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digital patient monitoring devices market

Digital Patient Monitoring Devices Market Share, Size, Trends, Industry Analysis Report, By Type (Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, Remote Patient Monitoring); By Product (Diagnostic Monitoring, Therapeutic Monitoring Devices); By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 111
  • Format: PDF
  • Report ID: PM2113
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global digital patient monitoring devices market was valued at USD 25.65 billion in 2020 and is expected to grow at a CAGR of 23.0% during forecast period. Surge in preference for digital patient monitoring tools for chronic disease management coupled with the robust growth of the geriatric population worldwide with ailments that require quick treatments, for example, diabetes, heart stroke, and chronic obstructive pulmonary disease (COPD), and more are the fundamental forces that stimulate the market demand for such digital patient monitoring devices.

Market Size

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This digital device brings real-time patient data rapidly by eliminating the need for expensive healthcare machines and thus offering manifold advantages, such as improved access and quality of care, streamlined clinical care, improved acute management, and speedy recovery in the health status of patients. This enables the shift in trend to digital patient monitoring devices from the traditional healthcare system is expected to amplify the demand for the global market.

Moreover, the outbreak of "COVID-19" has created significant market demand for diagnosis and treatment across the globe, thereby rising market demand for the healthcare and healthcare IT sector. The healthcare sector, including hospitals, specialty clinics, ambulatory surgical centers, diagnostic centers, home care settings, and more are demanding these digital patient monitoring devices to treat chronic diseases, including cancer, neurological diseases, diabetes, and more, owing to their early warning signs and advancement tracker, thus anticipated to observe an increased market demand of digital patient monitoring devices in the forthcoming years at the global level.

Industry Dynamics

Growth Drivers

Technology is one of the key driving forces behind improvements in every market, thereby reinforcing market growth in digital patient monitoring machines. For instance, digital health is presenting new approaches to the administration of health conditions. Researchers have been demonstrating vital growth due to the adoption of digital health on the patients and healthcare overall.

The adoption of digital patient monitoring tools, like wearable digital devices, wireless sensor technology, mobile health apps, and others applications are playing a positive role in each patient's or consumer's outcomes. It's been observed that increased accessibility of treatment is one of the main perceptible ways in which technology has modified the healthcare market.

Healthcare IT unveils advances in research that offers healthcare professionals to make healthcare more determined and compelling than it's ever been earlier. The employment of data technology has offered a more reliable and safer application to consumers or patients.

The mobile application provides prospects for patient health, managing chronic conditions, keeping health-related data, managing diet plans, and accomplishing online consultations. The wearable applications also include fitness and wellness apps.

Consumers are willing to adopt technology to trace their lifestyle, fitness, and health. The rising number of connected machines coupled with rising awareness for the benefits of wearable technology will drive the market growth of digital monitoring tools.

Report Segmentation

The market is primarily segmented on the basis of type, product, and region.

By Type

By Product

By Region

  • Wireless Sensor Technology
    • mHealth
    • Telehealth
    • Wearable
  • Remote Patient Monitoring
    • Hospital Inpatient
    • Ambulatory Patient
    • Smart Home healthcare
  • Diagnostic Monitoring
    • Vital Sign Monitors
    • Sleep Monitors
    • Fetal Monitors
    • Neuromonitors
    • Other Monitors
  • Therapeutic Monitoring
    • Insulin Monitors
    • Respiratory Monitors
    • Other Monitors
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Type

The wearable digital device segment dominated the global digital patient monitoring devices market in 2020, owing to the growing technological advancements in wearable medical devices and the surging incidence of chronic diseases.

For example, according to the American Heart Association, the number of deaths due to cardiovascular diseases was 17.6 million in 2016 and is projected to rise to over 23.6 million by 2030. Thus, the need of wearable devices has been increased, as it tracks and monitors physiological parameters like a heartbeat, blood pressure, and blood sugar levels, as well as helps physician for diagnosing.

Additionally, the rising penetration of smart devices and a growing number of smartphone-based healthcare applications are also driving the market demand for wearable medical devices, thereby augmenting the market growth. Wearable technologies in the medical sector consist of smart electronic devices which patients or consumers can easily wear, like smart watches, Fitbit, and others.

These smart devices collect data on patients' health and exercise. The rising market demand for these smart machines like fitness trackers, smartphones, and others will pave its way towards the market's growth. Apart from this, the integration of smart technologies, such as artificial intelligence (AI) and 5G, in wearable medical devices is expected to create significant growth opportunities in the digital tools market over the forecast period.

Insight by Product

Based on product segment, the diagnostic digital monitoring devices segment is expected to witness the highest CAGR during the forecast period as rising prevalence of chronic conditions such as diabetes, high preference for home healthcare and rehabilitation owing to the convenience of the services, and surging government initiatives are supporting the adoption of digital diagnostic monitoring devices.

For instance, blood glucose monitoring (BGM) devices are reasonably beneficial and essential for precise diagnosis and treatment. Blood glucose meters are electronic devices used to measure blood sugar levels, which is an integral step in diabetes treatment.

Similarly, Blood pressure (BP) is considered an indispensable indication for assessing physiological conditions. Blood pressure measurement is also one of the most common diagnostic tests that represent significant changes in blood volume, systemic vascular resistance, and heart-pumping efficiency.

Geographic Overview

North America is projected to hold the highest revenue share in the global digital patient monitoring devices market since the surging prevalence of diabetes, along with strategic initiatives opted by the private organizations indulged in offering digital patient monitoring devices. The United States digital patient monitoring devices market is primarily driven by the surging prevalence of diabetes among both male & female populations.

As per the Centers for Disease Control and Prevention, around 34.2 million individuals are impacted by diabetes in the United States, about 10.5% of the whole population in 2018. The diagnosed population with diabetes in the United States accounted for around 26.9 million individuals comprising 26.8 million adult individuals.

Asia Pacific is expected to witness a substantial market growth in the global digital monitoring tools market due to the rising occurrence of chronic disease and the increasing geriatric population, and the growing number of smartphone users across the region. As per the National Institute of Population and Social Security, it has been estimated that the elderly population residing in Japan would make up 30% of the whole population by 2025, precisely followed by 35.3% by 2040, which is further supplementing the surge and adoption of digital devices.

Competitive Insights

The market players include general electric company, Abbott, Athenahealth, Biotronik SE & CO. KG, FitBit, Garmin Ltd., GE Healthcare, Hill-Rom Services Inc., Koninklijke Philips N.V., Koninklijke Philips N.V. AB, Masimo, Medtronic, Nihon Kohden Corporation, Omron, ResMed, Siren, Vital Connect. are operating in the global digital monitoring tools market.

Digital Patient Monitoring Devices Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 25.65 billion

Revenue forecast in 2028

USD 122.26 billion

CAGR

23.0% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Segments covered

By Product, By Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Abbott, Athenahealth, Biotronik SE & CO. KG, FitBit, Garmin Ltd., GE Healthcare, Hill-Rom Services Inc., Koninklijke Philips N.V., Koninklijke Philips N.V. AB, Masimo, Medtronic, Nihon Kohden Corporation, Omron, ResMed, Siren, Vital Connect.

Key Take-Away
Polaris Market Research
Digital Patient Monitoring Devices Market | 2021-28| Size, Share Report 2028