The digital patient monitoring devices market is anticipated to garner notable gains, registering a CAGR of 21.1% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The digital patient monitoring devices market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 451.54 billion by 2030 from US$ 80.61 billion in 2021. The report contains 150+ pages with detailed analysis.
The digital patient monitoring devices market to witness strong growth due to rising demand for continuous monitoring devices and the rising prevalence of chronic devices such as hypertension, diabetes, and cardiovascular diseases.
The patients and healthcare practitioners are increasingly using sensor-based wearable gadgets in recent years. These gadgets can track a patient’s vital signs in real time and send them electronically to their doctors, as well as integrate other monitoring devices. This allows doctors to keep an eye on the patient at all times, reducing the number of hospital visits. The growing demand for wearable devices has prompted major market players to do extensive research and offer revolutionary digital patient monitoring devices on the market.
Digital Patient Monitoring Devices Market Size, By Years
|2021||USD 80.61 Billion|
|2022||USD 97.34 Billion|
|2023||USD 117.62 Billion|
|2024||USD 142.24 Billion|
|2025||USD 172.13 Billion|
|2026||USD 208.45 Billion|
|2027||USD 252.61 Billion|
|2028||USD 306.35 Billion|
|2029||USD 371.79 Billion|
|2030||USD 451.54 Billion|
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Digital Patient Monitoring Devices Market Scope
|Market Size in 2020||US$ 66.8 Billion|
|Growth Rate from 2021 to 2030||21.1%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, Product, Region|
Digital Patient Monitoring Devices Market Report Highlights
- Based on the type, the wearable devices segment dominated the global digital patient monitoring devices market in 2020 with highest market share. This can be attributed to factors such as growing use of linked devices and increasing end-user preference for advanced products. The segment’s growth is predicted to be fueled by rising internet penetration and an increasing number of smartphones users. In addition, the growing number of companies and start-ups is boosting the growth of wearable devices segment.
- Based on the product, the diagnostic monitoring devices segment is estimated to be the most opportunistic segment during the forecast period. The segment’s growth is being fueled by the rising prevalence of diseases such as cancer, obesity, diabetes, as well as growing geriatric population.
- Asia-Pacific region is expected to witness remarkable CAGR from 2021 to 2030. This is attributed to the growing number of smartphone users and increased in internet penetration in the countries such as India and China.
- The North America accounted largest revenue share of 41.5% in 2020. This is attributed to the strong government support to lessen the economic burden of healthcare, technical improvements, and the introduction of innovative products.
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Digital Patient Monitoring Devices Market Dynamics
Increase in internet penetration in developing regions
The global internet penetration rate has increased to 59%, since a decade. There are 4.66 billion active internet users globally. The United Arab Emirates, Denmark, and South Korea are the countries with the high internet penetration rate all around the world. The internet connectivity is the main component for the utilization of digital patient monitoring devices. Asia is regarded as fastest growing region in terms of number of online users. As a result, the increase in internet penetration in developing regions is a driving factor for the growth of digital patient monitoring devices market during the forecast period.
Lack of product knowledge
The old age people are not aware about the new technologies and applications of smartphones. Even, many of the people don’t know about the operations and functions of the smartphones. The digital patient monitoring devices need exceptionally adequate knowledge of technology. The proper training is required for the usage of digital patient monitoring devices. Thus, the lack of product knowledge restricts the growth of digital patient monitoring devices market during the forecast period.
Growing geriatric population
The population of geriatric is rising at a rapid pace. According to United Nations, more than 727 million persons are aged 65 years or above. The elderly population suffers from various types of diseases such as diabetes, cancer, hypertension, blood pressure, and others.
The people with 65 years and above are not so physically fit. They cannot visit healthcare clinics and hospitals for health checkups frequently. So, to avoid frequent visits to hospitals, digital patient monitoring devices can be used by geriatric population on a large scale. As a result, the growing geriatric population is creating new lucrative opportunities for the growth of digital patient monitoring devices market during the forecast period.
Data privacy concerns
The digital patient monitoring devices collects and stores the patient’s data on a large scale. The information stored in such devices can be leaked easily. The crucial data of patient’s can be misused in any way. The data stored includes name, address, mobile number, health issues, and other personal details. The digital patient monitoring devices are at beginning stage and are not capable of keeping data safe and secured.
The personal details can be hacked easily by the hackers within digital patient monitoring devices. To avoid this, the software needs to be get updated on fixed period of time. As a result, the data privacy concerns are the biggest challenge for the growth of digital patient monitoring devices market during the forecast period.
Some of the prominent players in the global digital patient monitoring devices market include:
- GE Healthcare
- ATHENAHEALTH Inc.
- FitBit Inc.
- Koninlijke Philips N.V. AB
- Garmin Ltd.
Segments Covered in the Report
- Wireless Sensor Technology
- Wearable Devices
- Remote Patient Monitoring
- Hospital Inpatient
- Ambulatory Patient
- Smart Home healthcare
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Other Monitors
- Therapeutic Monitoring Devices
- Insulin Monitors
- Respiratory Monitors
- Other Monitors
- North America
- South Korea
- Latin America
- Rest of the World
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