Global Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Product, By Type (Wearable Devices, Wireless Sensor Technology, mHealth, Telehealth, and Remote Patient Monitoring, By Regional Outlook and Forecast, 2024 - 2031
The Global Digital Patient Monitoring Devices Market size is expected to reach $815.1 billion by 2031, rising at a market growth of 24.9% CAGR during the forecast period.
The rise of smartphones, increasing internet accessibility, and a growing awareness of proactive health management have all contributed to the segment's growth. mHealth has proven particularly impactful in underserved regions, providing an affordable way to access healthcare information and services. Hence, the mHealth segment witnessed 1/4th revenue share in the market in 2023. The segment's growth is driven by the proliferation of mobile health applications supporting patient engagement, medication adherence, and smartphone health tracking. mHealth apps provide valuable health data insights, facilitate remote consultations, and allow users to manage chronic conditions through personalized alerts and reminders.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2024, Roche partnered with Respiree, a Singapore-based health technology company, to enhance patient monitoring in the Asia Pacific region. The collaboration combines Roche’s cobas pulse blood glucose monitoring system with Respiree’s vital sign monitoring solution, offering real-time data and bedside insights. Additionally, in April, 2024, GE HealthCare Technologies formed a collaboration with AMC Health, a leader in telehealth and remote patient monitoring, to provide enhanced remote monitoring services. The collaboration focuses on integrating AMC Health’s remote patient monitoring technology with GE’s healthcare solutions to improve patient outcomes and healthcare provider efficiency.
Based on the Analysis presented in the KBV Cardinal matrix; Fitbit, Inc. is the forerunner in the Market. In January, 2024, Fitbit and Quest Diagnostics, a leading provider of diagnostic testing services, collaborated on the Wearables for Metabolic Health (WEAR-ME) study. This pilot project combines Fitbit's behavioral and biometric data with Quest's lab tests to improve insights into metabolic health and disease prevention. Companies such as F. Hoffmann-La Roche AG, Abbott Laboratories, Medtronic PLC are some of the key innovators in Digital Patient Monitoring Devices Market.
Market Growth Factors
personalized medicine emphasizes preventive care by early identification of potential health risks, thereby reducing the likelihood of severe complications and costly interventions made possible by digital monitoring. This method is consistent with the growing emphasis on sustainable and efficient healthcare, as personalized treatment plans alleviate the overall burden on healthcare systems by preventing emergency visits and hospitalizations. As digital monitoring devices become more advanced, personalized medicine will continue to pave the way for a more efficient, adaptive, patient-centered healthcare system that benefits individuals and healthcare providers. Therefore, all these factors are driving the expansion of the market.
Wearable technology has made digital patient monitoring devices more accessible and user-friendly, encouraging broader adoption. Smartwatches, fitness trackers, and specialized health monitoring wearables have grown in popularity, giving users a convenient way to track their health metrics daily. Wearables now offer a variety of features, from tracking vital signs and sleep quality to alerting users to abnormal readings. This ease of use has expanded its appeal to patients with specific health needs and health-conscious consumers. IoT, AI, and wearable tech have also streamlined healthcare workflows, improving communication between patients and healthcare providers. Thus, these developments will aid in the growth of the market.
Market Restraining Factors
The high costs can be prohibitive for patients, especially those with chronic conditions who would benefit from personal monitoring devices at home. This disparity in access creates a digital divide, where only patients from wealthier backgrounds or regions with better healthcare funding can afford these advanced tools. Consequently, the high cost of advanced digital monitoring devices hinders their adoption on a global scale, thereby impeding the market's growth.
Product Outlook
Based on product, the market is bifurcated into diagnostic monitoring devices and therapeutic monitoring devices. The therapeutic monitoring devices segment procured 38% revenue share in the market in 2023. Devices in this category, such as blood glucose monitors, respiratory function monitors, and devices for managing post-operative recovery, are essential for continuous, real-time tracking of treatment effectiveness and patient response. The demand for these devices has been further bolstered by the increasing trend of personalized healthcare, which offers valuable insights for customizing treatments to meet the unique requirements of each individual.
Remote Patient Monitoring Type Outlook
On the basis of remote patient monitoring type, the market is classified into hospital inpatient, ambulatory patient, and smart home healthcare. The hospital inpatient segment acquired 51% revenue share in the market in 2023. The segment's expansion is fueled by the growing prevalence of sophisticated monitoring systems in hospital environments. These systems facilitate the early detection of prospective health issues and the timely implementation of interventions by facilitating continuous monitoring of vital signs.
Type Outlook
On the basis of type, the market is divided into wearable devices, wireless sensor technology, mHealth, telehealth, and remote patient monitoring. The wearable devices segment recorded 33% revenue share in the market in 2023. Devices like fitness trackers, smartwatches, and wearable ECG monitors allow patients and individuals to monitor vital health metrics in real-time. The popularity of wearables for personal as well as professional health management is a result of their user-friendly designs, advancements in data analytics, and convenience and accessibility. This segment's growth highlights the demand for non-invasive, portable, and easily accessible digital health solutions.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment procured 40% revenue share in the market in 2023. The regional market's expansion is fueled by the region's sophisticated healthcare infrastructure, a high adoption rate of innovative medical technologies, and a growing emphasis on preventive healthcare. Further, the demand for continuous health monitoring solutions has been exacerbated by the prevalence of chronic diseases, including cardiovascular disorders and diabetes.
Recent Strategies Deployed in the Market
- Apr-2024: Philips announced joined hands with SmartQare, a company specializing in wearable health monitoring devices, to automate and simplify continuous patient monitoring both in and out of hospital settings. This collaboration integrates SmartQare’s advanced patient monitoring technology with Philips’ extensive healthcare solutions, aiming to enhance the efficiency and accuracy of continuous monitoring. The integration seeks to provide a seamless experience for healthcare providers and improve patient outcomes through advanced automation and simplified processes.
- Feb-2024: GE HealthCare Technologies partnered with Biofourmis, a leader in digital therapeutics and remote patient monitoring, to expand into the home-based care sector. This partnership focuses on integrating Biofourmis’ advanced remote monitoring and AI-driven analytics with GE’s healthcare solutions, aiming to provide comprehensive care to patients in their homes.
- Jan-2024: Boston Scientific Corporation announced the acquisition of Axonics, Inc., a publicly traded medical technology firm specializing in innovative devices for urinary and bowel dysfunction. This acquisition marks Boston Scientific's entry into the field of sacral neuromodulation, a rapidly growing area that offers significant opportunities to enhance patient care and expand access.
- Dec-2023: Siemens Healthineers has teamed up with OU Health, a major healthcare provider, to enhance medical technology deployment across healthcare facilities. This collaboration focuses on integrating Siemens’ advanced diagnostic technologies to improve patient care and expand access to remote health solutions.
- Oct-2023: GE HealthCare Technologies, Inc. partnered with AliveCor, a medical device and AI company. Through this partnership electrocardiogram readings taken on the medical device company’s personal EKG device would be delivered directly into GE Healthcare’s MUSE Cardiac Management System.
List of Key Companies Profiled
- Siemens Healthineers AG (Siemens AG)
- GE HealthCare Technologies, Inc.
- Medtronic PLC
- F. Hoffmann-La Roche AG
- Koninklijke Philips N.V
- Abbott Laboratories
- Boston Scientific Corporation
- OMRON Corporation
- Fitbit, Inc. (Google LLC)
- ResMed, Inc.
Global Digital Patient Monitoring Devices Market Report Segmentation
By Product
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Neuromonitors & Other Monitors
- Therapeutic Monitoring Devices
- Insulin Monitors
- Respiratory Monitors
- Other Monitors
By Type
- Wearable Devices
- Wireless Sensor Technology
- mHealth
- Telehealth
- Remote Patient Monitoring
- Hospital Inpatient
- Ambulatory Patient
- Smart Home Healthcare
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA