Digital Patient Monitoring Devices Market Size To Reach $446 Billion By 2028, Advent Of Technologically Advanced Healthcare Solutions Incorporating A.I., and IoT To Witness High Adoption Rates: Grand View Research, Inc.

SAN FRANCISCO, June 16, 2021 /PRNewswire/ -- The global digital patient monitoring devices market size is expected to reach USD 446.0 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.

Key Insights & Findings:

• The wearable devices segment dominated the market in terms of revenue share in 2020. Growing demand for home-based medical care, increasing penetration of IoT-based medical equipment, and growing expenditure on healthcare across are propelling the growth of the segment
• The diagnostic monitoring devices segment held the maximum portion of the market in 2020 owing to the rising prevalence of diabetes and drastic increase in demand for pulse oximeter as a result of COVID-19
• North America dominated the market in 2020. The rapid adoption of RPM in hospitals and clinics, strong government support, and new product launches are attributable to the prominent share of the region
• The APAC region is anticipated to witness lucrative growth during the forecast period owing to the rising geriatric population and increasing smartphone penetration
• In February 2021, Philips acquired BioTelemetry, Inc.-a remote cardiac diagnostics solution provider to strengthen its position in the industry

Access 141 page market research report, "Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Type (Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, Remote Patient Monitoring), By Product, By Region, And Segment Forecasts, 2021 - 2028", By Grand Vie

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.

"The COVID-19 Pandemic played a pivotal role in the growth of the digital patient monitoring devices market, wherein, medical professionals started attending and monitoring their patients remotely."

The COVID- pandemic has significantly increased the demand for remote monitoring and patient engagement solutions such as multiparameter, temperature, respiratory, cardiac, insulin, pressure/hemodynamic, and neonatal/fetal monitoring devices. This equipment plays a significant role in helping combat the COVID-19 infection. The manufacturers are focusing on expanding their production to meet the growing demand. Furthermore, the use of mobile-based solutions can help in reducing the patient volume in hospitals and controlling the spread of infection. Thus, the increasing adoption of mHealth apps in the current scenario is expected to positively impact the market.

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

• Digital Patient Monitoring Devices Type Outlook (Revenue, USD Million, 2016 - 2028)
• Wireless Sensor Technology
• mHealth
• Telehealth
• Wearable Devices
• Remote Patient Monitoring
• Hospital Inpatient
• Ambulatory Patient
• Smart Home healthcare
• Digital Patient Monitoring Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
• Diagnostic Monitoring Devices
• Vital Sign Monitors
• Sleep Monitors
• Fetal Monitors
• Neuromonitors
• Other Monitors
• Therapeutic Monitoring Devices
• Insulin Monitors
• Respiratory Monitors
• Other Monitors
• Digital Patient Monitoring Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• France
• Germany
• Italy
• Spain
• U.K.
• Asia Pacific
• Japan
• China
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)
• South Africa
• Saudi Arabia

List of Key Players of Digital Patient Monitoring Devices Market

• 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

Check out more studies related to Digital & Remote Healthcare Solutions:

• Multiparameter Patient Monitoring Systems Market–The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
• Patient Monitoring Accessories Market–The global patient monitoring accessories market size was valued at USD 5.9 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2020 to 2027. Patient monitoring accessories are supplemental devices that are used or with patient monitoring medical devices to deliver efficient and timely treatment.
• Remote Patient Monitoring System Market–The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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