Overview and Scope
Digital health monitoring devices are devices used to monitor and analyze acute or chronic conditions outside of the hospital or clinic setting. These devices digitally track and monitor the health of people and give easy access to relevant information, which helps in improving the quality of healthcare and delivering value to healthcare practitioners, patients, hospitals, and governments.
Sizing and Forecast
The digital health monitoring devices market size has grown rapidly in recent years. It will grow from $5.65 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to clinical research and evidence-based practices, regulatory framework development, patient engagement and empowerment, internet of things (iot) integration..
The digital health monitoring devices market size is expected to see exponential growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, patient-centric care and self-management, focus on preventive healthcare, rise in health and fitness consciousness, remote diagnostics and decision support.. Major trends in the forecast period include advancements in wearable technology, remote patient monitoring (rpm), telemedicine and telehealth adoption, internet of things (iot) integration..
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Segmentation & Regional Insights
The digital health monitoring devices market covered in this report is segmented –
1) By Type: Tele-health, EHR/EMR, M-health, Wireless health, Remote Patient Monitoring
2) By Product type: Device, Software, Services, Other Products
3) By End User: Hospitals, Clinics, Ambulatory surgical centres, Homecare settings, Other End-users
North America was the largest region in the digital health monitoring devices market share in 2023. The regions covered in the digital health monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for remote monitoring across the globe is expected to propel the growth of the digital health monitoring devices market going forward. The remote monitoring device is a medical device used to track and monitor patients’ health at home. The digital health monitoring devices allow healthcare professionals to electronically capture and monitor medical and other health data of patients for assessment, recommendations, and instructions. For example, according to a survey conducted by MSI International, a US-based recruiting firm, in June 2021, 80% of Americans are in favor of using remote patient monitoring, and around half are very supportive of incorporating it into medical care. Therefore, the rise in demand for remote monitoring devices drives the growth of the digital health monitoring devices market.
Key Industry Players
Major companies operating in the digital health monitoring devices market report are GE Healthcare company, AT&T Inc., ResMed Inc., Abbott Laboratories, Koninklijke Philips N.V. AB, Hill-Rom Services Inc., Medtronic plc, Garmin Ltd., VitalConnect Inc., Siren Care Inc., athenahealth Inc., FitBit lnc., Soterix Medical Inc., Array Telepresence, Avaya Inc., Cisco Systems Inc., Digital Video Enterprises, HaiVision, Huawei Technologies Co. Ltd., Polycom Inc., Videonations Limited., Vidyo Inc., ZTE Corporation, Baxter International Inc., Benson Medical Instruments Co., Chest M.I. Inc., COSMED srl, Depisteo LLC, Henry Schein Inc., ICU Medical Inc.
The digital health monitoring devices market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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