Global Digital Health Monitoring Devices, By Product (Devices, Software, Services), Type (Wireless Health, M-Health, Tele-Health, EHR/EMR, Others), End User (Hospital, Homecare Settings, Clinics, Ambulatory Surgical Centres, Others) - Industry Trends and Forecast to 2031.
Digital Health Monitoring Devices Market Analysis and Size
In recent years, due to the world's rapidly growing population and the prevalence of chronic diseases, there has been a growing need to expand healthcare access infrastructure, as well as the cost benefits of telehealth and remote patient monitoring technology. Chronic diseases account for 90 percent of total healthcare costs in the United States each year, according to the Centers for Disease Control and Prevention (CDC). These costs can be significantly reduced by implementing remote patient monitoring systems, which is expected to propel market growth.
Data Bridge Market Research analyzes that the global digital health monitoring devices market, which was USD 4.37 billion in 2023, is likely to reach USD 17.44 billion by 2031 and is expected to undergo a CAGR of 18.87% during the forecast period. “Hospitals” accounts for the largest market share in the end user segment in the market due to the large number of patients opting for hospital-based care. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Digital Health Monitoring Devices Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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By Product (Devices, Software, Services), Type (Wireless Health, M-Health, Tele-Health, EHR/EMR, Others), End User (Hospital, Homecare Settings, Clinics, Ambulatory Surgical Centres, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa
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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 (UK), 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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Market Opportunities
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Market Definition
Digital health monitoring devices are electronic tools designed to track and analyze various aspects of an individual's health and well-being. These devices often leverage sensors, wearables, or other technology to collect real-time data on metrics such as heart rate, activity levels, sleep patterns, and vital signs. The information gathered is typically transmitted to a digital platform, allowing users and healthcare professionals to monitor trends, make informed decisions, and manage health more proactively. These devices play a crucial role in preventive healthcare, empowering individuals to take control of their health through continuous monitoring and data-driven insights.
Global Digital Health Monitoring Devices Market Dynamics
Drivers
- Rising Prevalence of Chronic Diseases
The increasing occurrence of chronic diseases worldwide, such as diabetes and cardiovascular conditions, has driven the demand for digital health monitoring devices. These devices allow individuals to monitor key health metrics in real-time, enabling early detection of issues and more effective disease management.
- Rising Remote Patient Monitoring
The COVID-19 pandemic has accelerated the adoption of remote patient monitoring solutions. Digital health monitoring devices play a crucial role in this trend, allowing healthcare providers to remotely track patients' vital signs and health parameters. This not only enhances patient care but also reduces the burden on healthcare facilities and minimizes the need for in-person visits, particularly for those with chronic conditions or in remote areas.
Opportunities
- Advanced Sensor Technologies
The integration of cutting-edge sensor technologies, such as biosensors and nanotechnology, presents an opportunity to enhance the precision and scope of digital health monitoring devices. Innovations in sensor capabilities can enable more comprehensive and real-time monitoring of diverse health parameters, contributing to the development of highly accurate and adaptable devices for personalized healthcare.
- Data Analytics and Artificial Intelligence
The utilization of robust data analytics and AI tools opens avenues for extracting actionable insights from the vast datasets generated by digital health monitoring devices. Opportunities lie in developing sophisticated algorithms for predictive analytics, enabling early detection of health issues, facilitating personalized treatment plans, and optimizing healthcare delivery. The application of AI in interpreting complex health data can significantly improve diagnostic accuracy and contribute to more effective patient care strategies.
Restraints/Challenges
- Data Privacy and Security Concerns
The increasing volume of sensitive health data transmitted by digital health monitoring devices raises apprehensions about data breaches and unauthorized access. Striking a balance between data accessibility for healthcare providers and safeguarding patient privacy is crucial. Robust encryption methods, compliance with regulations such as HIPAA (Health Insurance Portability and Accountability Act), and transparent data management practices are essential to address these concerns.
- Interoperability Issues
The lack of standardized communication protocols among various digital health devices and platforms poses challenges for seamless data exchange. Interoperability issues hinder the integration of digital health solutions into existing healthcare ecosystems, limiting the potential for coordinated and comprehensive patient care. Industry-wide efforts to establish and adhere to interoperability standards are vital for promoting data sharing and collaboration among diverse healthcare technologies.
This digital health monitoring devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital health monitoring devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In July 2020, Philips and BioIntelliSense announced a strategic collaboration to improve remote patient monitoring solutions. Philips incorporated the latter's BioSticker device into its portfolio of remote patient monitoring (RPM) devices, which monitor chronic conditions
- In July 2020, BioTelemetry acquired the on-demand remote patient monitoring (RPM) platform operated by Envolve People Care Inc., a Centene Corporation subsidiary. This acquisition adds chronic remote patient monitoring solutions to BioTelemetry's current portfolio of acute care-connected health products and services, with a focus on diabetes, hypertension, and chronic heart failure
Global Digital Health Monitoring Devices Market Scope
The digital health monitoring devices market is segmented on the basis of product, type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Devices
- Software
- Services
Type
- Wireless Health
- M-health
- Tele-health
- EHR/EMR
- Others
End User
- Hospital
- Homecare Settings
- Clinics
- Ambulatory Surgical Centres
- Others
Global Digital Health Monitoring Devices Market Regional Analysis/Insights
The digital health monitoring devices market is analyzed and market size insights and trends are provided by product, type and end user as referenced above.
The countries covered in the market report are the U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Turkey, Lithuania, rest of Europe, China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, Peru, rest of South America, South Africa, Saudi Arabia, U.A.E., Israel, Kuwait, Egypt, and rest of Middle East & Africa.
North America is expected to dominate the market and grow with the highest CAGR in the forecast period due to higher healthcare expenditure in the region and the rapid evolution of digital technologies in the healthcare industry.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The digital health monitoring devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for digital health monitoring devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Digital health monitoring devices Market. The data is available for historic period 2010-2020.
Competitive Landscape and Global Digital Health Monitoring Devices Market Share Analysis
The digital health monitoring devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital health monitoring devices market.
Some of the major players operating in the digital health monitoring devices market are:
- 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 (UK)
- 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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