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Global Digital Patient Monitoring Devices Market Set To Experience A Massive 25.6% CAGR During 2023-2030: Data Security And Privacy Issues Pose Industry Challenges

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DUBLIN, Aug. 22, 2023 /PRNewswire/ -- The "Digital Patient Monitoring Devices Industry Forecast, 2023 to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global digital patient monitoring devices market size is anticipated to reach USD 692.34 billion by 2030. The market is expected to grow at a CAGR of 25.6% from 2023 to 2030.

The growing prevalence of chronic diseases, as well as the rising elderly population, are anticipated to impact the market growth of digital patient monitoring devices. In addition, the market growth is anticipated to be fueled by the increasing adoption of next-generation technologies, such as artificial intelligence (AI). The COVID-19 outbreak uncovered the potential value and necessity of digital patient monitoring devices as a means of connecting patients and healthcare providers when in-person consultations were not feasible.

The probability of disease transmission is reduced by using teleconsultations to evaluate suspected COVID-19 cases and to direct the appropriate treatment to the patient In the situation of a public health emergency, telemedicine makes it possible for many key clinical services to continue to run normally without any interruption. Thus, an increase in the demand for home care during the COVID-19 pandemic is anticipated to propel the growth of the market.

Various government initiatives to promote digital health are also expected to drive the demand for digital patient monitoring over the forecast period. For instance, in May 2022, the HHS announced an investment of approximately USD 16.3 million to expand the telehealthcare program in the U.S. Hence, this government funding in digital health is projected to upsurge the growth of the global market.

Digital Patient Monitoring Devices Market Report Highlights

  • Based on type, the wearable devices segment dominated the market with approximately 30.78% share in 2022, due to various factors such as rising demand for home-based healthcare, growing penetration of IoT-based health equipment, and increasing expenditure on healthcare
  • Based on product, the diagnostic monitoring devices segment dominated the market with approximately 62.16% share in 2022, owing to the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases
  • North America dominated with a revenue share of more than 41.04% in 2022, owing to the increased adoption of advanced technologies, and the growing geriatric population in the region. Moreover, the rising prevalence of cardiovascular disorders is anticipated to fuel the overall growth of the regional market

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 Attributes

Report Attribute

Details

No. of Pages

110

Forecast Period

2022-2030

Estimated Market Value (USD) in 2022

$107.86 Billion

Forecasted Market Value (USD) by 2030

$692.34 Billion

Compound Annual Growth Rate

25.6 %

Regions Covered

Global


Key Topics Covered

Chapter 1 Digital Patient Monitoring Devices Market: Research Methodology and Scope

1.1 Market Segmentation and Scope

1.1.1 Segment Definitions

1.1.1.1 Type Segment

1.1.1.2 Product Segment

1.2 Regional Scope

1.3 Estimates and Forecast Timeline

1.4 Objectives

1.5 Research Methodology

1.6 Information Procurement

1.6.1 Purchased Database

1.6.2 The Internal Database

1.6.3 Secondary Sources

1.6.4 Primary Research

1.7 Information or Data Analysis

1.7.1 Data Analysis Models

1.8 Market Formulation & Validation

1.9 Model Details

1.9.1 Commodity Flow Analysis

1.10 List of Secondary Sources

1.11 List of Abbreviations

Chapter 2 Digital Patient Monitoring Devices Market: Executive Summary

2.1 Market Outlook

2.2 Type and Product Snapshot

2.3 Competitive Landscape Snapshot

Chapter 3 Digital Patient Monitoring Devices Market: Market Variables, Trends & Scope

3.1 Market Lineage Outlook

3.1.1 Related/Ancillary Market Outlook

3.2 Market Dynamics

3.2.1 Market Drivers Analysis

3.2.1.1 Rising Demand for Round-The-Clock Monitoring

3.2.1.2 Increasing Per Capita Income

3.2.1.3 Advent of Technologically Advanced Products

3.2.1.4 Growing Awareness of Fitness

3.2.1.5 Availability of Cost-Efficient Treatment

3.2.1.6 Growing Geriatric Population

3.2.2 Market Restraint Analysis

3.2.2.1 Data Security and Privacy Issues

3.2.2.2 Product Recall & Safety Concerns

3.3 Industry Analysis Tools

3.3.1 Porter's Analysis

3.3.2 PESTEL Analysis

Chapter 4 Digital Patient Monitoring Devices Market: Type Business Analysis

4.1 Digital Patient Monitoring Devices Market: Type Movement Analysis

4.2 Wireless Sensor Technology

4.3 mHealth

4.4 Telehealth

4.5 Wearable Devices

4.6 Remote Patient Monitoring

Chapter 5 Digital Patient Monitoring Devices Market: Product Business Analysis

5.1 Digital Patient Monitoring Devices Market: Product Movement Analysis

5.2 Diagnostic Monitoring Devices

5.3 Therapeutic Monitoring Devices

Chapter 6 Digital Patient Monitoring Devices Market: Regional Business Analysis

6.1 Regional Market Snapshot

6.2 North America

6.3 Europe

6.4 Asia Pacific

6.5 Latin America

6.6 MEA

Chapter 7 Digital Patient Monitoring Devices Market: Competitive Landscape

7.1 Company Categorization

7.2 Strategy Mapping

7.3 Company Market Position Analysis, 2022

7.4 Company Profiles

  • 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.

Chapter 8 KOL Recommendations/Analyst Perspective

For more information about this report visit https://www.researchandmarkets.com/r/tjurpf

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SOURCE Research and Markets

First published on Wed, Aug 23, 2023

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