Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Type (Wireless Sensor, mHealth, Telehealth, Wearable Devices, Remote Patient Monitoring), By Product, By Region, And Segment Forecasts, 2019 - 2026

Industry Insights

The global digital patient monitoring devices market size was valued at USD 38 billion in 2018 and is expected to expand at a CAGR of 27.9% over the forecast period. Rising attention towards fitness and healthy lifestyle among consumer is anticipated to fuel the growth. Lifestyle-associated diseases such as hypertension and diabetes demand round-the-clock surveillance of patients. High prevalence of these disease is anticipated to further propel the product demand.

Moreover, the introduction of wearable devices by companies such as Fitbit, Apple, and Xiaomi is influencing the demand for digital health monitoring. Startup companies specializing in wearables focus on mHealth categories such as personal safety, women's health, and hydration monitoring that promise exciting prospects for digital patient monitoring.

Wearable devices with wireless sensors assist in real-time patient monitoring. Moreover, mHealth and telehealth allow data integration with portable monitoring devices. Increasing awareness about such utilities and higher acceptance amongst physicians and healthcare professionals are anticipated to result in substantial growth of the digital patient monitoring devices market.

Digital patient monitors offer a comprehensive system for different types of care setting along with custom features that provide streamlined workflow, clinical accuracy, and enhanced patient care. However, increasing incidences of hacking and data theft demand for better healthcare cyber security and is anticipated to limit the growth of the industry over the forecast period.

Type Insights

Based on types, the market is divided into wireless sensor technology, mHealth, telehealth, wearable device, and remote patient monitoring. Wearable devices led the overall market in terms of revenue in 2018. Rising penetration of smart mobile phones and availability of faster internet connectivity are expected to propel the adoption of mHealth over the forecast period.

The use of mHealth apps enhances patient experience and helps in accessing health information that builds a smooth physician-patient interface. Digital patient monitoring ensures transparency in the treatment and disease management processes. Rising promotion and utilization of online platform to create positive health outcome along with the high preference for portable devices, are anticipated to impel the segment growth.

Product Insights

Based on product, the market is segmented into diagnostic and therapeutic equipment. Diagnostic equipment is further segmented into vital sign recorders, sleep trackers, fetal monitors, neuromonitors, and others. Neuromonitors held a substantial market share in 2018 due to the rising prevalence of neurological disorders coupled with increasing geriatric population.

Therapeutic monitoring devices are further classified into insulin monitors, respiratory monitors, and other therapeutic monitors. Rising prevalence of diabetes has led to an increasing research activities in the field of insulin monitoring devices. Some other areas of advancement include continuous glucose monitoring systems used in the management of type 1 and type 2diabetes. In March 2018, the Food and Drug Administration (FDA) approved Medtronic’s Guardian Connect, a continuous glucose monitor featuring predictive algorithm that alarms patients of any potential increase or decrease in blood glucose levels.

Regional Insights

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America led this market due to its advanced healthcare infrastructure, supportive government initiatives, suitable reimbursement policies, and rising geriatric population. In November 2018, GetWellNetwork, acquired HealthLoop incorporating around 7.2 million patient interactions annually and assessing risks in real time. HealthLoop proactively helps patients intervening before the escalation of any complications and cost. Moreover, it facilitates over 80,000 digitized physician visits every month. The acquisition is anticipated to expand GetWellNetwork’s reach into over 700 care providers.

Asia Pacific is anticipated to register lucrative growth over the forecast period, owing to the rising purchasing power, awareness level, and prevalence of chronic conditions. Moreover, improving healthcare infrastructure with the assistance of government initiatives is facilitating the usage of advanced digital patient monitoring devices.

Digital Patient Monitoring Devices Market Share Insights

Key players operating in this market include Omron Corporation; Airstrip Technologies; AT&T Inc.; Athenahealth, Inc.; St. Jude Medical; Phillips Healthcare; Welch Allyn; GE Healthcare; and Zephyr Technology Corporation. These players are undertaking various initiatives to sustain the competition. These initiatives include collaborations, mergers, acquisitions, and new product launches.

For instance, in September 2018, Google and Amazon invested in Aiva Health, a startup involved in the development of voice powered healthcare assistance for seniors. Aiva offers smart speakers such as Amazon Echo and Google Home to connect patients with care providers.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research has segmented the global digital patient monitoring devices market report on the basis of type, product, and region:

• Type Outlook (Revenue, USD Million, 2015 - 2026)

  • Wireless Sensor Technology

  • mHealth

  • Telehealth

  • Wearable Devices

  • Remote Patient Monitoring

    • Hospital Inpatient Monitoring

    • Ambulatory Patient Monitoring

    • Smart Home Healthcare

• Product Outlook (Revenue, USD Million, 2015 - 2026)

  • Diagnostic Monitoring Devices

    • Vital Sign Monitors

    • Sleep Monitors

    • Fetal Monitors

    • Neuromonitors

    • Other Monitors

  • Therapeutic Monitoring Devices

    • Insulin Monitoring Devices

    • Respiratory Monitors

    • Other Therapeutic Devices

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • France

    • Germany

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia