REPORT HIGHLIGHT
Digital patient monitoring devices market was valued at USD 39.7 billion by 2019, growing with 26.8% CAGR during the forecast period, 2020-2026.

Digital patient monitoring is a technology that allows patient monitoring beyond traditional clinical settings, such as at home or in a remote location, which can improve access to treatment and decrease the costs of healthcare service providers. The introduction of these emerging digital technologies has helped the healthcare industry to develop innovative patient care practices. Healthcare facilities around the globe are implementing this new technology that allows remote patient monitoring, to better tracking and treatment of patients throughout the entire episode. Patient monitoring devices should be designed to meet the needs of patient populations. Connected health and digital patient monitoring devices such as remote patient monitoring are more critical tools in the middle of the COVID-19 pandemic because they allow physicians to monitor patients without physical contact with them, thereby preventing the spread of the novel coronavirus.

Market Dynamics

An increasing number of chronic diseases such as high blood pressure and diabetes is one of the major factors boosting the demand for the real-time monitoring devices. For example, according to CDC’s National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) data, the incidence of chronic diseases such as diabetes, cancer, and asthma is increasing at rapid pace globally. Furthermore, the rapidly emerging public health epidemic COVID-19 has witnessed the growing usage of telehealth and non-invasive tools for patient surveillance to promote patient management while minimizing patient and health care provider interaction and potential exposure to the virus.

Digital patient monitoring devices assist patients with continuous monitoring while at the same time providing remote access to patient data, further shortening time through clinical decisions. The demand for wireless monitoring devices is increasing across the globe due to their features and convenience. This has led manufacturers to develop remote neurological, cardiovascular, and respiratory monitoring devices, along with the increasing prevalence of neuro, heart, and breathing diseases. In addition, the launch of various wearable devices by companies such as Apple, Fitbit and Xiaomi is expected to offer growth opportunities to the market in the near future. However, high product cost coupled with lack of awareness in developing region will pull back the industry growth to some extent.

Type Takeaway

Based on the types, the global digital patient monitoring devices market has been categorized into wireless sensor technology, telehealth, remote patient monitoring, wearable devices, and mHealth. Remote patient monitoring products are further categorized into ambulatory patient monitoring, hospital inpatient monitoring, and smart home healthcare. Of the different types, wearable devices category dominated the market. Wearable devices with wearable sensors offer real-time monitoring of patients. Owing to the numerous properties associated with these devices such as the ease of operation, resistance to dust & water, and attractive designs of the devices is projected to spur product demand.

On the contrary, the mHealth segment if expected to grow at the highest CAGR owing to the increasing penetration of smartphones and faster internet access. Besides, mobile health technology enables patients with chronic heart disease or lung disease to enjoy better quality of life at an affordable cost. Surging utilization and support of an online platforms to generate optimistic health outcome coupled with the high preference for portable devices are estimated to propel the segment growth. Moreover, the remote patient monitoring segment is anticipated to grow at a promising growth rate in the upcoming years.

Product Takeaway

On the basis of product, the global market is divided into diagnostic and therapeutic monitoring devices. Diagnostic monitoring devices are further segmented into sleep monitors, fetal monitors, neuromonitors, and vital sign monitors. With the emerging prevalence of neurological disorders along with the growing geriatric population, the adoption of neuromonitors is increasing rapidly. For example, according to the National Institute of Neurological Disorders and Stroke (NINDS), the incidence of neurological disorders is increasing globally. On contrary, fetal monitors are growing with promising CAGR owing to the availability of variety of fetal monitors by key players. For example, GE Company offers Corometrics 250cx Series Fetal Monitor that provides detailed and personalized information on birthing experience.

Furthermore, therapeutic monitoring devices are sub-divided into respiratory monitors and insulin monitoring devices. In 2019, insulin monitoring devices held a substantial market share due to the increasing number of diabetic patients across the globe. Approval of new and advanced insulin delivery products will support segment growth.

Regional Takeaway

Owing to the supportive government initiatives and advanced healthcare infrastructure, the North American region dominated the global market, in 2019. Moreover, favourable reimbursement policies also may augment the regional market. In the U.S., the suitable reimbursement scenario is expected to enhance the demand for healthcare devices, thereby propelling the digital patient monitoring devices market. The Asia Pacific is anticipated to grow at the fastest pace with the rising geriatric population and improved healthcare facilities. Countries like China and India are emerging markets with the region.

Key Vendor Takeaway

Some of the key players that are actively responsible for the growth of this industry are GE Healthcare, AT&T, Inc., Athena Health, ResMed, Zephyr Technology Corporation, Garmin, Vital Connect, Medtronic, Fitbit, Inc., Welch Allyn, Omron Corporation, Phillips Healthcare, and St. Jude Medical.

Key players of the global digital patient monitoring devices market are majorly focusing on product innovation through constant research and development activities. These players also focus on the mergers, acquisition, and collaborations to maintain its position in market. Additionally, some of the players such as Philips Healthcare and BioTelemetry Inc. among others are focusing on the product and service expansion. For instance, in October 2018, Philips Healthcare announced the launch of IntelliVue Guardian Software application for patient monitoring. It is a new mobile app approved by the U.S. FDA and by the CE label. This mobile application is known as IntelliVue Guardian Software. With this launch, company has expanded its product portfolio. Moreover, in June 2018, BioTelemetry, Inc. introduced a wireless diabetes monitoring device to monitor blood glucose.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year – 2015 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2026
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

DIGITAL PATIENT MONITORING DEVICES MARKET KEY PLAYERS

Omron Corporation
Fitbit, Inc.
Medtronic plc
Garmin International
Vital Connect
GE Healthcare
AT&T, Inc.
Athena Health
Jude Medical
Phillips Healthcare
Welch Allyn
Resmed Corporation
Zephyr Technology Corporation
DIGITAL PATIENT MONITORING DEVICES MARKET, BY TYPE

mHealth
Telehealth
Wearable Devices
Wireless Sensor Technology
Remote Patient Monitoring
Ambulatory Patient Monitoring
Hospital Inpatient Monitoring
Smart Home Healthcare
DIGITAL PATIENT MONITORING DEVICES MARKET, BY PRODUCT

Therapeutic Monitoring Devices
Respiratory Monitors
Insulin Monitoring Devices
Others
Diagnostic Monitoring Devices
Sleep Monitors
Fetal Monitors
Vital Sign Monitors
Neuromonitors
Other Monitors
DIGITAL PATIENT MONITORING DEVICES MARKET, BY REGION

North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Singapore
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Rest of LATAM
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of MEA