Fort Collins, Colorado, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Digital Patient Monitoring Devices Market size was valued at USD 146.2 Billion in 2022 and is anticipated to reach USD 969.2 Billion by 2032 at a CAGR of 20.9%.
The increasing prevalence of chronic diseases globally is a major factor in market growth. According to the World Health Organization (WHO), non-communicable diseases or chronic diseases are responsible for 41 million deaths, which amounts to 74% of the total deaths annually around the world. Of these, cardiovascular diseases amount to 17.9 million chronic patients, followed by cancer. Additionally, an increasing burden of chronic diseases would outgrow the available resources for traditional care provision. Thus, there is an increase in the adoption of digital technologies to address the growing number of chronic patients.
The growing awareness of preventive healthcare is also contributing to market expansion. Preventive care aids in the early detection and diagnosis of diseases when there is a higher chance of recovery. Digital patient monitoring devices enable physicians to prioritize care delivery and provide prompt, personalized care based on a patient’s real-time health status. Thus, it is widening the approach to healthcare services. According to the American Medical Association, 93% of physicians pursue digital mediums and tools for patient care.
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Segmentation Overview:
The global digital patient monitoring devices market has been segmented into technology, devices, and regions. Based on technology, the segment is dominated by wireless sensor technology that accounted for a comparatively high revenue share owing to its popularity and the use of biosensors to measure health conditions.
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Digital Patient Monitoring Devices Market Report Highlights:
- The global digital patient monitoring devices market growth is anticipated at a CAGR of 20.9% by 2032.
- The rising geriatric population and the growing instances of chronic diseases are major factors driving the market growth.
- Blockchain-based remote patient monitoring in Healthcare 4.0 has emerged as one of the best solutions.
- North America holds a significant share of the digital patient monitoring devices market.
- Some prominent digital patient monitoring devices market report players include Sodexo, Aramark, Compass Group, ABM Industries, Ecolab, Mitie, Spotless Group, CBRE Group, Medxcel, and ISS World.
Industry Trends and Insights:
- In 2023, GE Healthcare launched a mobile patient-monitoring device that monitors vital signs for patients with minimal patient-doctor interference. This device helps clinicians enhance outcomes through early detection and allows them to intervene quickly.
- The use of digital health devices grew in 2023 based on the shift in patient perspective, technological availability, and the presence of medical startups with diverse offerings to monitor patient health.
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Digital Patient Monitoring Devices Market Segmentation:
By Technology: Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, and Remote Patient Monitoring
By Devices: Diagnostic Monitoring Devices (Vital Sign Monitors, Sleep Monitors, Fetal Monitors, and Others), Therapeutic Monitoring Devices (Insulin Monitors, Respiratory Monitors, and Others)
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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