The projected global digital patient monitoring system market size is likely to hit the USD 122.7 billion valuation mark by 2024. Owing to an impressive CAGR of 12.5% through 2034, the ecosystem is set to reach USD 398.6 billion by the end of the forecast period.
A key trend observed in the field is the integration of patient monitoring devices with telemedicine practices. With the rising use of telemedicine platforms, the scope of the application of cutting-edge patient monitoring systems increases. This is a key driving force for the ecosystem.
Facilities like real-time data collection can be induced in the sector with the use of telemedicine platforms. Based on this data, appropriate solutions for patients can be provided, which reduces the time required for treatment, increasing the life expectancy of an individual.
The demand for wearable medical device technology has spurred recently. Due to the evolution of technological infrastructure, wearable devices can provide accurate information about key parameters like pulse rate, blood pressure, and many more. This helps patients monitor personal health, even before consulting a medical professional.
The growing demand for personalized monitoring is expected to augment the size of the competitive landscape. Due to the rising demand for continuous and personalized monitoring, digital patient monitoring systems are expected to gain momentum. The reluctance for hospital visits is another fueling factor that drives the demand.
The rising investment in the healthcare infrastructure is expected to fulfill the requirements mentioned above. With the constant efforts from governments to bolster the healthcare sector, prospects to develop such technologies spur.
Regulatory policies favoring key players in the realm are increasing the overall affordability of digital devices, which enhance the quality of patient monitoring. Due to such efforts, the popularity of monitoring devices among individuals and medical professionals is proliferating, driving the growth of the ecosystem.
| Attributes | Key Insights |
|---|---|
| Estimated Digital Patient Monitoring System Market Size in 2024 | USD 122.7 billion |
| Projected Digital Patient Monitoring System Industry Value in 2034 | USD 398.6 billion |
| Value-based CAGR from 2024 to 2034 | 12.5% |
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Digital patient monitoring systems demand analysis suggests that the realm progressed at a CAGR of 13.3% during the first half (H1) of the period 2023 to 2033. The subsequent half (H2) marked the progress at a CAGR of 13%.
| Particular | Value CAGR |
|---|---|
| H1 | 13.3% (2023 to 2033) |
| H2 | 13% (2023 to 2033) |
| H1 | 12.5% (2024 to 2034) |
| H2 | 12% (2024 to 2034) |
During the forecast period ranging from 2024 to 2034, the first half (H1) marks the progress at a CAGR of 12.5%, which is likely to be followed by a CAGR of 12% during the subsequent half (H2).
This depreciation is likely to occur at 80 BPS during H1 and at 100 BPS during the next half of the period (H2).
Technological Integration Fuels Digital Patient Monitoring System Market Size
Digital patient monitoring systems demand analysis suggests that the use of cutting-edge technology in the healthcare sector is increasing. Many firms operating in the realm are focusing on elevating healthcare services. To cater to this increasing demand, technological integration has been fostered.
The use of advanced technology, including artificial intelligence, machine learning, and IoT is gaining popularity in the contemporary world. To provide accurate and precise results related to a patient’s health, such integration might prove to be effective.
Personalized treatment plans can also be generated using this technology. With the help of data generated by wearable medical devices, an accurate analysis is generated related to the vital parameters of an individual. This helps the device to generate personalized healthcare plans, including time of medication, resting period, and many more.
Healthcare organizations are focusing on enhancing the clinical outcome, which might provide better results, elevating diagnostics standards. Owing to the rising demand for accurate and rapid diagnostics, technological developments might prove to be effective.
Such attributing factors are driving the popularity of technological integration into medical equipment, fueling the digital patient monitoring market growth.
Prevalence of Deseaes Fuels Digital Patient Monitoring Market Growth
The rising prevalence of several chronic illnesses, including cancer, respiratory disorders, pulmonary infections, and other critical diseases is expected to surge the demand for better diagnostics and medication.
To cater to this demand, medical organizations are using better diagnostics and monitoring systems, and designing better healthcare and medication plans for patients. Continuous monitoring of patients suffering from chronic diseases is a must. As this demand is expected to rise with a surge in the number of patients suffering from devices, prospects for monitoring systems are also expected to grow.
Apart from physical diseases, psychological disorders are also expected to rise in the forecast period. Cases of Alzheimer’s, Parkinson’s, and so on are expected to rise. This requires constant medical support, including monitoring of patients.
The growing geriatric population is also expected to support this rising number of old-age cases. Such coupling factors might effectively drive the global digital patient monitoring system market size.
Initial Investment Harms Digital Patient Monitoring System Market Size
To establish a robust infrastructure in terms of digital medical devices, a high cost is required to be pumped in. The affordability related to running such services might burden many businesses. This can constrain the free-flowing progress of such players, affecting the digital patient monitoring market growth.
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The global digital patient monitoring system market size was observed at USD 109.1 billion in 2023. This size was attributed to the staggering development of the competitive space through the historical period at a CAGR of 15.6%. The said progress elevated the valuation of the industry from USD 46.7 billion, which was measured in 2019.
The progress of the realm can be attributed to the adoption of digital systems in developed countries, including the United States, Italy, the United Kingdom, and many more. This adoption fueled the overall popularity of digital patient monitoring systems in such countries during the historical period.
The higher disposable incomes in such countries fueled the affordability of new medical devices. With the rising affordability, monitoring devices gained traction in developed countries during this era, driving the popularity of the realm.
The growing prevalence of diseases, including various respiratory disorders and pulmonary diseases, fueled the demand for efficient monitoring systems. This spiking demand created prospects for key players, driving the size of the realm.
Digital patient monitoring systems demand analysis suggest that with the rising demand for preventive healthcare systems, prospects for digital patient monitoring systems are expected to grow during the forecast period. The extended applications of such systems are expected to drive the demand for such devices, upholding sales of equipment.
The approach toward consumer-centric healthcare management is increasing. This factor is expected to drive the demand for personal health monitoring. This is likely to drive the global digital patient monitoring system market size during the forecast era.
As far as different companies operating in the competitive space are concerned, the concentration is observed to be more in the Tier 1 category. Depending on the revenue generation capacity, this category is subjected to the cream sector, which generates higher revenue compared to other organizations, and is capped above USD 100 million.
Owing to the contribution of many factors, including the elevated technological framework, better infrastructural support, experienced and skilled workforce, and many other drivers, organizations operating in this category are observed to have better consumer reach. With the capacity to dive deep into the global landscape, several pockets in the competitive landscape can be tapped, generating better revenue.
Aiming for higher profitability, firms in the Tier 1 category can proliferate using key strategic developments. Apart from this, the ability of firms to penetrate the global industry is more as compared to organizations operating in other categories. Owing to this penetrative power, the presence of firms on the global canvas is greater. In the subject sector, the Tier 1 category holds the highest share, accounting for 48.5% of the entire space.
Another key category of any industry is the Tier 2 category. Several small-scale and medium-scale organizations govern this category. Such organizations have a limited resource capability as compared to organizations operating in the Tier 1 category. Despite such limitations, organizations can proliferate into the local landscapes due to a better understanding of the local requirements. With the ability to attract local consumers, the revenue generation capacity of such firms is capped below USD 50 million. In the case of the subject ecosystem, the share held by the Tier 2 category is 21.6%.
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Owing to better technological infrastructure, North America provides a wider competitive space for key players operating in the industry. This helps the region contribute more to the digital patient monitoring market growth.
Emerging trends in the digital patient monitoring system industry suggest that Europe is keen on fostering medical facilities provided to patients. This can fuel the progress of the industry in the region.
The growing demand for medical assistance in Asia-Pacific is likely to fuel the digital patient monitoring system market size in the region.
Forecast CAGRs from 2024 to 2034
| Countries | Forecasted CAGR |
|---|---|
| The United States of America | 3.9% |
| The United Kingdom | 4.5% |
| India | 14.1% |
The digital patient monitoring market growth in the United States is likely to occur at a CAGR of 3.9% through 2034.
With the growing geriatric population, the demand for constant medical support is expected to rise. Along with this, the demand to mitigate chronic diseases is expected to rise in the country.
The integration of cutting-edge technology into existing medical devices can be a key solution, which has been identified by key players in the industry. The use of AI, IoT, cloud technology, and many more are expected to proliferate the growth prospects for key players.
Owing to different drivers, the digital patient monitoring system market size is set to progress at a CAGR of 4.5% through 2034.
National-level organizations like National Healthcare Services (NHS) are focusing on the transformation of the healthcare sector. NHS is keen on transforming the sector digitally, which is estimated to drive the demand for digital devices.
With the growing patient-centric approach, the use of better patient monitoring services is rising. This drives the popularity of such devices in the country, which fuels the growth of the competitive landscape.
Owing to the regulatory support for the improvement of safety, data security, and efficacy of medical instruments, prospects for the subject industry are likely to grow.
With efforts to educate the population regarding personal health, the growth in healthcare awareness can be seen among Indian citizens. The demand for better healthcare facilities has been spurred in the country.
Digital healthcare technologies are gaining momentum in the country along with the spurring popularity of wearable medical devices.
Owing to the increasing investments in the healthcare sector from key players and the government, the expansion of the healthcare infrastructure can be seen. Policies like Ayushman Bharat, Digital India, and so on, bolster the competitive space in the country.
Such key drivers are likely to uphold the size of the competitive space in India and are estimated to drive the industry at a CAGR of 14.1% through the forecast period.
The rising spread of serious illnesses and the growing investments in the medical infrastructure are driving the popularity of advanced medical systems. To cater to the rising demand for accurate diagnosis, technological integration has been fostered, which drives the demand for key segments in the industry.
| Category | Product- Diagnostic Monitoring Devices |
|---|---|
| Industry Share in 2024 | 65.5% |
With the evolution of technology, the accuracy and precision of medical devices have been elevated. The growing demand for efficient and accurate diagnosis is fulfilled with the help of such devices.
Data analytics has been a key element that helps medical professionals monitor the vital signs of the patient. This advancement has fueled the demand for the said segment.
The prevalence of cardiovascular diseases and other chronic illnesses surges the demand for prompt patient monitoring and diagnosis, and hence, the segment is being driven due to such factors.
| Category | Region- North America |
|---|---|
| Industry Share in 2024 | 34.9% |
With the constant government initiatives, the healthcare infrastructure in North America has been bolstered. Such efforts helped key players in the industry gain a wider landscape to proliferate.
The rising investments in the development of healthcare technologies are aiding a better future for patients, driving the popularity of advanced medical facilities in the region.
The prevalence of chronic illnesses is observed to be the highest in the region. To mitigate this threat, the development of the healthcare infrastructure is a must.
Owing to various organizations operating in different categories, the ecosystem is highly cluttered. The competitive force exerted is higher, reducing the chance for new entrants to proliferate in the realm. To mitigate this threat, players must use strategies like product innovation, strategic alliances, and many more.
Key players in the industry use initiatives, including partnerships, collaborations, acquisitions, and mergers to gain more space in the landscape.
The following recent developments are shaping the digital patient monitoring system market size
Abbott, Athenahealth, Biotronik SE & Co. KG, FitBit, Garmin Ltd., GE Healthcare, Hill-Rom Services Inc., Koninklijke Philips N.V., Koninklijke Philips N.V. AB, Masimo, Medtronic, Nihon Kohden Corporation, Omron, ResMed, Siren, and Vital Connect are key competitors in the ecosystem.
The competitive space can be categorized into Diagnostic Monitoring Devices (Vital Sign Monitors, Sleep Monitors, Fetal Monitors, Neuromonitors, Other Diagnostic Monitoring) and Therapeutic Monitoring Devices (Insulin Monitors, Respiratory Monitors, and Other Therapeutic Monitors) based on the type of the product.
Based on technology type, the ecosystem is categorized into Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, and Remote Patient Monitoring.
North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa are the key contributing regions to the industry.
The digital patient monitoring system market will advance at a CAGR of 12.5% through 2034.
The industry will likely reach USD 398.6 billion by 2034.
The ecosystem will reach USD 122.7 billion in 2024.
The diagnostic monitoring devices will hold 65.5% of the industry share in 2024.
The digital patient monitoring system market in the United States will progress at a CAGR of 3.9% through 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Product Type
6.2. Type
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
7.1. Diagnostic Monitoring Devices
7.1.1. Vital Sign Monitors
7.1.2. Sleep Monitors
7.1.3. Fetal Monitors
7.1.4. Neuromonitors
7.1.5. Other Diagnostic Monitoring
7.2. Therapeutic Monitoring Devices
7.2.1. Insulin Monitors
7.2.2. Respiratory Monitors
7.2.3. Other Therapeutic Monitors
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
8.1. Wireless Sensor Technology
8.2. mHealth
8.3. Telehealth
8.4. Wearable Devices
8.5. Remote Patient Monitoring
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
9.1. North America
9.2. Latin America
9.3. Western Europe
9.4. South Asia and Pacific
9.5. East Asia
9.6. Middle East and Africa
10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. South Asia and Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. Sales Forecast 2024 to 2034 by Product Type and Type for 30 Countries
17. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
18. Company Profile
18.1. Abbott
18.2. Athenahealth
18.3. Biotronic SE & Co. KG
18.4. Fitbit
18.5. Garmin Ltd.
18.6. GE Healthcare
18.7. Hill-Rom Services, Inc.
18.8. Koninklijke Philips N.V.
18.9. Masimo
18.10. Medtronic
18.11. Nihon Kohden Corporation
18.12. Omron
18.13. ResMed
18.14. Siren
18.15. Vital Connect
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Digital Patient Monitoring System Market
