Global Digital Patient Monitoring Devices Market Size
Global Digital Patient Monitoring Devices Market size was USD 72.43 billion in 2021 and projected to grow from USD 109.3 billion in 2023 to USD 716.2 billion by 2032, exhibiting a CAGR of 23.2% during the forecast period.
Digital monitoring devices for patients are the medical equipment or tools that gather patient information outside of the healthcare system using digital technologies. The painless or non-invasive remote monitoring tools detect or measure common physiological parameters are comprised in the remote or wearable patient monitoring devices. The painless or non-invasive monitoring devices wirelessly communicate patient data to their healthcare practitioner or other monitoring institution.
Market Highlights
Digital Patient Monitoring Devices Market is expected to project a CAGR of 23.2 % during the forecast period, 2022-2032
Digital Patient Monitoring Devices Market is expected to reach USD 716.2 billion, growing at a CAGR of 23.2% during the forecast period owing to the growing cases of neurological ailments and augmented emphasis on R&D abilities in healthcare devices and the implementation of improved healthcare technologies. Moreover, increased pregnancy rates and rising healthcare infrastructure development costs, particularly in developing economies are the major factors driving the Digital Patient Monitoring Devices Market.
Digital Patient Monitoring Devices Market Segmentation
Therapeutic Monitoring Devices segment is expected to dominate in the forecast period
Digital Patient Monitoring Devices Market is classified based on the Product Type into Diagnostic Monitoring Devices and Therapeutic Monitoring Devices. The Diagnostic Monitoring Devices segment dominated in 2022 due to the rising incidence of chronic diseases like diabetes, obesity, cancer, and more. The Therapeutic Monitoring Devices segment is projected to witness a higher growth during the estimated period owing to the increasing elderly population, the therapeutic monitoring devices.
mHealth segment is expected to dominate in the forecast period
Digital Patient Monitoring Devices Market is classified based on the Type into Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, and Remote Patient Monitoring. The Wearable Devices segment registered major share of the Digital Patient Monitoring Devices Market in 2022 due to the growing use of wearable devices and rising end-user preference for high-tech gadgets. However, the mHealth segment is predicted to grow at a faster rate throughout the forecast period due to reasons including rising internet usage and an increase in smartphone users.
Market Dynamics
Growth Drivers
Increasing Cases of Various Diseases and Adoption of Technologies like AI is Expected to Boost the Market Growth
The Digital Patient Monitoring Devices Market is predicted to be driven by the rising prevalence of chronic diseases like diabetes, cardiovascular diseases, and hypertension and also the growing elderly population. The increasing use of cutting-edge technology, like artificial intelligence, is anticipated to fuel market growth. Moreover, the worldwide market is seeing quick technological developments that enable electrocardiograms (ECGs) and glucose monitors through artificial intelligence and machine learning, which is again boosting market growth.
Growing Use of RPM offering Quality Healthcare is Expected to Boost the Market Growth
Technologies like RPM (Remote Patient Monitoring) come into play, detecting subtle fluctuations in the physiological data of the patient and stimulating self-monitoring. Readmissions and unneeded hospital stays are decreased. The number of pointless journeys to the doctor's clinic and the costs associated with travel to receive high-quality medical care are also decreased by these technologies. When used effectively, RPM technologies can broaden access to high-quality healthcare while both immediately and later on saving time and money.
Restraint
Improper Awareness Regarding Installation Costs May Restrain the Market Growth
Assuring the privacy and security of patient data is a significant concern for the market for digital patient monitoring devices. There is a threat of cyber-attacks and data breaches when sensitive patient data is sent through networks. Also, there are growing worries regarding the precision and dependability of some digital monitoring devices for patients, particularly those with lax testing and regulatory permission to restrain the market's growth.
Recent Developments
- In July 2020, Philips and BioIntelliSense established a collaborative partnership to advance technologies for remote patient monitoring. The latter's BioSticker device was adopted by Philips into its line of (RPM) tools for tracking chronic conditions.
- A new wearable form digital monitoring gadget is developed by Rockley Photonics and Medtronic, the MedTech behemoth, as of March 2022. The collaboration combines, Rockley's experience in wearable devices and remote monitoring and Medtronic's great strength in hospital care.
Digital Patient Monitoring Devices Market
Key Players Covered:
- AT&T
- Abbott
- Medtronic
- Koninklijke Philips N.V. AB
- GE Healthcare
- Boston Scientific Corporation
- Garmin Ltd.
- Hill-Rom Services Inc.
- Integer Holdings Corporation
- Athenahealth Inc.
- LivaNova PLC
- Inspire Medical Systems Inc.
- Omron Healthcare Inc.
- NeuroPace Inc.
- VitalConnect
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Digital Patient Monitoring Devices Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North American region accounted for a significant portion of global GDP in 2020 due to the increased cases of diabetes and the strategic actions made by private enterprises. Asia-Pacific sector is anticipated to lead during the projected period due to an increase in the frequency of chronic diseases, a growing older population, and an increase in smartphone usage throughout the region.
Impact of Covid-19 on Digital Patient Monitoring Devices Market
Healthcare practitioners used these tools to remotely monitor patients' health and lower their chance of contracting the virus due to the Covid-19 pandemic, which has accelerated the use of RPM technologies. Chronic diseases spread more widely as the population became older, which ultimately amplified the demand for digital monitoring devices for patients.
Digital Patient Monitoring Devices Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Digital Patient Monitoring Devices Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 23.2% from 2022-2032 |
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Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
Product Type |
|
|
Type |
|
|
End User |
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By Region |
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Frequently Asked Questions (FAQ):
Digital Patient Monitoring Devices Market size was estimated at USD 72.43 billion in 2021 and is expected to reach USD 716.2 billion in 2032.
Digital monitoring devices for patients are the medical equipment or tools that gather patient information outside of the healthcare system using digital technologies.
Therapeutic Monitoring Devices and mHealth segments accounted for the largest Digital Patient Monitoring Devices Market share.
Key players: AT&T, Abbott, Medtronic, Koninklijke Philips N.V. AB, GE Healthcare, Boston Scientific Corporation, Garmin Ltd., Hill-Rom Services Inc., Integer Holdings Corporation, Athenahealth Inc., LivaNova PLC, Inspire Medical Systems Inc., Omron Healthcare Inc., NeuroPace Inc., VitalConnect, and Other Prominent Players are the key players in the Digital Patient Monitoring Devices Market.
Growing geriatric population and increasing demand for digital patient monitoring devices for disease management are the factors driving the Digital Patient Monitoring Devices Market.
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