Published Date : 24 Jan 2023
The global digital patient monitoring devices market size was exhibited at USD 97.34 billion in 2022 and it is projected to touch around USD 451.54 billion by 2030, growing at a CAGR of 21.1% from 2022 to 2030.
Digital patient monitoring is also called remote patient monitoring. It is remote physiologic monitoring and uses digital technologies to monitor a patient's health. It captures a patient's medical and other health data and transmits them electronically to healthcare providers.
It is transmitted for assessment and, when necessary, recommendations and instructions. It allows older and disabled individuals to live at home and avoid hospital visits. It lowers the number of hospitalizations, readmissions, and lengths of stay in the hospital. It assists in improving quality of life and contains costs. It gained popularity before the COVID-19 pandemic.
The federal government expanded remote patient monitoring medical coverage. It is an effective way to drive down the cost of healthcare and improve patient well-being. The collected data of a patient allows a doctor to monitor changes in the patient vital signs. It will enable patients to use mobile to gather patient-generated health data (PGHD) and send it to the doctor.
It is used to help patients that need chronic, post-discharge, or senior care. It allows patients to manage and understand their own health conditions. It enhances the overall quality and value-based care.
The hospitals are launching digital patient monitoring programs to deliver more effective care and get significant financial benefits. Remote patient monitoring gained prominence in Covid 19 pandemic. When the pandemic hit, the demand for remote patient monitoring systems increased.
The outbreak of COVID-19 positively influenced the digital patient monitoring system market. These systems improved chronic and acute disease management. It offered early warning signs to the patients, thus significantly contributing to the market growth. There has been a rise in incidences of chronic diseases. These diseases can be managed on time with digital patient monitoring systems.
The COVID-19 pandemic has led to more people visiting the hospital and a shortage of space. Patients suffering from chronic diseases and cancer were advised not to visit hospitals and go for digital monitoring systems due to the danger of getting infected. The increasing demand for continuous monitoring and the rising prevalence of diabetes, hypertension, cardiovascular diseases, and others catalyzes market growth.
The adoption of sensor-based wearable devices propels the market growth. The growing demand for wearable devices and the launch of innovative products in the market strengthen market growth. The integration of digital patient monitoring systems can help lower overall healthcare costs. All these factors favor the growth of the market.
Digital Patient Monitoring Devices Market Report Scope
|Market Size in 2022||USD 97.34 Billion|
|Market Size by 2030||USD 451.54 Billion|
|Growth Rate from 2022 to 2030||CAGR of 21.1%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Type, By Product|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the region, North America dominated the market and accounted for the largest revenue share due to the strong government support to reduce healthcare costs. Rapid technological advancements and the launch of new products catalyze market growth across the region. The rising cases of heart disease propel the demand for digital patient monitoring devices in North America.
On the other hand, Europe is expected to witness a promising CAGR in the coming years due to the favoring of government policies. Asia Pacific is anticipated to witness remarkable growth. This is due to the increasing number of smartphone users.
Driver: Increasing geriatric population
The increasing geriatric population significantly contributes to market growth across the world. In line with this, the surging need to expand advanced healthcare access positively influences market growth. Furthermore, the growing incidence of chronic diseases catalyzes market growth. Moreover, patients' high demand for long-term care services catalyzes market growth.
Besides, the benefits of digital patient monitoring devices, such as enhancing healthcare access, raising cost-effectiveness, and reducing unnecessary patient visits, favor market growth. The senior population who find it challenging to visit the hospital can easily access the digital patient monitoring system.
Opportunity: Increasing product demand in fighting infectious diseases
The increasing demand for digital patient monitoring in fighting infectious diseases offers numerous opportunities for market growth. Infectious diseases are challenging to get treated in a hospital. In hospitals, healthcare providers of doctors are at a higher risk of getting infected. In these cases, digital patient monitoring devices come to the rescue.
It could check a patient and stop the spread of infections digitally. DPM also helps in the early detection of serious diseases. It reduces the visits to hospitals and travel costs. Digital patient monitoring is safe and easy to access.
Restraint: Risks in system failure
Many risks associated with system failures are expected to restrict the digital patient monitoring devices market growth. System failures happen due to Equipment malfunction or adequate planning. The risks associated with system failures are vital to be considered. Moreover, there is healthcare fraud in digital patient monitoring devices.
Challenge: Rising pricing pressure on the market players
There is rising Pricing pressure on the market players, which challenges the digital patient monitoring devices market growth. Many initiatives are taken to manage healthcare costs via price regulations.
Major Key Players:
Segments Covered in the Report
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