Digital health monitoring devices are devices designed to monitor patients' health with various medical conditions. These devices influence medical software, allowing healthcare providers to easily access patient-generated health data (PGHD). The digital health monitoring devices cater to the growing demand for remote patient monitoring and personalized healthcare. Integrating medical software enables efficient data management and analysis, facilitating better healthcare delivery, treatment monitoring, and improved patient outcomes.
According to Data Bridge Market Research, the Digital Health Monitoring Devices Market is expected to grow for USD 15.35 billion by the year 2029, at a CAGR of 18.87% during 2022 to 2029.
“Quality healthcare at home drives the market”
Quality healthcare at home is facilitated through remote patient monitoring (RPM) technologies, which detect small changes in patients' physiological data and promote self-monitoring. This leads to a reduction to avoid hospitalizations. Furthermore, RPM technologies minimize the need for unnecessary visits to the doctor's office, thereby decreasing travel expenses and time spent on seeking medical care. Implementing RPM technologies effectively, access to high-quality healthcare can be enhanced while saving both time and money for patients in the short and long term, which helps to drive the market of digital health monitoring devices.
What restraints the growth of the digital health monitoring devices market?
“Shortages of healthcare industry professionals restrain the market growth”
Shortages of healthcare industry professionals can act as a restraint for the digital health monitoring devices market. The implementation and use of these devices require trained healthcare professionals who can interpret the data, provide guidance, and ensure proper utilization. Limited availability of skilled professionals, such as doctors, nurses, and technicians, can hinder the adoption and effective utilization of digital health monitoring devices, impacting the overall market growth and potential patient benefits.
Segmentation: Digital Health Monitoring Devices Market
The digital health monitoring devices market is segmented on the basis product, type and end user.
- On the basis of product, the digital health monitoring devices market is segmented into devices, software and services.
- On the basis of type, the digital health monitoring devices market is segmented into wireless health, m-health, tele-health, EHR/EMR and others.
- On the basis of end user, the digital health monitoring devices market is segmented into hospital, homecare settings, clinics, ambulatory surgical centres and others.
Regional Insights: North America dominate the digital health monitoring devices market
The dominance of North America in the digital health monitoring devices market is driven by factors such as a high prevalence of neurological disorders in the region. The increasing incidence of neurological conditions creates a demand for digital health monitoring devices that aid in diagnosing, managing, and monitoring these disorders, leading to the region's market share and revenue dominance.
Asia-Pacific is projected to experience rapid growth in the digital health monitoring devices market due to various factors. These include the region's increasing research and development capabilities, a growing rate of pregnancy, advancements in healthcare IT infrastructure, and a rising geriatric population. These factors contribute to the region's potential for market expansion and adoption of digital health monitoring devices.
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Recent Developments in Digital Health Monitoring Devices Market
- In July 2020, Philips partnered with BioIntelliSense to improve remote patient monitoring (RPM). Philips incorporated BioIntelliSense's BioSticker device into its RPM portfolio, enabling the monitoring of chronic conditions. This collaboration aimed to improve the accuracy and efficiency of remote patient monitoring, providing better insights into patient health.
- In July 2020, BioTelemetry acquired Envolve People Care Inc.'s On.Demand RPM platform. This strategic acquisition expanded BioTelemetry's offerings to include chronic remote patient monitoring solutions, with a specific focus on diabetes, hypertension, and chronic heart failure. The integration of the On.Demand platform strengthened BioTelemetry's position in the connected health market and allowed for a comprehensive suite of acute and chronic care solutions.
The Prominent Key Players Operating in the Digital Health Monitoring Devices Market Include:
- Medtronic (Ireland)
- Boston Scientific Corporation (U.S.)
- NEVRO CORP (U.S.)
- Cyberonics, Inc. (U.S.)
- Inspire Medical Systems, Inc. (U.S.)
- SPR Therapeutics (U.S.)
- ALEVA NEUROTHERAPEUTICS SA (Switzerland)
- Bioness Inc. (U.S.)
- ReShape Lifesciences, Inc. (U.S.)
- LivaNova PLC (U.K.)
- NeuroPace, Inc. (U.S.)
- Synapse Biomedical Inc. (U.S.)
- Soterix Medical Inc. (U.S.)
- Accellent Technologies, Inc. (U.S.)
- Abbott (U.S.)
- Bioventus (U.S.)
- Soterix Medical Inc. (U.S.)
- Integer Holdings Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of digital health monitoring devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Digital Health Monitoring Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
