The global digital patient monitoring devices market size was estimated at around USD $107.87 billion in 2022 and it is projected to hit around USD $1,054.73 billion by 2032, growing at a CAGR of 25.61% from 2023 to 2032.
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Key Pointers
- The wearable devices segment dominated the market for digital patient monitoring devices and accounted for the largest revenue share of 30.78% in 2022.
- The mHealth segment is, however, anticipated to witness the fastest CAGR of 28.42% during the forecast period.
- The product segment consists of diagnostic and therapeutic devices. The diagnostic monitoring devices segment dominated with a market share of 62.16% in 2022.
- The therapeutic monitoring devices segment is anticipated to witness the fastest CAGR of 26.37% during the forecast period.
- In 2022, North America dominated the digital patient monitoring devices market with a revenue share of 41.04%.
- Asia Pacific is anticipated to witness the fastest CAGR of 28.40% over the forecast period due to its growing geriatric population, increasing cardiovascular diseases, and rising unhealthy lifestyle among youngsters.
Report Scope of The Digital Patient Monitoring Devices Market:
| Report Coverage | Details |
| Market Size In 2022 | USD $107.87 Billion |
| Revenue Forecast By 2032 | USD $1,054.73 Billion |
| Growth Rate From 2023 to 2032 | 25.61% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Segments Covered | Type, Product |
| Market Analysis (Terms Used) | Revenue In USD Million/Billion And CAGR From 2023 To 2032 |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Key Companies Profiled | 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 |
The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, and hypertension, and the rising geriatric population are the factors anticipated to positively impact the market growth over the forecast period. Moreover, the growing adoption of next-generation technology such as artificial intelligence (AI) is expected to drive the market growth. The global market for digital patient monitoring devices is experiencing rapid technological advancements offering machine learning and artificial intelligence, enabling electrocardiograms (ECGs) and glucose monitors.
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For instance, in October 2022, an India-based company Dozee, announced the launch of its AI-powered ECG patch. This device assists users in detecting early signs of various cardiovascular-related problems such as cardiac deterioration and arrhythmias. This launch is expected to strengthen its remote monitoring solutions portfolio. In addition, governments through various initiatives are investing in the digital patient monitoring market. For instance, in October 2021, the Health Minister of France announced an investment of USD 694.99 million (EUR 650 million), as a part of the 2030 Health Innovation Plan, to accelerate the digital health strategy of the nation.
In February 2023, the Canadian government announced an investment of USD 198.6 billion over the next 10 years to enhance healthcare services in Canada. This funding would also include data and digital tools to help the health needs of Canadian citizens. Thus, these investments are anticipated to fuel the growth of the market for digital patient monitoring devices.
The market for digital patient monitoring devices witnessed an increment of approximately 32% between 2019 and 2020. The COVID-19 pandemic sparked a digital revolution in the healthcare sector through the exponential demand for wearable technology, mobile health applications, and telemedicine. Hospitals were compelled to close their OPDs and shift to digital healthcare to limit the spread of infection as well as to restrict the increasing patient numbers.
Furthermore, various national governments funded telehealth to accelerate the use of digital tools during the COVID-19 pandemic. For instance, in December 2021, the Australian government invested around USD 9.8 billion during the pandemic to deliver better telehealth that provided better healthcare and medication to the citizens.
Global Digital Patient Monitoring Devices Market Report Segmentation:
Type
- Wireless Sensor Technology
- mHealth
- Telehealth
- Wearable Devices
- Remote Patient Monitoring
- Hospital Inpatient
- Ambulatory Patient
- Smart Home Healthcare
Product
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Neuromonitors
- Other Monitors
- Therapeutic Monitoring Devices
- Insulin Monitors
- Respiratory Monitors
- Other Monitors
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