Digital health monitoring devices help individuals measure and track various vital health parameters such as blood pressure, blood sugar levels, ECG, heart rate, temperature and oxygen saturation levels remotely and send the data to healthcare providers or caregivers. Devices such as blood pressure monitors, glucose meters, pulse oximeters, ECG monitors, thermometers and activity trackers offer convenient self-monitoring and remote data transmission capabilities. The advantages of these devices include easy usage, cost-effectiveness, real-time data analysis and remote patient monitoring abilities. Growing prevalence of chronic diseases is increasing the need for continuous health monitoring at home, while pandemic-induced social distancing trends are further boosting adoption of digital devices for remote care.
The global digital health monitoring devices market is expected to be valued at USD 4.42 Bn in 2024 and is projected to be valued at USD 50-100 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.
Key Takeaways
Key players operating in the Digital Health Monitoring Devices are Dexcom, Apple Inc., Withings, Proteus Digital Health, Omron Healthcare, McKesson, Philips Healthcare, GE Healthcare, Fitbit Inc., and Drägerwerk.
Growing prevalence of chronic conditions such as diabetes, hypertension and cardiac disorders is majorly driving the demand for digital health monitoring devices globally. As per Digital Health Monitoring Devices Market Demand statistics, around 422 million adults are suffering from diabetes worldwide. These devices help in early detection of health issues and prevent complications.
Technological advancements in healthcare devices have enhanced capabilities of health monitoring. Integration of Artificial Intelligence and IoT has enabled decentralized and continuous monitoring using miniaturized devices. Cloud-based data storage and remote access to health insights by doctors is supporting home healthcare delivery models.
Market Trends
- Increased adoption of wireless connected devices: Manufacturers are increasingly focusing on development of Bluetooth and Wi-Fi enabled compact devices with advanced data sharing capabilities. This is supporting decentralized healthcare.
- Personalization of care: Integration of digital technologies allow customization of care according to individual health parameters and lifestyle. Personalized diet, activity and treatment recommendations can be generated.
Market Opportunities
- Growing Telehealth Industry: Digital health monitoring devices are supplementing expansion of telemedicine and teleconsultation services globally. Continuous growth in virtual healthcare delivery presents significant opportunity.
- Untapped Developing Markets: Emerging regions like Asia Pacific and Middle East present major opportunities due to growing healthcare infrastructure and increasing medical expenditures in these countries.
The COVID-19 pandemic has significantly impacted the growth of the digital health monitoring devices market. With the rise of the pandemic, there was a surge in demand for devices that enable remote patient monitoring. This helped overcome issues associated with limited physical access to healthcare facilities and practitioners.
Initially as the pandemic unfolded, there was disruption in the supply chain and production of digital health devices. Manufacturers faced issues around procuring components and shutting down of manufacturing units to curb virus spread. This led to short term decline or lag in market growth during early 2020. However, as the pandemic intensified and home monitoring gained prominence, demand spike helped manufacturers to swiftly resume production.
The use of digital health monitoring solutions grew massively as they enabled continuous keeping tabs on high risk patients from the safety of their homes. This trend is likely to continue even post pandemic with patients preferring remote monitoring for convenience. Doctors also valued device data for timely clinical decisions without in-person meetings. The pandemic has fast tracked digital transformation and large scale integration of remote patient care using devices.
Geographically, North America holds the largest share of the digital health monitoring devices market currently. This can be attributed to rising healthcare costs encouraging self-care with devices and supportive regulatory environment for novel digital therapeutics. However, Asia Pacific is poised to be the fastest growing regional market in the coming years. Factors driving this include growing medical infrastructure, increasing penetration of internet and smartphones along with rising affordability of devices in developing nations.
The COVID-19 pandemic has accentuated the need for digital health monitoring solutions that enable virtual care delivery models. While initial supply disruptions led to short term slowdown, sustained demand from healthcare providers and patients alike has ensured steady market growth. Manufacturers now need to focus on enhancing device capabilities to support complex chronic care management as remote monitoring takes centerstage even in post pandemic future of healthcare. Strengthening virtual care platforms integration with devices will be important for long term sustained market expansion.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)