The digital health monitoring devices market has witnessed significant growth over the past few years owing to the rising geriatric population globally and growing need for self-health monitoring. Digital health monitoring devices help in monitoring health conditions such as diabetes, cardiovascular diseases, hypertension, and others from home. Key products in this market include smart glucose meters, pulse oximeters, blood pressure monitors, digital thermometers, activity trackers, and body analyzers among others. These connected devices help in remote monitoring of patients and automatic transfer of health data to physicians for timely interventions.
The global digital health monitoring devices market is expected to be valued at USD 4.42 Bn in 2024 and is projected to be valued at USD 50-100 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.
Key players operating in the digital health monitoring devices are Medtronic, Biotelemetry Inc., Koninklijke Philips N.V., General Electric Company, Abbott, Omron Healthcare, Drägerwerk AG & Co. KGaA, and B. Braun Melsungen AG among others.
The key opportunities in the Digital Health Monitoring Devices Market Demand include growing investments and funding in digital health startups, increasing penetration of telehealth and telemedicine, and integration of healthcare IT solutions with medical devices. These factors are encouraging new startups to enter the market with innovative digital healthcare offerings for remote patient monitoring.
Globally, companies are expanding their digital health device business in Asian and Latin American countries owing to rising healthcare infrastructure and disposable income. For example, in March 2022, Philips launched a new range of digital health monitoring solutions for telehealth and care delivery in India.
Market Drivers
- Rising geriatric population globally which is prone to chronic diseases driving demand for self-health monitoring devices
- Growing adoption of telehealth and telemedicine amid COVID-19 pandemic boosting demand for connected health monitoring devices
- Rapid technological advancements leading to development of miniature, affordable and easy to use digital health devices
Market Restraints
- Data privacy and security concerns with connected health devices hampering market growth
- Lack of reimbursement and high device costs limiting adoption in price sensitive developing markets
Segment Analysis
Digital health monitoring devices market is segmented on the basis of product and end-user. By product, the market is classified into devices, software, and services. Devices segment dominated the market in 2020 as they are the basic component required for digital health monitoring. Devices are further segmented into vital sign monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. Among them, vital sign monitoring devices holds the largest share owing increasing number of chronic diseases like cardiovascular disorders requiring regular monitoring of parameters like blood pressure, temperature etc.
End-user segment is divided into hospitals & clinics, home settings, and ambulatory care settings. Hospitals & clinics segment holds the major share in digital health monitoring devices market due to presence of advanced healthcare infrastructure and rising healthcare expenditure. Also, increasing cases of chronic diseases and growing aging population requiring long term monitoring have boosted demand of these devices in hospitals.
Global Analysis
North America dominates the global digital health monitoring devices market and is estimated to continue its dominance during the forecast period. This is mainly attributed to technological advancements, rise in chronic diseases due to change in lifestyle, growing geriatric population, and favorable government initiatives for implementation of digital health in this region. However, Asia Pacific is expected to witness the highest growth rate during the forecast period owing to rising disposable income, healthcare expenditure, and increasing awareness regarding digital health in developing countries like China and India.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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