According to Vision Research Reports, the global Digital Patient Monitoring Devices market size is expected to be worth around US$ 544.6 billion by 2030 from valued at US$ 65.6 billion in 2020 and is anticipated to grow at a CAGR of 26.5% during forecast period 2021 to 2030.
The growth of the market is driven by the rapid adoption of Remote Patient Monitoring (RPM) solutions, technological advancements such as Artifical Intelligence and Internet of Things(IoT), and new product launches. Furthermore, rising per capita income and growing awareness among patients are anticipated to positively impact the market.
Furthermore, the growing number of startup businesses and increasing funding for them is expected to bode well with the market. Active government measures for expanding the coverage for RPM, mhealth, and telehealth have accelerated the shift towards digital health. As a result, a plethora of startup companies have started to utilize this opportunity. For example, in August 2020, Optimize Systems Inc. raised USD 15.6 million to expand its RPM platform. This is likely to favor the growth of the market.
The COVID- pandemic has significantly increased the demand for remote monitoring and patient engagement solutions such as multiparameter, temperature, respiratory, cardiac, insulin, pressure/hemodynamic, and neonatal/fetal monitoring devices.
The wearable devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 31% in 2021. Increasing adoption of connected devices and rising end-user preference for sophisticated gadgets are factors attributable to the prominent share of the segment. The mHealth segment is projected to witness substantial growth during the forecast period. Rising internet penetration and the growing number of smartphone users are expected to drive the growth of the segment. Furthermore, the increasing number of startups entering the market for digital patient monitoring devices is fueling segment growth. For instance, in August 2020, Undermyfork, an app for tracking diabetes received funding of USD 0.4 million. The app is about to be launched in the U.S.
Based on product, the diagnostic monitoring devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 63% in 2021. The increasing prevalence of diseases such as diabetes, obesity, cancer, and others and the rising geriatric population are propelling the growth of the segment. According to the International Diabetes Federation, around 463 million people are living with diabetes in 2019 and the number is projected to reach 700 million by 2045. This is likely to favor the growth of the segment.
Apart from this, increasing demand for respiratory monitors such as pulse oximeters especially among COVID-19 patients is poised to surge the therapeutic monitoring devices segment growth. Furthermore, a growing number of strategic partnerships among key manufacturers are expected to positively impact the segment. For instance, in June 2020, Abbott partnered with Tandem Diabetes Care. Under this partnership, Abbott combined its Continuous Glucose Monitoring (CGM) technology with Tandem Diabetes Care’s insulin delivery systems.
North America dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 42% in 2021. Strong government support to reduce the healthcare cost burden, technological advancements, and the launch of new products are responsible for the dominant share of the region. In July 2020, Medtronic announced 510(k) clearance from U.S. FDA approval for LINQ II insertable cardiac monitor. This coupled with rising cases of heart diseases is expected to drive the market for digital patient monitoring devices in North America.
In Europe, the market for digital patient monitoring devices is likely to propel owing to the favoring government policies for mHealth and telehealth. In January 2019, NHS announced its long-term plan to make telehealth and mHealth a standard of care by 2022-23. This is expected to favor market adoption in Europe. Asia Pacific is anticipated to witness remarkable growth owing to the highest number of smartphone users in China and India and deeper internet penetration. According to India Cellular and Electronics Association, smartphone users in India are projected to increase from 500 million in 2019 to 820 million by 2022. This is likely to favor the market for digital patient monitoring devices in Asia Pacific.
Koninklijke Philips N.V. AB
Hill-Rom Services Inc.
Omron Healthcare, Inc.
Wireless Sensor Technology
Remote Patient Monitoring
Smart Home healthcare
Diagnostic Monitoring Devices
Vital Sign Monitors
Therapeutic Monitoring Devices
Middle East & Africa (MEA)
The Digital Patient Monitoring Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Digital Patient Monitoring Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Digital Patient Monitoring Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Digital Patient Monitoring Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Digital Patient Monitoring Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Digital Patient Monitoring Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Digital Patient Monitoring Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Digital Patient Monitoring Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Digital Patient Monitoring Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Digital Patient Monitoring Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Digital Patient Monitoring Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Digital Patient Monitoring Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Digital Patient Monitoring Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Digital Patient Monitoring Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Digital Patient Monitoring Devices market. These factors have benefited the growth of the global market for Digital Patient Monitoring Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Digital Patient Monitoring Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Digital Patient Monitoring Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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