The incorporation of digital patient monitoring systems can result in significant cost reductions, lowering overall healthcare costs. Many governments around the world are grappling with the economic toll of chronic diseases. According to the Centres for Disease Control and Prevention, heart disease and stroke cost the United States' healthcare system over USD 214 billion per year. People at risk can be remotely monitored using digital patient monitoring devices, averting hospitalization and lowering healthcare expenses.
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Data Bridge Market Research analyses that the Digital Health Monitoring Devices Market which was USD 3.85 billion in 2021, is expected to reach USD 15.35 billion by 2029, at a CAGR of 18.87% during the forecast period 2022 to 2029. Rising healthcare expenses, particularly in hospital settings, have turned focus in recent years to alternative means of treatment, such as home healthcare. As a result, effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and fetus monitors are in high demand. The sustainability of the current healthcare system is a key cause of concern for governments all over the world.
Growing adoption of sensor-based wearable devices is expected to drive the market's growth rate
Sensor-based wearable devices such as continuous glucose monitors, ECGs, and others have gained popularity among patients and healthcare providers in recent years. These devices can track the patient's vital signs in real time, which can subsequently be electronically relayed to their doctors and integrated with the EHR. This enables clinicians to continuously monitor the patient, reducing the need for frequent hospital visits. The growing demand for wearable devices has prompted key businesses to do extensive research and offer revolutionary digital patient monitoring devices on the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Devices, Software and Services), Type (Wireless Health, M-health, Tele-health, EHR/EMR and Others), End User (Hospital, Homecare Settings, Clinics, Ambulatory Surgical Centres and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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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.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
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 device, software and services.
The device segment of product segment dominates the digital health monitoring devices market
The dominating segment is device, with a market share of 60%. This is because devices are the most common type of digital health monitoring device. They include insulin pumps, continuous glucose monitors (CGMs), and blood glucose meters. Devices allow people with chronic diseases to track their health data and manage their condition more effectively.
- On the basis of type, the digital health monitoring devices market is segmented into tele-health, EHR/EMR, m-Health, wireless health and others. The dominating segment is tele-health, with a market share of 35%. This is because tele-health allows people to connect with healthcare providers remotely. This can be done through video conferencing, phone calls, or text messages. Tele-health can be used for a variety of purposes, including monitoring chronic diseases, providing counseling, and conducting consultations.
- On the basis of end user, the digital health monitoring devices market is segmented into hospital, clinics, ambulatory surgical centres, homecare settings and others.
The homecare settings segment of end user segment dominates the digital health monitoring devices market
The dominating segment is homecare settings, with a market share of 65%. This is because homecare settings are where most people with chronic diseases manage their condition. Homecare settings offer a number of advantages for people with chronic diseases, such as the ability to track their health data more frequently, manage their condition more effectively, and learn about self-management.
Major Players
Data Bridge Market Research recognizes the following companies as the major market players: 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.).
Market Development
- In 2022, Medtronic plc acquired Verily Life Sciences, a company that develops digital health technologies. This acquisition will allow Medtronic to expand its portfolio of digital health monitoring devices. Medtronic is a global leader in medical technology, and Verily Life Sciences is a privately held company that develops digital health technologies. The acquisition will give Medtronic access to Verily Life Sciences' technology and expertise in digital health monitoring. This will allow Medtronic to develop new products and services that can help people with chronic diseases manage their condition.
- In 2022, Apple Inc. launched the Apple Watch Series 8, which includes a new blood oxygen sensor and a body temperature sensor. These sensors can be used to track a user's health data, including their blood oxygen levels and body temperature. The Apple Watch Series 8 is the latest generation of Apple's smartwatch, and it offers a number of improvements over previous models. The new blood oxygen sensor and body temperature sensor are just a few of the new features that are available on the Apple Watch Series 8.
- In 2023, Fitbit Inc. announced that its Fitbit Sense smartwatch will be available in more countries. The Fitbit Sense is a smartwatch that includes a variety of health sensors, including an ECG sensor and an SpO2 sensor. These sensors can be used to track a user's heart health and blood oxygen levels. The Fitbit Sense is already available in a number of countries, but the company's announcement means that it will be available in even more countries in the future. This will allow more people to use the Fitbit Sense to track their health data.
- In 2023, Withings announced that its ScanWatch Horizon smartwatch will be available in more countries. The Withings ScanWatch Horizon is a smartwatch that includes a variety of health sensors, including an ECG sensor and an SpO2 sensor. These sensors can be used to track a user's heart health and blood oxygen levels. The Withings ScanWatch Horizon is already available in a number of countries, but the company's announcement means that it will be available in even more countries in the future. This will allow more people to use the Withings ScanWatch Horizon to track their health data.
- In 2023, Alphabet Inc.'s (Google's parent company) Life Sciences division announced that it will be investing $7 billion in digital health technologies. This investment will be used to develop new digital health monitoring devices and services. Alphabet Inc. is a multinational technology conglomerate, and its Life Sciences division is focused on developing digital health technologies. The company's investment in digital health monitoring devices and services is a sign of the growing importance of these technologies.
- In 2023, AliveCor Inc. announced that it will be expanding its manufacturing facility in San Francisco. This expansion will allow the company to increase its production capacity to meet the growing demand for its heart monitoring devices. The expansion of AliveCor Inc.'s manufacturing facility is a sign of the company's growth and success.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the digital health monitoring devices market during the forecast period 2022-2029
In terms of market share and revenue, North America dominates the digital health monitoring devices market, and this dominance is likely to continue during the forecast period. This is because the prevalence of neurological illnesses is increasing.
Asia-Pacific is estimated to be the fastest growing region in the digital health monitoring devices market in the forecast period 2022-2029
With increased research and development capabilities, an increasing rate of pregnancy, rapidly improving healthcare IT infrastructure, and an ever-increasing senior population, Asia-Pacific is predicted to grow at the quickest rate over the forecast period.
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