Free Report) recently announced a major expansion of its leading hospital remote patient-monitoring and clinician notification platform — Masimo Patient SafetyNet. The expansion includes the addition of secure telehealth capabilities, thereby making the solution more adaptable and comprehensive.

Telehealth for Patient SafetyNet is available for existing Patient SafetyNet systems via software upgrade and can be effortlessly integrated into view stations.

The latest expansion of its Patient SafetyNet is a major stepping stone for Masimo’s Hospital Automation Platform across the world.

Significance of the Expansion

Telehealth for Patient SafetyNet provides secure, end-to-end, multi-way audio and visual communication between the point of care (in the room or at the bedside) to central command rooms and remote clinicians. This aids in improving clinical workflows and communication efficiency across the care continuum without interfering with the remote monitoring of patient data.

The system also integrates TODA transcoding technology from LM Labs, which ensures the availability of the best quality live audio and video reproduction. These capabilities can be hosted within existing hospital infrastructure and can also exist in the cloud, thereby helping hospitals manage resources and comply with IT requirements while supporting fast deployment and flexible scaling.

Telehealth for Patient SafetyNet offers a bunch of additional advanced features designed to further improve workflow efficiency and accommodate various communication and patient scenarios. The platform, which supports multiple simultaneous audio and visual streams, allows several clinicians and specialists to communicate and collaborate in real time, irrespective of location. Additionally, users can also securely chat via text, transfer files, share their screens and use collaborative digital whiteboards. This provides seamless access to patient data, notes and discussions in the most suitable medium for each case.

Per management, telehealth for Patient SafetyNet is expected to allow clinicians to collaborate and communicate in advanced but intuitive and efficient ways. This is likely to ultimately lead to improvements in patient outcomes and reduce the cost of care.

Industry Prospects

Per a report by MarketsAndMarkets, the global patient-monitoring devices market is projected to reach $55.1 billion by 2025 from $36.4 billion in 2020 at a CAGR of 8.6%. Factors like technological advancements and growing preference for telehealth services amid the pandemic are expected to drive the market.

Given the market potential, the latest addition of features to its Patient SafetyNet is likely to provide a significant boost to Masimo’s business globally.

Notable Developments

Last month, Masimo received the FDA’s clearance for SedLine brain function monitoring for pediatric patients (one to 17 years of age) and the SedLine Pediatric EEG (electroencephalogram) Sensor. The latest clearance expands access to SedLine for all patients above the age of one year in the United States.

Also in February, Masimo announced robust fourth-quarter 2021 results, wherein it registered a solid uptick in the top line. The company also recorded a strong rebound in sensor sales (on the back of solid demand for set sensors) and robust order shipments.

In the same month, MASI announced a major expansion of Masimo SafetyNet that brings robust, secure video conferencing to the remote patient management and connectivity platform to offer a comprehensive telehealth and telemonitoring solution. This is expected to provide a better patient experience.

Comparison With Peers

This month, Masimo’s patient-monitoring peer, DexCom, Inc. (DXCM - Free Report) , received the CE Mark for the Dexcom G7 Continuous Glucose Monitoring (“CGM”) system for diabetics in Europe aged two years and above, including pregnant women.

The same month, DXCM received the FDA’s Breakthrough Device Designation for the Dexcom CGM system’s use in the hospital setting.

Another renowned name in patient-monitoring, Allscripts Healthcare Solutions, Inc.’s (MDRX - Free Report) business unit, Veradigm, announced an agreement with the U.S. Social Security Administration (“SSA”).

The agreement will allow SSA to electronically request and receive electronic health records through MDRX's Veradigm Network solution, Veradigm eChart Courier, thereby eliminating the need to allocate time and resources for manual medical record requests.

Another popular peer of Masimo in the patient-monitoring space is Veeva Systems Inc. (VEEV - Free Report) . This month, the company reported solid fourth-quarter fiscal 2022 results, wherein it continued to derive benefits from its flagship Vault platform.

Veeva Commercial Cloud’s continued strength and robust adoption of Veeva Vault PromoMats and other products were other quarterly highlights.

Published in