Rising Demand for Continuous Monitoring Devices to drive Digital Patient Monitoring Devices Market Growth

Digital Patient Monitoring Devices Industry Overview

The global digital patient monitoring devices market size is expected to reach USD 444.6 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.5% from 2021 to 2028. The growth of the market is driven by the rapid adoption of Remote Patient Monitoring (RPM) solutions, technological advancements such as artificial intelligence and Internet-of-things (IoT), and new product launches. Furthermore, rising per capita income and growing awareness among patients are anticipated to positively impact the market.

Furthermore, the growing number of startup businesses and increasing funding for them is expected to bode well with the market. Active government measures for expanding the coverage for RPM, mHealth, and telehealth have accelerated the shift towards digital health. As a result, a plethora of startup companies have started to utilize this opportunity. For example, in August 2020, Optimize Systems Inc. raised USD 15.6 million to expand its RPM platform. This is likely to favor the growth of the market.

Digital Patient Monitoring Devices Market Segmentation

Grand View Research has segmented the global digital patient monitoring devices market on the basis of type, product, and region:

Based on the Type Insights, the market is segmented into Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, and Remote Patient Monitoring

• The wearable devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 30.4% in 2020.
• The mHealth segment is projected to witness substantial growth during the forecast period. Rising internet penetration and the growing number of smartphone users are expected to drive the growth of the segment.

Based on the Product Insights, the market is segmented into Diagnostic Monitoring Devices and Therapeutic Monitoring Devices

• Based on product, the diagnostic monitoring devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 62.5% in 2020.
• Increasing demand for respiratory monitors such as pulse oximeters especially among COVID-19 patients is poised to surge the therapeutic monitoring devices segment growth.

Digital Patient Monitoring Devices Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Abbott emerged as one of the market leaders due to its strong product portfolio, update of current products as per patient needs, and wide geographical foothold. Apart from this, Koninklijke Philips N.V. held a prominent position in the market owing to the company’s strong focus on R&D. In June 2020, Koninklijke Philips N.V. launched Avalon CL Fetal and Maternal Patch and Pod, an obstetrics monitoring solution, in the U.S.

Some prominent players in the global Digital Patient Monitoring Devices market include:

• GE Healthcare
• AT&T
• ATHENAHEALTH, INC.
• Abbott
• Koninklijke Philips N.V. AB
• Hill-Rom Services Inc.
• Medtronic
• Omron Healthcare, Inc.
• FitBit, Inc.
• Garmin Ltd.
• VitalConnect
• ResMed
• Siren

Order a free sample PDF of the Digital Patient Monitoring Devices Market Intelligence Study, published by Grand View Research.