A Look into Digital Patient Monitoring Devices Industry……Deep Analysis…..


The global digital patient monitoring devices market size is expected to reach USD 272.6 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 27.9% during the forecast period. Rising prevalence of chronic conditions such as diabetes and hypertension is anticipated to drive the demand for real time patient monitoring for the management of these disorders. Digital monitoring platforms help in continuous patient monitoring, along with providing remote access to patient data and further reducing the clinical decision time.
High incidence and infectious nature of COIVD-19 virus have infected a large number of frontline healthcare providers resulting in a significant shortage of doctors and nurses. Furthermore, due to infrastructural challenges, such as the limited number of beds in quarantine facilities, a large number of patients with mild symptoms are home quarantined. To monitor this large patient population with limited healthcare staff, many hospitals are adopting in-hospital and in-home remote patient monitoring systems, which is quite evident in recent market movements. We are closely analyzing the impact of this pandemic on the digital patient monitoring devices market. Get your copy now to gain deeper insights on the same.
Availability of mobile and telehealth applications for users is growing at a rapid rate, especially healthcare apps that assist consumers in self-management of disease, wellness, and chronic conditions. The increased patient role and importance in staying updated and informed about their own healthcare decisions, is contributing to the rise in adoption of digitized patient monitoring devices.
Key players operating in this market include Omron Corporation; Airstrip Technologies; AT&T Inc.; Athenahealth, Inc.; St. Jude Medical; Phillips Healthcare; Welch Allyn; GE Healthcare; and Zephyr Technology Corporation. These players are undertaking various initiatives to sustain the competition. These initiatives include collaborations, mergers, acquisitions, and new product launches.
The mHealth segment is expected to expand significantly due to the high acceptance of products such as smart watches, smart bands, and clips. In May 2019, the Scripps Research Translational Institute expanded its mHealth study aimed at enhancing care management for pregnant women by launching POWERMOM, a digital health platform that combines an mHealth app and patient generated data from wearables to offer a better understanding in all stages of pregnancy.
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Key players of digital patient monitoring device market are undertaking various strategic initiatives to sustain the competition. These initiatives include collaborations, mergers, acquisitions, and new product launches. For instance, in November 2015, Vital Connect signed an agreement with Omron Healthcare Co. to distribute HealthPatch MD in Japan. This agreement helped the company increase its geographical presence as well as market penetration.
Further key findings from the report suggest:
·         In 2018, wearable technology held majority of share in the technology segment, followed by mHealth technology. Physicians are increasingly recommending the usage of mHealth apps to their patients, driving the adoption of mHealth apps
·         Diagnostic devices led the product segment due to the rise in consumer awareness along with acceptance of digital patient monitoring utilities among caregivers
·         North America led the digital patient monitoring device market in 2018 in terms of revenue share pertaining to the presence of major market players in the region
·         Asia Pacific is expected to witness significant growth over the forecast period, attributed to rapid economic development coupled with untapped demand from huge population
·         Key market players include Omron Corporation; AT&T, Inc.; Philips Healthcare; Airstrip Technologies; Athenahealth, Inc.; St. Jude Medical; Welch Allyn; Medtronic Plc; GE Healthcare; Fitbit, Inc.; Garmin; Vital Connect; ResMed; and Zephyr Technology Corporation
The global digital patient monitoring devices market size was valued at USD 38 billion in 2018 and is expected to expand at a CAGR of 27.9% over the forecast period. Rising attention towards fitness and healthy lifestyle among consumer is anticipated to fuel the growth. Lifestyle-associated diseases such as hypertension and diabetes demand round-the-clock surveillance of patients. High prevalence of these disease is anticipated to further propel the product demand.
Moreover, the introduction of wearable devices by companies such as Fitbit, Apple, and Xiaomi is influencing the demand for digital health monitoring. Startup companies specializing in wearables focus on mHealth categories such as personal safety, women's health, and hydration monitoring that promise exciting prospects for digital patient monitoring.
Wearable devices with wireless sensors assist in real-time patient monitoring. Moreover, mHealth and telehealth allow data integration with portable monitoring devices. Increasing awareness about such utilities and higher acceptance amongst physicians and healthcare professionals are anticipated to result in substantial growth of the digital patient monitoring devices market.
Digital patient monitors offer a comprehensive system for different types of care setting along with custom features that provide streamlined workflow, clinical accuracy, and enhanced patient care. However, increasing incidences of hacking and data theft demand for better healthcare cyber security and is anticipated to limit the growth of the industry over the forecast period.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-digital-patient-monitoring-devices-market
Grand View Research has segmented the global digital patient monitoring device market based on type and region:
Digital Patient Monitoring Devices Type Outlook (Revenue, USD Million, 2015 - 2026)
·         Wireless Sensor Technology
·         mHealth
·         Telehealth
·         Wearable Devices
·         Remote Patient Monitoring
o    Hospital Inpatient Monitoring
o    Ambulatory Patient Monitoring
o    Smart Home Healthcare
Digital Patient Monitoring Devices Product Outlook (Revenue, USD Million, 2015 - 2026)
·         Diagnostic Monitoring Devices
o    Vital Sign Monitors
o    Sleep Monitors
o    Fetal Monitors
o    Neuromonitors
o    Others
·         Therapeutic Monitoring Devices
o    Insulin Monitoring Devices
o    Respiratory Monitors
o    Others

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.





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