Digital Patient Monitoring Devices Market to Surge at 17% CAGR, Reaching USD 166.8 Billion by 2032

The Digital Patient Monitoring Devices Market globally reached USD 40.06 Billion in 2022 and is projected to grow rapidly with a revenue CAGR of 17% during the forecast period. The primary drivers of market growth include the increasing prevalence of chronic diseases and the need for remote patient monitoring, as well as the use of wearable health monitoring devices. Demand for digital patient monitoring devices is being driven by rising prevalence of chronic diseases, which allows healthcare professionals to monitor patients remotely and prevent the spread of infection.

Moreover, wearable health monitoring technology is also a significant factor driving revenue growth, with more people using smartwatches and fitness trackers to track vital indications like heart rate, blood pressure, and blood glucose levels. The adoption of digital patient monitoring devices is further increasing due to the shift from fee-for-service to value-based reimbursement models, which emphasize preventative care, early intervention, and patient participation.

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Key players in the wearable artificial organs market -
• Abbott Laboratories
• Boston Scientific Corporation
• General Electric Company
• Honeywell International Inc.
• Medtronic plc
• Nihon Kohden Corporation
• Philips Healthcare
• Schiller AG
• Siemens Healthcare GmbH
• Spacelabs Healthcare

AI and ML are also expected to play a key role in driving market revenue growth, as healthcare professionals can use these technologies to analyze patient data and develop personalized treatment regimens. However, concerns about data security and privacy, interoperability, and lack of payment for remote patient monitoring services could restrain market revenue growth.

Segments Covered in the Report

The global digital patient monitoring devices market size was valued at USD 40.06 billion in 2022, and is expected to register a rapid revenue CAGR of 17% during the forecast period from 2022 to 2032. Rising prevalence of chronic diseases and increasing need for remote patient monitoring and use of wearable health monitoring devices are major factors driving market revenue growth.

For the purpose of this report, the market has been segmented on the basis of type, product, end-use, and region. The report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of market trends in each of segments and sub-segments from 2019 to 2032. The base year for estimation is 2022, with historical data from 2020-2021 and a forecast period from 2022-2032. The quantitative units used are revenue in USD billion, and the CAGR from 2022 to 2032 is expected to be 17%.

The digital patient monitoring devices market is segmented by type outlook, which includes wireless sensor technology, mHealth, telehealth, wearable devices, and remote patient monitoring. The product outlook is divided into diagnostic monitoring devices and therapeutic monitoring devices. The end-use outlook includes hospital inpatient, ambulatory patient, and smart home healthcare. The regional outlook includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Increasing use of wearable health monitoring technology is also driving revenue growth of the market. Vital indications including heart rate, blood pressure, and blood glucose levels are increasingly being tracked using wearable technology such as smartwatches and fitness trackers. Additionally, the adoption of digital patient monitoring devices is increasing due to rising emphasis on value-based care and transition from fee-for-service to value-based reimbursement models.

However, there are concerns about data security and privacy, problems with interoperability, and lack of payment for remote patient monitoring services, which could restrain market revenue growth. The report also covers revenue forecast, company ranking, competitive landscape, growth factors, and trends.

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Strategic development:

Philips Healthcare recently introduced the IntelliVue X3, an AI-powered patient monitoring system on May 14, 2021. The system enables healthcare professionals to remotely and continuously track patients' vital signs in real-time, improving patient outcomes and lowering the risk of Hospital-Acquired Infections (HAIs). Similarly, Schiller AG launched the medilog AR4 plus, a digital patient monitoring system in 2020. The medilog AR4 plus system is designed to remotely and instantly monitor patients' cardiac activity, leading to better patient outcomes and a decrease in the risk of HAIs.

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