Digital Patient Monitoring Devices Market Witness Excellent Revenue Growth During 2021-2028: Grand View Research Inc

 Digital Patient Monitoring Devices Market Growth & Trends

The global digital patient monitoring devices market size is expected to reach USD 444.6 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.5% from 2021 to 2028. The growth of the market is driven by the rapid adoption of Remote Patient Monitoring (RPM) solutions, technological advancements such as artificial 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. This equipment plays a significant role in helping combat the COVID-19 infection. The manufacturers are focusing on expanding their production to meet the growing demand. Furthermore, the use of mobile-based solutions can help in reducing the patient volume in hospitals and controlling the spread of infection. Thus, the increasing adoption of mHealth apps in the current scenario is expected to positively impact the market.

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Digital Patient Monitoring Devices Market Report Highlights

• The wearable devices segment dominated the market in terms of revenue share in 2020. Growing demand for home-based medical care, increasing penetration of IoT-based medical equipment, and growing expenditure on healthcare across are propelling the growth of the segment
• The diagnostic monitoring devices segment held the maximum portion of the market in 2020 owing to the rising prevalence of diabetes and drastic increase in demand for pulse oximeter as a result of COVID-19
• North America dominated the market in 2020. The rapid adoption of RPM in hospitals and clinics, strong government support, and new product launches are attributable to the prominent share of the region
• The APAC region is anticipated to witness lucrative growth during the forecast period owing to the rising geriatric population and increasing smartphone penetration
• In February 2021, Philips acquired BioTelemetry, Inc.-a remote cardiac diagnostics solution provider to strengthen its position in the industry

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Digital Patient Monitoring Devices Market Segmentation

Grand View Research has segmented the global digital patient monitoring devices market on the basis of type, product, and region:

Digital Patient Monitoring Devices Type Outlook (Revenue, USD Million, 2016 - 2028)

• Wireless Sensor Technology
• mHealth
• Telehealth
• Wearable Devices
• Remote Patient Monitoring
  • Hospital Inpatient
  • Ambulatory Patient
  • Smart Home healthcare

Digital Patient Monitoring Devices Product Outlook (Revenue, USD Million, 2016 - 2028)

• Diagnostic Monitoring Devices
  • Vital Sign Monitors
  • Sleep Monitors
  • Fetal Monitors
  • Neuromonitors
  • Other Monitors
• Therapeutic Monitoring Devices
  • Insulin Monitors
  • Respiratory Monitors
  • Other Monitors

Digital Patient Monitoring Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK.
• Asia Pacific
  • Japan
  • China
  • India
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia

List of Key Players of Digital Patient Monitoring Devices Market

• 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.