Digital Patient Monitoring Devices Market Size, Report 2022-2030

According to Vision Research Reports, the global digital patient monitoring devices market size is expected to be worth around US$ 544.6 billion by 2030 from valued at US$ 65.6 billion in 2020 and is anticipated to grow at a CAGR of 26.5% during forecast period 2021 to 2030.

Growth Factors

The growth of the market is driven by the rapid adoption of Remote Patient Monitoring (RPM) solutions, technological advancements such as Artificial Intelligence and Internet of Things(IoT), and new product launches. Furthermore, rising per capita income and growing awareness among patients are anticipated to positively impact the market.

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Furthermore, the growing number of startup businesses and increasing funding for them is expected to bode well with the market. Active government measures for expanding the coverage for RPM, mhealth, and telehealth have accelerated the shift towards digital health. As a result, a plethora of startup companies have started to utilize this opportunity. For example, in August 2020, Optimize Systems Inc. raised USD 15.6 million to expand its RPM platform. This is likely to favor the growth of the market.

The COVID- pandemic has significantly increased the demand for remote monitoring and patient engagement solutions such as multiparameter, temperature, respiratory, cardiac, insulin, pressure/hemodynamic, and neonatal/fetal monitoring devices.

Scope of the Report

Type Insights

The wearable devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 31% in 2021. Increasing adoption of connected devices and rising end-user preference for sophisticated gadgets are factors attributable to the prominent share of the segment. The mHealth segment is projected to witness substantial growth during the forecast period. Rising internet penetration and the growing number of smartphone users are expected to drive the growth of the segment. Furthermore, the increasing number of startups entering the market for digital patient monitoring devices is fueling segment growth. For instance, in August 2020, Undermyfork, an app for tracking diabetes received funding of USD 0.4 million. The app is about to be launched in the U.S.

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Product Insights

Based on product, the diagnostic monitoring devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 63% in 2021. The increasing prevalence of diseases such as diabetes, obesity, cancer, and others and the rising geriatric population are propelling the growth of the segment. According to the International Diabetes Federation, around 463 million people are living with diabetes in 2019 and the number is projected to reach 700 million by 2045. This is likely to favor the growth of the segment.

Apart from this, increasing demand for respiratory monitors such as pulse oximeters especially among COVID-19 patients is poised to surge the therapeutic monitoring devices segment growth. Furthermore, a growing number of strategic partnerships among key manufacturers are expected to positively impact the segment. For instance, in June 2020, Abbott partnered with Tandem Diabetes Care. Under this partnership, Abbott combined its Continuous Glucose Monitoring (CGM) technology with Tandem Diabetes Care’s insulin delivery systems.

Regional Insights

North America dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 42% in 2021. Strong government support to reduce the healthcare cost burden, technological advancements, and the launch of new products are responsible for the dominant share of the region. In July 2020, Medtronic announced 510(k) clearance from U.S. FDA approval for LINQ II insertable cardiac monitor. This coupled with rising cases of heart diseases is expected to drive the market for digital patient monitoring devices in North America.

In Europe, the market for digital patient monitoring devices is likely to propel owing to the favoring government policies for mHealth and telehealth. In January 2019, NHS announced its long-term plan to make telehealth and mHealth a standard of care by 2022-23. This is expected to favor market adoption in Europe. Asia Pacific is anticipated to witness remarkable growth owing to the highest number of smartphone users in China and India and deeper internet penetration. According to India Cellular and Electronics Association, smartphone users in India are projected to increase from 500 million in 2019 to 820 million by 2022. This is likely to favor the market for digital patient monitoring devices in Asia Pacific.

Key Players

• GE Healthcare
• AT&T
• ATHENAHEALTH, INC.
• Abbott
• Koninklijke Philips N.V. AB
• Hill-Rom Services Inc.
• Medtronic
• Omron Healthcare, Inc.
• FitBit, Inc.
• Garmin Ltd.
• VitalConnect
• ResMed
• Siren

Market Segmentation

• Type Outlook
  • Wireless Sensor Technology
  • mHealth
  • Telehealth
  • Wearable Devices
  • Remote Patient Monitoring
    • Hospital Inpatient
    • Ambulatory Patient
    • Smart Home healthcare
• Product Outlook
  • Diagnostic Monitoring Devices
    • Vital Sign Monitors
    • Sleep Monitors
    • Fetal Monitors
    • Neuromonitors
    • Other Monitors
  • Therapeutic Monitoring Devices
    • Insulin Monitors
    • Respiratory Monitors
    • Other Monitors
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

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