Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report 2021-2028
Digital Patient Monitoring Devices Industry Overview
The global digital patient monitoring devices market size was estimated at USD 62.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028. Rising demand for continuous monitoring devices and increasing prevalence of chronic diseases such as diabetes, hypertension, cardiovascular diseases, and others are factors propelling the growth of the market.
In recent years, the adoption of sensor-based wearable devices such as continuous glucose monitors, ECG, and others is increasing among patients as well as healthcare providers. These devices can track the patient’s vital signs on a real-time basis which can then be transmitted to their doctors electronically and can also be integrated with the EHR. This allows the providers to continuously monitor the patient eliminating the need for frequent hospital visits. The rising demand for wearable devices has encouraged key players to carry intensive research and launch innovative products in the market for digital patient monitoring devices. For example, in March 2020, Somatix, Inc. announced the launch of an AI-powered continuous remote patient monitoring system. The introduction of similar innovative products is anticipated to augment the digital patient monitoring device market growth.
Gather more insights about the market drivers, restrains and growth of the Global Digital Patient Monitoring Devices market
Incorporating digital patient monitoring systems can help in significant cost savings, thereby reducing the overall healthcare cost. Many countries across the globe are dealing with the economic burden of chronic diseases. According to the Centers for Disease Control and Prevention, heart disease and stroke costs around USD 214 billion to the U.S. healthcare system every year. With the use of digital patient monitoring systems, people at risk can be monitored remotely, thus preventing hospitalization and reducing healthcare costs. This is likely to favor the growth of the market for digital patient monitoring devices in the coming years.
The COVID-19 pandemic brought a digital revolution in the healthcare industry by increasing the demand for wearable devices, mHealth apps, and telehealth by multiple folds. To control the spread of infection and patient volumes, hospitals were forced to shut down their OPDs and shift to digital health. According to a survey conducted by VivaLNK, a connected healthcare solution provider, 55% of the respondents were using or planning to use Remote Patient Monitoring (RPM) for COVID-19 patients.
The government of many countries has started embracing digital health tools after realizing their potential. For instance, in April 2020, the Federal Communications Commission started a COVID-19 relief program which provided USD 200 million to equip hospitals with telehealth technology. This has opened new opportunities for the market players and start-up companies to develop innovative solutions. For example, in May 2020, VitalConnect, Inc. received Emergency Use Authorization from the USFDA for its cardiac monitoring device VitalPatch for use in COVID-19 patients.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Digital Patient Monitoring Devices Market Segmentation
Grand View Research has segmented the global digital patient monitoring devices market on the basis of type, product, and region:
Digital Patient Monitoring Devices Type Outlook (Revenue, USD Million, 2016 - 2028)
- Wireless Sensor Technology
- mHealth
- Telehealth
- Wearable Devices
- Remote Patient Monitoring
- Hospital Inpatient
- Ambulatory Patient
- Smart Home healthcare
Digital Patient Monitoring Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Neuromonitors
- Other Monitors
- Therapeutic Monitoring Devices
- Insulin Monitors
- Respiratory Monitors
- Other Monitors
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- June 2020: Koninklijke Philips N.V. launched Avalon CL Fetal and Maternal Patch and Pod, an obstetrics monitoring solution
Key Companies profiled:
Some prominent players in the global Digital Patient Monitoring Devices market include
- 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
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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