Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Type (Wireless Sensor Technology, mHealth), By Product (Diagnostic Monitoring Devices, Therapeutic Monitoring Devices), By Region,- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global digital patient monitoring devices market size was exhibited at USD 140.53 billion in 2023 and is projected to hit around USD 1,356.67 billion by 2033, growing at a CAGR of 25.45% during the forecast period 2024 to 2033.

Key Takeaways:

• North America dominated the market with a revenue share of 40.93% in 2023.
• Asia Pacific is anticipated to witness the fastest CAGR rate over the forecast period.
• The wearable devices segment dominated the market and accounted for the largest revenue share of 31.30% in 2023.
• The product segment consists of diagnostic and therapeutic. Diagnostic monitoring devices segment dominated the market in 2023.
• The therapeutic monitoring devices segment is anticipated to witness the fastest CAGR during the forecast period.

Report Scope of The Digital Patient Monitoring Devices Market

Rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, & hypertension and increasing geriatric population are the factors that are anticipated to have an impact on the growth of the market. Moreover, growing adoption of next-generation technology, such as artificial intelligence, is expected to drive market growth.

The digital patient monitoring devices industry increased by over 32% from 2021 to 2023. The COVID-19 pandemic sparked a digital revolution in the healthcare sector by exponentially raising demand for wearable technology, mobile health applications, and telemedicine. Hospitals were compelled to close their OPDs and shift to digital healthcare to limit spread of infection and patient numbers. Furthermore, governments of various nations 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 , providing better healthcare and medication to the citizens.

Market Concentration & Characteristics

The global digital patient monitoring device market is characterized by a high degree of innovation, with new technologies and methods being developed. Internet of Things (IoT) is one of the popular digital platforms in healthcare, which has become a popular option by facilitating various activities, such as efficient tracking of staff, patients, & inventories and optimizing drug prescription. As a result, market players are investing in innovative technologies and procedures to strengthen their position.

Several market players such as Abbott, GE Healthcare, Medtronic, and Omron Healthcare, Inc. are involved in merger and acquisition activities. Through M&A activity, these companies can expand their geographic reach and enter new territories.

Governments and companies invest in developing digital patient monitoring devices. These devices require regulatory approval from the U.S. FDA and respective government bodies intended to diagnose diseases. These time-consuming procedures may result in increasing the cost of developing new devices.

A wide range of product substitutes are available, as digital patient monitoring devices are a relatively new and rapidly evolving field. This is essential for meeting the varying treatment needs of patients with different types of diseases.

Market Dynamics

The global market for digital patient monitoring devices is experiencing rapid advancements in machine learning, such as artificial intelligence, which enables electrocardiograms (ECG) and glucose monitors. For instance, in October 2023, an Indian-based company, Dozee, launched its AI-powered ECG patch. The device would assist 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, various government 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 (that is EUR 650 million) as a part of 2030 Health Innovation Plan, as a part to accelerate the digital health strategy of the nation. In February 2023, the Canadian government announced an investment of USD 198.6 billio n for over ten 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 market's growth for digital patient monitoring devices.

Segments:

Digital Patient Monitoring Devices Market By Type Insights

The type segment comprises mHealth, telehealth, wireless sensor technology, remote patient monitoring, and wearable devices. The wearable devices segment dominated the market and accounted for the largest revenue share of 31.30% in 2023. Increasing adoption of wearable devices and increasing end-user inclination for sophisticated gadgets are factors attributable to the prominent share of the segment. For instance, in April 2023, AT&T  announced the launch of a medical radar device that helps to detect emergency conditions with AI-powered technology. Thus, this factor is likely to anticipate the segment's growth during the forecast period.

The mHealth segment is anticipated to witness the fastest CAGR of 28.2% during the forecast period. The growing internet usage and number of smartphone users are anticipated to fuel the segment's growth. For instance, in January 2023, Samsung  launched the Galaxy Watch5 in Malaysia for tracking electrocardiogram (ECG) and blood pressure. Thus, rising usage of smartphone technologies is anticipated to fuel the segment's growth.

Digital Patient Monitoring Devices Market By Product Insights

The product segment consists of diagnostic and therapeutic. Diagnostic monitoring devices segment dominated the market in 2023. Increasing prevalence of chronic diseases such as obesity, diabetes, cancer, and others is anticipated to fuel growth of the segment. According to the Centers for Disease Control and Prevention Diabetes Surveillance System, in 2023, around 11.3% of adults (nearly 37.3 million individuals) were diagnosed  with diabetes. In addition, rising demand for respiratory monitors such as pulse oximeters, particularly among COVID-19 patients, is anticipated to propel the expansion of the therapeutic monitoring devices sector. Thus, these factors favor segment's growth during the forecast period.

The therapeutic monitoring devices segment is anticipated to witness the fastest CAGR during the forecast period. Rising geriatric population is projected to propel the segment's growth. For instance, in January 2023, Lupin launched its digital therapeutics solution LYFE for cardiac care to improve life quality of cardiac patients. Thus, it is likely to favor the segment's growth in the market.

Digital Patient Monitoring Devices Market By Regional Insights

North America dominated the market with a revenue share of 40.93% in 2023. Expansion of the digital patient monitoring device industry in this region is driven by rising prevalence of chronic diseases, quick acceptance of technological device improvements, and rising elderly population. For instance, the CDC reports that each year in the US, over 795,000 people experience a stroke, with ischemic stroke accounting for 87% of cases. In May 2023 , Abbott receives U.S. FDA clearance for FreeStyle Libre 3 system, which is the smallest and thinnest glucose sensor that can be used by any individual diagnosed with diabetes.

Asia Pacific is anticipated to witness the fastest CAGR rate over the forecast period due to growing geriatric population, rising cardiovascular diseases, and increasing unhealthy lifestyle among youngsters. Moreover, existence of a large patient base is anticipated to present prominent growth opportunities for the market in the region. In addition, in August 2023 , Australian organization Hydrix Medical’s implantable cardiac monitor which is AI-powered, got clearance from Singapore’s Health Services Authority.

Recent Developments

• In March 2023 , Koninklijke Philips N.V. announced the launch of the Philips Virtual Care Management which would offer a complete method to telehealth to individuals.
• In April 2023, Honeywell International Inc. introduced a real-time health monitoring system incorporating advanced sensing technology. This system utilizes a skin patch to continuously monitor and record patients' vital signs within the hospital setting and remotely .

Some of the prominent players in the 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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global digital patient monitoring devices market.

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

By Region

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