The digital health monitoring devices global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Digital Health Monitoring Devices Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The digital health monitoring devices market size has grown rapidly in recent years. It will grow from $5.65 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to clinical research and evidence-based practices, regulatory framework development, patient engagement and empowerment, internet of things (iot) integration.
The digital health monitoring devices market size is expected to see exponential growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, patient-centric care and self-management, focus on preventive healthcare, rise in health and fitness consciousness, remote diagnostics and decision support. Major trends in the forecast period include advancements in wearable technology, remote patient monitoring (rpm), telemedicine and telehealth adoption, internet of things (iot) integration.
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Scope Of Digital Health Monitoring Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Digital Health Monitoring Devices Market Overview
Market Drivers –
The rising demand for remote monitoring across the globe is expected to propel the growth of the digital health monitoring devices market going forward. The remote monitoring device is a medical device used to track and monitor patients’ health at home. The digital health monitoring devices allow healthcare professionals to electronically capture and monitor medical and other health data of patients for assessment, recommendations, and instructions. For example, according to a survey conducted by MSI International, a US-based recruiting firm, in June 2021, 80% of Americans are in favor of using remote patient monitoring, and around half are very supportive of incorporating it into medical care. Therefore, the rise in demand for remote monitoring devices drives the growth of the digital health monitoring devices market.
Market Trends –
Technological innovation is a key trend gaining popularity in the digital health monitoring devices market. Companies in the digital health monitoring devices market are focusing on using machine learning, clinical innovation, and artificial intelligence (AI) to monitor patients’ health as well as to gain a competitive edge in the market. For example, in August 2021, Tabula Rasa HealthCare (TRHC), a US-based healthcare company engaged in developing healthcare software products, launched a remote patient monitoring service that uses artificial intelligence and biosensors to monitor patients’ vital signs and also alerts providers if necessary. Similarly, in June 2021, Max Healthcare, an India-based healthcare provider, launched an integrated patient monitoring framework, Max MyHealth, based on artificial intelligence (AI). Patients can use the Max MyHealth platform to monitor their vital signs with clinical devices integrated into the app. This allows clinical measurements to flow seamlessly from device to app to the electronic medical record (EMR) for review by physicians.
The digital health monitoring devices market covered in this report is segmented –
1) By Type: Tele-health, EHR/EMR, M-health, Wireless health, Remote Patient Monitoring
2) By Product type: Device, Software, Services, Other Products
3) By End User: Hospitals, Clinics, Ambulatory surgical centres, Homecare settings, Other End-users
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Regional Insights –
North America was the largest region in the digital health monitoring devices market share in 2023. The regions covered in the digital health monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the digital health monitoring devices market report are GE Healthcare company, AT&T Inc., ResMed Inc., Abbott Laboratories, Koninklijke Philips N.V. AB, Hill-Rom Services Inc., Medtronic plc, Garmin Ltd., VitalConnect Inc., Siren Care Inc., athenahealth Inc., FitBit lnc., Soterix Medical Inc., Array Telepresence, Avaya Inc., Cisco Systems Inc., Digital Video Enterprises, HaiVision, Huawei Technologies Co. Ltd., Polycom Inc., Videonations Limited., Vidyo Inc., ZTE Corporation, Baxter International Inc., Benson Medical Instruments Co., Chest M.I. Inc., COSMED srl, Depisteo LLC, Henry Schein Inc., ICU Medical Inc.
1. Executive Summary
2. Digital Health Monitoring Devices Market Report Structure
3. Digital Health Monitoring Devices Market Trends And Strategies
4. Digital Health Monitoring Devices Market – Macro Economic Scenario
5. Digital Health Monitoring Devices Market Size And Growth
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27. Digital Health Monitoring Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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