Global market for digital patient monitoring devices was valued at USD 62.6 million in 2020. It is projected to grow at a compound annual rate (CAGR of 23.5%) between 2021 and 2028. The market is growing due to rising demand for continuous monitoring devices, as well as the increasing prevalence of chronic diseases like diabetes, hypertension, and other diseases.
Patients and healthcare professionals are increasingly using wearable sensors such as ECGs and continuous glucose monitors to track their health. These devices can monitor the patient's vital signs in real time and transmit them to their doctors electronically. They can also be integrated into the EHR. The providers can monitor the patient continuously, eliminating the need to visit the hospital frequently. In response to the growing demand for wearable devices, key players have been focusing their research on developing innovative products for the digital patient monitoring market. Somatix, Inc., for example, announced in March 2020 the launch of an AI-powered continuous remote monitoring system. It is expected that similar products will be introduced to increase the market for digital patient monitoring devices.
Digital patient monitoring systems are a cost-saving option that can reduce healthcare costs. Numerous countries around the world are struggling to deal with the economic impact of chronic diseases. The Centers for Disease Control and Prevention estimates that stroke and heart disease cost the U.S. healthcare system approximately USD 214 billion each year. Digital patient monitoring systems allow people at high risk to be monitored remotely. This prevents hospitalizations and reduces healthcare costs. This will likely lead to a rise in demand for digital patient monitoring devices over the next few years.
Pandemic Impact |
Outlook after COVID |
According to the previous projection, the digital patient monitoring device market will reach nearly USD 60 billion by 2020. The market saw an increase of more than 32% between 2019 and 2020. |
As the threat of infection increases, the market will continue to grow in 2021. |
People infected by the virus have a greater need for vital signs monitors. These monitors can be used to detect infection and provide information such as temperature, pulse rate, respiration rate, and pulse rate. |
As the pandemic exacerbated the desire of the general population to stay fit, the demand for mhealth devices and wearables is expected to increase. |
The COVID-19 epidemic brought about a digital revolution within the healthcare industry. It increased the demand for wearable devices, and mHealth apps. Telehealth was also increased by multiple folds. Hospitals were forced to close their OPDs to control infection and increase patient numbers. A survey by VivaLNK (a connected healthcare provider) revealed that 55% of respondents used or planned to use Remote Patient Monitoring for COVID-19 patients.
Many countries have begun to embrace digital health tools, after realizing the potential. In April 2020, for example, the Federal Communications Commission launched a COVID-19 relief programme that provided USD 200 million to help hospitals get telehealth technology. This has provided new opportunities for market players and start up companies to create innovative solutions. VitalConnect, Inc. was granted an Emergency Use Authorization by the USFDA in May 2020 for VitalPatch, a cardiac monitoring device that VitalConnect, Inc. intends to use with COVID-19 patients.
In 2020, the wearable devices market dominated digital patient monitoring devices. It accounted for 30.4% of the highest revenue share. The prominent position of this segment can be attributed to increasing adoption of connected devices as well as rising end-user preferences for more sophisticated gadgets. The mHealth segment will experience significant growth over the forecast period. The segment is expected to grow due to increasing internet penetration and a growing number of smartphone users. Segment growth is also being driven by the growing number of startups in the digital patient monitoring device market. Undermyfork, a diabetes tracking app, received funding in August 2020 of USD 0.4million. The app will soon be available in the U.S.
The market leader in digital patient monitoring devices was the diagnostic monitoring device segment. In 2020, it accounted for the highest revenue share at 62.5%. This segment is growing due to the increasing incidence of diseases like diabetes, cancer, and obesity as well as the growing geriatric population. The International Diabetes Federation estimates that approximately 463 million people have diabetes in 2019, and this number will rise to 700 million by 2045. This will likely favor growth.
The segment's growth is expected to be boosted by the increasing demand for therapeutic monitoring devices, especially among COVID-19 patients. The segment will also benefit from the increasing number of strategic partnerships between key manufacturers. In June 2020, Abbott partnered Tandem Diabetes Care. This partnership saw Abbott combine its Continuous Glucose Monitoring technology (CGM), with Tandem Diabetes Care’s insulin delivery systems.
North America was the dominant market for digital patient monitor devices in 2020, accounting for 41.3% of the total revenue. The dominant market share is due to strong government support to lower healthcare costs, technological advances, and the launch new products. Medtronic, which manufactures the LINQ II insertable heart monitor, received 510(k), U.S. FDA approval in July 2020. This, along with increasing cases of heart disease, is expected to propel the North American market for digital patient monitor devices.
The favorable government policies for , mHealth, and telehealth in Europe are likely to drive the European market for digital patient monitor devices. The NHS announced in January 2019 its long-term plans to make telehealth (and mHealth) a standard of care by 2022-2223. This will encourage market adoption in Europe. Asia Pacific is expected to experience remarkable growth due to the high number of smartphone users in India and China, and greater internet penetration. According to India Cellular and Electronics Association (ICEA), smartphone users in India will increase from 500 million in 2019 and reach 820 million in 2022. This will favor digital patient monitoring devices in Asia Pacific.
Because of its product portfolio and ability to update current products according to patient needs, Abbott was able to emerge as a market leader. Koninklijke Philips N.V. was also a dominant player in the market due to its strong product portfolio, update of current products as per patient needs, and wide geographical footprint. The market leader in digital patient monitoring devices is:
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
Up Market Research published a new report titled “Digital Patient Monitoring Devices Market research report which is segmented by Type (Wearable Devices, Remote Patient Monitoring, Wireless Sensor Technology, Telehealth, mHealth), By Players/Companies Koninklijke Philips NV AB, Omron Healthcare Inc, ATHENAHEALTH INC, ResMed, FitBit Inc, Garmin Ltd, Hill-Rom Services Inc, VitalConnect, GE Healthcare, Medtronic, Abbott, Siren, AT&T”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Digital Patient Monitoring Devices Market Research Report |
By Type | Wearable Devices, Remote Patient Monitoring, Wireless Sensor Technology, Telehealth, mHealth |
By Companies | Koninklijke Philips NV AB, Omron Healthcare Inc, ATHENAHEALTH INC, ResMed, FitBit Inc, Garmin Ltd, Hill-Rom Services Inc, VitalConnect, GE Healthcare, Medtronic, Abbott, Siren, AT&T |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 234 |
Number of Tables & Figures | 164 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type (Wearable Devices, Remote Patient Monitoring, Wireless Sensor Technology, Telehealth, mHealth).
Digital Patient Monitoring Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Digital Patient Monitoring Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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