Global Digital Patient Monitoring Devices Market Report and Forecast 2024-2032

Global Digital Patient Monitoring Devices Market Size

The global digital patient monitoring devices market was valued at USD 119.7 billion in 2023, driven by increasing adoption of digitalization across the globe. The market is expected to grow at a CAGR of 19.76% during the forecast period of 2024-2032, with the values likely to reach USD 606.4 billion by 2032.

Global Digital Patient Monitoring Devices Market Outlook

• The demand for digital patient monitoring devices is on the rise, intended to provide personalized healthcare solutions and at home consultation with physicians.

• One of the major market trends includes rising mergers between key companies to provide optimized solutions for patients.

• Asia Pacific region is likely to experience fastest growth in the forecast period.

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Global Digital Patient Monitoring Devices Market Overview

Digital patient monitoring devices are tools that enable continuous monitoring of patient health metrics outside of traditional clinical settings. These devices are used to measure, distribute, record, and display combinations of biometric values such as blood oxygen saturation levels (SPO2), heart rate, blood pressure, and temperature. These devices, which include implanted devices, home monitoring equipment, and wearables.

Global Digital Patient Monitoring Devices Market Growth Drivers

Increasing Development of Products/Services for Patient care to Affect the Market Landscape Significantly

With rising cases of chronic diseases, continuous monitoring is required for better patient outcome. In April 2024, Medixine and Nonin Medical entered a strategic partnership to co-develop remote digital monitoring services for more patient-centric diagnosis of chronic conditions. The collaboration combines Medixine's expertise in healthcare communication solutions and Nonin Medical's pioneering work in non-invasive medical monitoring technologies. It can enable continuous, real-time data collection and analysis, enhancing the ability to diagnose and manage chronic diseases outside of traditional clinical settings.

Growth in Strategic Partnerships and Mergers to Meet Rising Digital Patient Monitoring Devices Market Demand

In April 2024, Philips partnered with smartQare to automate and simplify the process of continuous patient monitoring in and out of the hospital to improve patient care and operational efficiency. The partnership involves the strength of both the companies, such as Philips' expertise in healthcare technology and smartQare's innovative monitoring solutions. The continuous care is crucial for patients with chronic conditions.

Global Digital Patient Monitoring Devices Market Trends

The market is witnessing several trends and developments to improve the current global scenario. Some of the notable trends are as follows:

Global Digital Patient Monitoring Devices Market Segmentation

Market Breakup by Product

• Diagnostic Monitoring Devices

• Therapeutic Monitoring Devices

Market Breakup by Monitoring Type

• Wireless Sensor Technology

• mHealth

• Telehealth

• Wearable Devices

• Remote Patient Monitoring

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Digital Patient Monitoring Devices Market Share

Market Segmentation Based on Products is Anticipated to Witness Substantial Growth

Based on product, the market segmentation includes diagnostic monitoring devices and therapeutic monitoring devices. The diagnostic monitoring devices consists of blood glucose monitors, blood pressure monitors, and multi-parameter monitors which are essential for the early detection and management of health conditions. The demand is driven by the increasing prevalence of chronic diseases as hypertension and diabetes along with growing emphasis of preventive healthcare.

Alternatively, therapeutic monitoring devices like insulin pumps and respiratory therapy devices are vital for disease management. With rising prevalence of personalized medices, these devices are being increasingly adopted. The growth is fueled by the enhancement in device’s accuracy, alignment with mobile health applications, and user-friendliness which will expand the digital patient monitoring devices market.

Wireless Sensor Technologies Expected to Lead the Market Share

Based on monitoring type, the market constitutes wireless sensor technology, mHealth, telehealth, wearable devices, and remote patient monitoring. There has been a surge in this segment after COVID-19 as it provides the ease of consultation with a physician. Wireless sensor technology is gaining popularity as it improves patient comfort and mobility essential in long term health monitoring along with real time monitoring without constraints. The adoption of IoT (internet of things) and AI (artificial intelligence) aids in analyzing vast amount of data leading to personalized and proactive healthcare solutions.

mHealth and telehealth allows the patients and physicians to interact via mobile devices enabling diagnosis and treatment while reducing visits to clinics or hospitals. This segment is booming because of the increased penetration of mobile phones with internet services.

Global Digital Patient Monitoring Devices Market Analysis by Region

Regionally, the market report offers an insight into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is leading the market share, driven by adoption of advanced technologies, developed healthcare infrastructure and increased healthcare expenditure.

Asia Pacific region is the fastest growing region, which can be attributed to rapid urbanization, growing middle class population with increased health awareness along with investments in healthcare. With the increase in usage of internet and smartphones in the region and the growing digitalization, wearable technology and mHealth applications are a significant part in the growth of digital patient monitoring devices market.

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Leading Players in the Global Digital Patient Monitoring Devices Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Abbott Laboratories

• AT&T Inc.

• Athenahealth Inc.

• F. Hoffmann-La Roche AG

• General Electric Company

• Hill-Rom Holdings Inc.

• Johnson & Johnson

• Koninklijke Philips N.V

• Medtronic plc

• Nihon Kohden Corporation

• OMRON Corporation

• ResMed

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

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Key Questions Answered in the Global Digital Patient Monitoring Devices Market Report

• What was the global digital patient monitoring devices market value in 2023?
• What is the global digital patient monitoring devices market forecast outlook for 2024-2032?
• What are the regional markets covered in the EMR report?
• What is market segmentation based on product?
• What is the market breakup based on monitoring type?
• Who are the major end users in the market?
• Where does digital patient monitoring devices find its application?
• What are the major factors aiding the global digital patient monitoring devices market demand?
• How has the market performed so far and how is it anticipated to perform in the coming years?
• What are the market's major drivers, opportunities, and restraints? 
• Which regional market is expected to lead the market share in the forecast period? 
• Which country is expected to experience expedited growth during the forecast period? 
• What are the major global digital patient monitoring devices market trends?
• How does the rise in the smartphone and internet usage impact the market size?
• What product will dominate the market share? 
• Which monitoring type is expected to have a high market value in the coming years?
• Who are the key players involved in the digital patient monitoring devices market?
• What is patent landscape of the market?
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, and mergers & acquisitions among the key market players shaping the market dynamics?