DUBLIN–(BUSINESS WIRE)–The Digital Patient Monitoring Devices Global Market Outlook to 2030 report has been added to ResearchAndMarkets.com’s offering.
In an era where technology is reshaping industries at an unprecedented pace, the global digital patient monitoring devices market is emerging as a key player in the healthcare sector. Projections indicate that by 2030, this market will soar to an impressive USD 692.34 billion, riding on a remarkable compound annual growth rate (CAGR) of 25.6% from 2023 to 2030. The surge in demand for these devices is intricately linked to the rising prevalence of chronic diseases and the expanding elderly population.
Catalysts for Growth
Two intertwined factors stand as pillars behind the anticipated growth of digital patient monitoring devices. Firstly, the escalating prevalence of chronic ailments alongside a burgeoning elderly demographic is casting a spotlight on the crucial need for advanced healthcare solutions. Secondly, the adoption of next-generation technologies, prominently artificial intelligence (AI), is proving to be a propellant in this trajectory. With these factors at play, the digital patient monitoring devices market is poised for a transformative journey.
COVID-19: Unmasking the Value of Digital Patient Monitoring
The COVID-19 pandemic brought the world to a standstill, but it also unveiled the immense potential of digital patient monitoring devices. These tools emerged as a lifeline, bridging the gap between patients and healthcare providers when face-to-face consultations were nearly impossible. The significance was particularly evident in curbing disease transmission. Teleconsultations swiftly evaluated suspected COVID-19 cases, enabling prompt treatment decisions. Furthermore, in times of public health crises, telemedicine ensured the continuity of critical clinical services, averting disruptions. This period highlighted the paramount importance of digital patient monitoring, igniting its demand and cementing its role in modern healthcare.
Government Initiatives and Technological Advancements
Government support plays a pivotal role in steering the trajectory of the digital patient monitoring devices market. Initiatives to promote digital health are catalyzing the adoption of these devices. A striking example is the USD 16.3 million investment announced by the U.S. Department of Health and Human Services (HHS) in May 2022, earmarked for expanding the telehealthcare program. This infusion of funds is projected to escalate the growth of the global market, aligning with the ongoing digital health revolution.
Market Dynamics in Focus
The digital patient monitoring devices market is not monolithic; it’s a dynamic landscape characterized by distinct segments. Wearable devices take the lead, accounting for approximately 30.78% of the market share in 2022. This dominance can be attributed to surging demand for home-based healthcare, the proliferation of Internet of Things (IoT)-based health equipment, and escalated healthcare expenditure.
Within the product spectrum, diagnostic monitoring devices are commanding the scene, boasting a robust 62.16% share in 2022. The prevalence of chronic diseases, including diabetes and cardiovascular conditions, is the driving force behind this dominance.
North America at the Helm
In 2022, North America held sway over the digital patient monitoring devices market, commanding a revenue share exceeding 41.04%. The region’s prowess stems from its avid adoption of advanced technologies and a rapidly growing geriatric population. Notably, the mounting prevalence of cardiovascular disorders is poised to further propel the regional market’s growth.
Conclusion
The stage is set for a healthcare transformation. The global digital patient monitoring devices market’s unprecedented growth is driven by the confluence of chronic disease prevalence, advanced technology adoption, and government initiatives. As these devices bridge gaps and connect patients with healthcare in unprecedented ways, their value is undeniable, setting the path for a healthier and more connected future.
Market Dynamics
- Drivers Analysis
- Rising Demand for Round-the-Clock Monitoring
- Increasing Per Capita Income
- Advent of Technologically Advanced Products
- Growing Awareness of Fitness
- Availability of Cost-Efficient Treatment
- Growing Geriatric Population
- Restraint Analysis
- Data Security and Privacy Issues
- Product Recall & Safety Concerns
Key Topics Covered
Chapter 1 Digital Patient Monitoring Devices Market: Research Methodology and Scope
Chapter 2 Digital Patient Monitoring Devices Market: Executive Summary
Chapter 3 Digital Patient Monitoring Devices Market: Market Variables, Trends & Scope
Chapter 4 Digital Patient Monitoring Devices Market: Type Business Analysis
Chapter 5 Digital Patient Monitoring Devices Market: Product Business Analysis
Chapter 6 Digital Patient Monitoring Devices Market: Regional Business Analysis
Chapter 7 Digital Patient Monitoring Devices Market: Competitive Landscape
Chapter 8 KOL Recommendations/Analyst Perspective
Companies Mentioned
- GE Healthcare
- AT&T
- athenahealth, Inc.
- Abbott
- Koninklijke Philips N.V.
- Hill-Rom Services, Inc.
- Omron Healthcare, Inc.
- FITBIT, Inc.
- Medtronic
- Garmin Ltd.
- VitalConnect
- RESMED
- Koninklijke Philips N.V.
For more information about this report visit https://www.researchandmarkets.com/r/ryidt8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
