Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Diagnostic Monitoring Devices, Therapeutic Monitoring Devices), By Type (Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, Remote Patient Monitoring) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global digital patient monitoring devices market size was valued at USD 42.3 billion in 2022. It is estimated to reach USD 91.63 billion by 2031, growing at a CAGR of 9.1% during the forecast period (2023–2031). The availability of more sophisticated technologies, in conjunction with rising levels of awareness, is helping to drive an increase in the need for continuous monitoring systems.

Digital patient monitoring devices are high-tech medical equipment that track and monitor patients' vital signs and health status in real-time. These gadgets are made to electronically capture and send patient data, allowing medical professionals to monitor and manage patients' ailments from a distance. Wearable gadgets, wireless sensors, smartphone apps, and connected medical devices are just a few examples of the diverse technologies that make up digital patient monitoring systems. These devices can track such characteristics as heart rate, blood pressure, glucose levels, oxygen saturation, respiratory rate, and activity levels.

Additional functions like GPS monitoring, prescription reminders, and fall detection may also be included. Wirelessly communicated to healthcare organizations or cloud-based systems, the obtained data is analyzed and interpreted. This enables ongoing patient health monitoring, early discovery of anomalies or deteriorating situations, and prompt intervention. Digital patient monitoring systems have many benefits, including increased patient comfort, lower healthcare costs, better access to care, and the capacity to provide proactive and individualized healthcare. They are fundamental to telemedicine services, chronic illness management, remote patient monitoring, home healthcare, and other initiatives altering healthcare delivery and changing the patient experience.

Market Dynamics

Global Digital Patient Monitoring Devices Market Drivers:

Rising Demand for Round-The-Clock Monitoring

Medical professionals are increasingly turning to embedded biosensors and wearable devices, such as ECG monitors, pulse oximeters, blood pressure monitors, and continuous glucose monitors, to better manage chronic illnesses and population health. These technologies are being used both inside hospitals and outside of them. Given the benefits of continuous monitoring devices, prominent players are placing increased emphasis on research operations to innovate their product offerings.

For example, Somatix, Inc. recently introduced a solution for continuous remote patient monitoring powered by AI. It uses a mobile application and a wearable gadget in the form of a smart band. It can identify a patient's hydration level using AI, detect hand movements, and examine sleep patterns. The availability of more sophisticated technologies, in conjunction with rising levels of awareness, is helping to drive an increase in the need for continuous monitoring systems.

Growing Awareness About Fitness

Increased awareness of physical fitness has resulted from the rise in the prevalence of diseases linked to lifestyle. It has resulted in a rise in the use of various digital monitoring tools, including wearable technology and smartphone apps, which are more popular for tracking heart rate, calories, weight, and sleep patterns. There are specialized applications for women's health that concentrate on tracking the menstrual cycle and any associated health issues, ovulation, and predicting the likely timing of conception for women. The general public's urge to be fit has increased significantly due to the COVID-19 pandemic. Due to the financial uncertainties brought on by the pandemic, people have embraced various fitness techniques for managing their weight and stress. These actions have encouraged the use of wearable technology and other digital tools like telehealth, which allows for virtual doctor visits.

Global Digital Patient Monitoring Devices Market Restraint:

Data Security and Privacy Issues

Worries about the privacy of patient data and the safety of digital patient monitoring devices will limit their widespread adoption. It is becoming increasingly common for healthcare providers to use various digital devices inside their organizations to improve patient treatment quality and raise overall productivity levels. However, because it is the most prevalent way healthcare practitioners use for storing, processing, and transmitting data relevant to patients, it is a cause for concern over the safety of these digital devices. Everyone who comes into close contact with connected technologies stands in danger of installing malicious programs, modifying information and configurations, or accessing sensitive information.

Global Digital Patient Monitoring Devices Market Opportunities:

Remote Monitoring of Patients and Telehealth

The growth of telehealth and other means for remotely monitoring patients has prepared the way for developing digital patient monitoring tools by generating an atmosphere conducive to their production. This atmosphere was created due to creating an environment favorable to producing digital patient monitoring tools. With the help of these technologies, it is feasible to carry out remote monitoring of patient's vital signs in addition to other data.

These technologies allow medical personnel to monitor patients' vital signs remotely, assemble information about patients, and make decisions regarding patients' treatments while remaining aware of all the essential facts. The pandemic caused by COVID-19 has further accelerated the adoption of telehealth and remote monitoring, creating a significant opportunity for manufacturers of digital patient monitoring devices. The COVID-19 virus was the agent that caused the pandemic to occur.

Regional Analysis

North America Dominates the Global Market

Based on region, the global digital patient monitoring devices market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America is the most significant global digital patient monitoring devices market shareholder and is estimated to exhibit a CAGR of 15.24% over the forecast period. The rising number of older adults, the rising prevalence of chronic diseases brought on by changes in lifestyle, and the growing preference for home and remote monitoring are major factors contributing to this region's expansion. According to the Centers for Disease Control and Prevention (CDC), heart disease is one of the major causes of death in the United States. The American Heart Association estimates around 720,000 new heart attack cases yearly in the United States, with another 335,000 heart attacks occurring regularly.

Additionally, a high risk of developing cardiovascular disease is posed by the adoption of a sedentary lifestyle, as well as a diet that is heavy in sugar. It is anticipated that the market will be driven by the variables that have been discussed. In addition, the approval and launch of cutting-edge, next-generation monitoring devices in the United States and Canada and the widespread acceptance of monitoring devices are projected to stimulate market growth.

Europe is anticipated to exhibit a CAGR of 23.1% over the forecast period. Regarding revenue share, Europe ranked second among the world's regions for digital patient monitoring equipment. The principal markets in this area are the UK, France, Germany, Italy, and Spain. The prevalence of significant unmet requirements in Eastern Europe and the growing senior population in developed nations like the UK, Germany, Italy, and France are key reasons to fuel growth throughout the projected period. Some key reasons projected to drive the market are the rising prevalence of chronic diseases due to lifestyle changes, the portability and convenience of use of these devices, and the desire for home-based monitoring.

However, considerations, including expensive technological costs and strict regulatory requirements, limit industry expansion in Europe's developing nations. Major market players' local presence, technical improvements, and increased commercial activity, such as new product launches and mergers and acquisitions, are further factors supporting the expansion of this region.

The Asia-Pacific area is dominated by two countries, China and Japan. Regarding revenue share, China dominated the global digital patient monitoring equipment market. This can be attributable to the local presence of significant market participants and the rise in chronic disease prevalence. In the Asia Pacific area, China is predicted to have the quickest growth rate during the projected period. Among the developing nations in the rest of the Asia-Pacific area are Singapore, Thailand, Australia, South Korea, and India. It is projected that the expanding senior population, technical improvements in patient monitoring devices, and the prevalence of lifestyle disorders like obesity and diabetes will spur market expansion for digital patient monitoring devices. Cardiovascular disease is one of the main factors contributing to increased mortality and morbidity in the Asia-Pacific area.

In Latin America, Brazil, Mexico, Argentina, and Colombia are the main market-leading countries for digital patient monitoring equipment. Growing market player investments, proximity to North America, and free-trade agreements with important nations, including the U.S., Canada, Japan, and many European countries, are all projected to drive growth in the Latin American market over the projection year. Market expansion is anticipated to be fuelled by government laws that support the commercialization of medical devices in the nation. For instance, most Latin American nations require U.S. FDA or CE mark certification for marketing authorization filing.

The Middle East and Africa's desire for home-based monitoring devices, the rise in chronic disease prevalence, and even the aging population are all projected to contribute to the market for digital patient monitoring devices expand quickly. The Middle East and Africa region's digital patient monitoring equipment market is constrained by strict regulations, a lack of adequate reimbursement policies, and other constraints despite the important causes that are causing digital patient monitoring devices to become more widely used.

Segmental Analysis

The global digital patient monitoring devices market is bifurcated into product and type.

Based on the product, the global digital patient monitoring devices market is bifurcated into diagnostic and therapeutic monitoring devices. 

The diagnostic monitoring devices segment dominates the global market and is projected to exhibit a CAGR of 23.0% over the forecast period. The term "diagnostic monitoring equipment" refers to a wide variety of monitors, some of which are utilized to monitor vital signs, others to monitor fetal growth, others to monitor sleep, and yet more for neuromonitoring. The increased prevalence of chronic diseases is a trend that has arisen in recent years, and it is a trend that is a significant factor that is contributing to the rise of the market sector. This trend, when paired with the growing number of older people, is a trend that has emerged in recent years. Additionally, the development of new products, collaborations, mergers between companies, and technological developments all contribute to the expansion of the industry as a whole.

Based on type, the global digital patient monitoring devices market is segmented into wireless sensor technology, mHealth, telehealth, wearable devices, and remote patient monitoring. 

The wearable devices segment dominates the global market and is predicted to exhibit a CAGR of 25.5% during the forecast period. The data that wearable technology can provide can be used to track daily activities, including oxygen levels, blood pressure, sleep quality and quantity, calorie intake, heartbeat information, and cholesterol levels. The usage of wearable products, such as activity trackers and body monitors, which provide real-time information about one's general health, has been motivated by the rising prevalence of obesity and other chronic disorders. Wearable gadgets can be conveniently worn on the body to track real-time data. This technology uses wristbands that may be worn and track data like heart rate and other variables. For instance, bracelets such as Apple, Fitbit, and Jawbone introduced activity trackers and many more companies. Due to improved fitness with wearable technology, these devices have attracted a sizable client base on a global scale. Key reasons influencing the segment's growth are the rising end-user preference for high-tech products, expanding possibilities for next-generation advanced displays in wearable technology, and increased acceptance of the Internet of Things (IoT) and connected devices.

Recent Developments

• June 2023- Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and Masimo (NASDAQ: MASI), a global medical technology company, announced FDA clearance allowing the activation of SedLine® Brain Function Monitoring, Regional Oximetry (O3®), and CO₂ measurements in Philips Patient Monitors – IntelliVue MX750 and MX850. The latest extension of Masimo and Philips’ ongoing collaboration will help clinicians make quick and informed decisions without additional monitoring equipment.
• August 2023- GE HealthCare announced that its smartphone-sized Portrait Mobile wireless monitoring solution has received FDA 510(k) clearance, clearing the path to the device becoming commercially available in the U.S.