Digital Patient Monitoring Devices Market Size to Reach US$ 451.54 Bn by 2030

The global digital patient monitoring devices market size was evaluated at USD 80.61 billion in 2021 and is expected to reach USD 451.54 billion by 2030, at a CAGR of 21.1% from 2021-2030.

The digital patient monitoring devices are used in tracking and monitoring health of people digitally. There are various types of digital patient monitoring devices that are used in the treatment of diseases. Those devices are therapeutic monitoring devices and diagnostic monitoring devices. The types of digital patient monitoring are remote patient monitoring, wireless sensor technology, wearable devices, mHealth, and telehealth.

The growth of the global digital patient monitoring devices market is being driven by the rising awareness about the health and fitness among the people. Nowadays, people are facing problems in tracking their health. That’s the fact the demand and adoption of digital patient monitoring devices have raised at rapid growth rate.

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Due to the outbreak of coronavirus, the adoption of digital patient monitoring devices has increased globally. The downloads of tracking and monitoring health have grown at a rapid pace during 2020 pandemic. One of the major factors influencing the expansion of the global digital patient monitoring devices market is technological advancements and innovation in the technology and software. The digital patient monitoring devices need to be modified and upgraded at a specific period of time. The introduction of industry 4.0 and 5G networks is helping key market players to come up with innovative products in the digital patient monitoring devices market.

Another factor that is driving the growth of the worldwide digital patient monitoring devices market is rising prevalence of chronic disorders. Every year millions of people suffer from chronic illnesses and thousands of people die to these diseases. As a result of these aforementioned factors, the growth of the global digital patient monitoring devices market is expected during the forecast period.

Report Highlights:

• Based on the type, the wearable devices segment dominated the global digital patient monitoring devices market in 2020 with largest market share. The rising adoption of wearable devices that can be connected to smartphones easily is driving the growth of the segment.
• On the basis of product, the diagnostic monitoring devices segment holds the largest market share the global digital patient monitoring devices market in 2020.This is attributed to the rising incidents of chronic disorders and rising old age people globally.
• North America is the largest segment for digital patient monitoring devices market in terms of region. The digital patient monitoring devices market in North America region is growing due to existence of major market players in the region and technological developments in the medical devices industry.
• Asia-Pacific region is the fastest growing region in the digital patient monitoring devices market. The factors such as rising internet penetration and growing usage of smartphones and tablets in the region are driving the growth of the digital patient monitoring devices market.

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Future of Digital Patient Monitoring Devices Market

The growing geriatric population globally is creating growth opportunities for the global digital patient monitoring devices market. As per the estimates made by the World Health Organization (WHO), the proportion of the world’s population aged 60 and up will nearly double from 12% between 2015 and 2050. In the year 2020, the number of persons aged 60 and more was outweighed the youth population. By 2050, 80% of the world’s elderly would live in low- and middle-income countries. The geriatric population comes into the contact of diseases very easily. Sometimes these disorders can worsen the condition of old people. Therefore, frequent checkups are recommended to the geriatric population by doctors or healthcare practitioners. Even in some regions, government provides tax incentives and tax rebates as well as reimbursements for the treatment of ailments. Moreover, the major market players are introducing and launching digital patient monitoring devices that are easy to operate and use. As a result, the growing number of old age people is expected to create prospects for the growth of the global digital patient monitoring devices market in upcoming years.

COVID-19 Impact Analysis:

• The impact of the COVID-19 pandemic on the growth of the global digital patient monitoring devices market was positive.
• The adoption of medical devices and wearable devices has also resulted in the rapid growth of the worldwide digital patient monitoring devices market.
• The coronavirus outbreak created importance of regular checkups due to fear of virus transmission.
• This resulted in high demand for digital patient monitoring devices in the market.

Key Developments in the Marketplace:

• Philips N.V. offered the Avalon CL Fetal and Maternal Patch and Pod, an obstetrics monitoring solution in the U.S. in June 2020. 

The prominent players operating in the digital patient monitoring devices market includes:

• Siren
• GE Healthcare
• ResMed
• AT&T
• ATHENAHEALTH Inc.
• FitBit Inc.
• Koninlijke Philips N.V. AB
• Abbott
• Garmin Ltd.
• VitalConnect

Market Segmentation

By Type

• Wireless Sensor Technology
• mHealth
• Telehealth
• Wearable Devices
• Remote Patient Monitoring
  • Hospital Inpatient
  • Ambulatory Patient
  • Smart Home healthcare

By Product

• Diagnostic Monitoring Devices
  • Vital Sign Monitors
  • Sleep Monitors
  • Fetal Monitors
  • Neuromonitors
  • Other Monitors
• Therapeutic Monitoring Devices
  • Insulin Monitors
  • Respiratory Monitors
  • Other Monitors

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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