Digital Health Monitoring Devices Global Market Report 2024

The global digital health monitoring devices market 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 observed in the historical period can be attributed to factors such as the emphasis on clinical research and evidence-based practices, the development of regulatory frameworks, increased focus on patient engagement and empowerment, and the integration of the Internet of Things (IoT) in the healthcare sector.

The global digital health monitoring devices market 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 anticipated growth in the forecast period can be attributed to factors such as the increasing prevalence of chronic diseases, a shift towards patient-centric care and self-management, a heightened focus on preventive healthcare, a rise in health and fitness consciousness, and the adoption of remote diagnostics and decision support. Major trends in the forecast period encompass advancements in wearable technology, the adoption of remote patient monitoring (RPM), the increasing use of telemedicine and telehealth services, and the integration of the Internet of Things (IoT) in healthcare.

The digital health monitoring devices market is poised for growth due to the increasing demand for remote monitoring globally. Remote monitoring devices, used to track and monitor patients' health at home, have gained popularity, with 80% of Americans expressing support for remote patient monitoring. The ability of these devices to electronically capture and monitor medical data facilitates remote assessment and healthcare recommendations. This rising demand for remote monitoring devices is a key driver propelling the growth of the digital health monitoring devices market.

The adoption of digital health solutions is a significant factor propelling the growth of the digital health monitoring devices market. Digital health involves leveraging digital technologies and communication tools to enhance healthcare delivery and improve health outcomes. Innovations such as Honeywell's Real-Time Health Monitoring System (RTHMS) demonstrate the integration of hardware and software for remote and real-time patient monitoring, fostering connectivity between caregivers and patients. The adoption of digital health solutions enhances the functionality and connectivity of monitoring devices, contributing to the expansion of the market for digital health monitoring devices globally.

Technological innovation is a key trend gaining popularity in the digital health monitoring devices market. Companies are focusing on integrating machine learning, clinical innovation, and artificial intelligence (AI) to monitor patients' health, providing a competitive edge. Examples include Tabula Rasa HealthCare's remote patient monitoring service using AI and biosensors and Max Healthcare's integrated patient monitoring framework, Max MyHealth, based on AI. These technological advancements showcase the industry's commitment to leveraging cutting-edge technologies for effective health monitoring.

Major companies in the digital health monitoring devices market are strategically entering partnerships and collaborations to broaden their product and service offerings. Collaborations, such as the one between GE Healthcare and AMC Health, facilitate the extension of patient care beyond the hospital setting to the home environment. These strategic partnerships allow companies to enhance their product portfolio and geographical reach, tapping into the expertise of collaborators and offering comprehensive solutions in the field of remote patient monitoring.

In January 2021, Boston Scientific, a prominent US-based biotechnology and medical device manufacturer, successfully acquired Preventice Solutions, Inc., for a cash payment of $925 million, with the potential for an additional $300 million in a commercial milestone payment. This strategic acquisition positions Boston Scientific to establish a strong presence in the high-growth ambulatory electrocardiography space, complementing its recent entry into the implantable cardiac monitor market. Preventice Solutions, Inc., the acquired company, is a privately held US-based entity specializing in a comprehensive portfolio of mobile cardiac health solutions and services. These offerings include ambulatory cardiac monitors, short- and long-term Holter monitors, cardiac event monitors, and mobile cardiac telemetry. The acquisition reflects Boston Scientific's commitment to expanding its capabilities in the cardiovascular health sector through strategic partnerships and market diversification.

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., and ICU Medical Inc.

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. The countries covered in the digital health monitoring devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of digital health monitoring devices encompass telehealth, Electronic Health Records (EHR) or Electronic Medical Records (EMR), m-health (mobile health), wireless health, and remote patient monitoring. Telehealth monitoring devices enable patients to monitor their health remotely, contributing to the delivery of health and related services through digital communication technologies. Digital health monitoring devices are categorized into product types such as devices, software, services, and others. They find applications in various settings, including hospitals, clinics, ambulatory surgical centers, homecare settings, and others.

This report provides digital health monitoring device market statistics, including digital health monitoring device industry global market size, regional shares, competitors with a digital health monitoring device market share, detailed digital health monitoring device market segments, market trends and opportunities, and any further data you may need to thrive in the digital health monitoring device industry. This digital health monitoring device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The digital health monitoring devices market consists of sales of smartphone-based health monitoring devices, sensor-based health monitoring devices, and microcontroller-based health monitoring devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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