The global digital patient monitoring devices market was valued at US$ 80.61 billion in 2021 and is expected to reach over US$ 451.54 billion by 2030, growing at a remarkable CAGR of 21.1% from 2021 to 2030.
Digital patient monitoring devices market is a subset of telehealth market that uses digital technologies to collect medical and other types of data about patients outside of the healthcare system. The blood pressure, blood sugar, weight, and oxygen levels are all examples of data that can be sent to healthcare professionals or doctors using a telehealth computer system and software that can be loaded on a smartphone, computer, or tablet. Digital patient monitoring devices assists health workers in monitoring the condition of patients from all over the world and enhancing the quality of care provided to each and every patient.
The surge in demand for digital patient monitoring tools for chronic disease management, as well as the robust growth of the geriatric population worldwide with ailments that require quick treatments, such as heart stroke, diabetes, and chronic diseases is the fundamental factors driving the market demand for digital patient monitoring devices.
Home-based digital patient monitoring devices are becoming more popular around the world since they are simple to use and can be utilized by people of all ages. Furthermore, because the senior population is more prone to chronic diseases, home-based digital patient monitoring devices are mostly used by them.
Moreover, there is a growing tendency of transferring treatment from hospitals to homes in order to save money on hospital fees. The increased usage of digital patient monitoring devices in the U.S. is a result of hospitals’ increasing financial burden from a large number of inpatients. Patients also choose home healthcare because of the cost-effectiveness, privacy, and convenience it provides, which has a favorable impact on the digital patient monitoring devices market growth.
To improve medical delivery and patient outcomes, hospitals are increasingly relying on digital patient monitoring devices or remote patient monitoring devices. Healthcare practitioners can now get real-time information on their patients’ essential risk indicators such as blood pressure and blood sugar, owing to the recently introduced integrated digital patient monitoring devices with messaging alert systems.
Digital patient monitoring devices also help patients heal at home and avoid unneeded hospitalization. These digital patient monitoring devices technologies combine developments in machine learning and biosensors to lower the healthcare burden of chronic diseases through avoidable hospitalization and readmission.
The digital patient monitoring devices are also intended to minimize hospital and other healthcare facility overcrowding, which will be especially beneficial in heavily populated areas or countries. The digital patient monitoring devices are also becoming popular among healthcare professionals as a way to improve service quality and cut costs.
The necessity for health monitoring systems at home, as well as the evolution of new age healthcare information technology (IT) technologies, are the key factors driving the growth of the global digital patient monitoring devices market during the forecast period. The increased acceptance of remote patient monitoring services by healthcare facilities is due to significant savings on chronic illness expenditures.
However, issues such as inadequate internet connectivity in developing and underdeveloped regions, as well as a lack of knowledge and value recognition of digital patient monitoring devices, are projected to restrain the global digital patient monitoring devices market growth during the forecast period.
Scope of the Digital Patient Monitoring Devices Market
|Market Size in 2020||US$ 66.8 Billion|
|Growth Rate from 2021 to 2030||21.1%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Product, Region|
|Companies Mentioned||Siren, GE Healthcare, ResMed, AT&T, ATHENAHEALTH Inc., FitBit Inc., Koninlijke Philips N.V. AB, Abbott, Garmin Ltd., VitalConnect|
Based on the type, the wearable devices segment garner 30.5% revenue share in 2020. The wearable device adoption across numerous application sectors, customer preference for linked devices, and the growing population of IoT and related devices are all driving the growth of the wearable devices segment.
The mHealth segment is expected to grow at rapid pace during the forecast period. Growing smartphone and internet connectivity penetration, as well as supportive government initiatives, is among the primary factors driving segment expansion. The segment is predicted to rise due to rising demand for preventative healthcare and increased funding for mHealth entrepreneurs.
Based on the product, the diagnostic monitoring devices segment accounted highest market share of over 62.5% in 2020.The growth of the segment can be linked to an increase in demand for diagnostic monitoring devices that measure, record, distribute, and show a variety of biometric parameters such as temperature, oxygen, and blood pressure.
The therapeutic monitoring devices segment is fastest growing segment in the digital patient monitoring devices market. The rising prevalence of chronic diseases such as cancer in emerging nations such as China and India are predicted to present a wide range of potential prospects for therapeutic monitoring devices competitors.
The North America accounted revenue share of 41.5% in 2020, due to the rising prevalence of diabetes and strategic measures are taken by private companies. The rising prevalence of diabetes among people is driving the market for digital patient monitoring devices in the U.S.
The Asia-Pacific segment is estimated to be the most opportunistic segment during the forecast period. Due to increased prevalence of chronic disease and the growing elderly population, as well as the growing number of smartphone users across the region, Asia-Pacific is predicted to see significant market expansion in the digital patient monitoring devices market.
Key Companies & Market Share Insights
Due to the company’s strong focus on research and development (R&D), Philips N.V. occupied a prominent position in the market. Maternal Patch and Pod and Avalon CL, an obstetrics monitoring solution, will be available in the U.S. in June 2020. The key market players are adopting marketing strategies such as partnership, acquisition, merger and acquisition, and joint venture to create prominent position in the digital patient monitoring devices market.
Some of the prominent players in the global digital patient monitoring devices market include:
Segments Covered in the Report
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