Digital Patient Monitoring Devices Market Size, Demand & Analysis By 2031

(MENAFN- Straits Research) Digital patient monitoring devices are high-tech medical equipment that monitors patients' vital signs and health status in real-time. These devices are designed to capture and transmit patient information electronically, enabling medical professionals to monitor and manage patients' conditions remotely. Wearable devices, wireless sensors, smartphone applications, and connected medical devices are just a few examples of the diverse technologies that make up digital patient monitoring systems.
These devices can monitor heart rate, blood pressure, glucose levels, oxygen saturation, respiratory rate, and activity levels. Additional functions, including GPS monitoring, prescription reminders, and fall detection, may also be included. The obtained data is analyzed and interpreted after being wirelessly transmitted to healthcare organizations or cloud-based systems.
Market Dynamics
Rising Demand for Round-The-Clock Monitoring Drives the Global Market
Medical personnel are increasingly turning to embedded biosensors and wearable devices, such as ECG monitors, pulse oximeters, blood pressure monitors, and continuous glucose monitors, to manage chronic illnesses and population health better. These technologies are utilized both within and outside of hospitals. Given the advantages of continuous monitoring devices, dominant players are placing a greater emphasis on research operations to innovate their product offerings. Somatix, Inc., for instance, recently introduced an AI-powered solution for continuous remote patient monitoring.
A mobile application and a wearable device in the form of a smart band are utilized. Artificial intelligence can determine a patient's hydration level, detect hand movements, and analyze sleep patterns. In tandem with rising levels of awareness, the availability of more sophisticated technologies is driving an increase in the demand for continuous monitoring systems.
Remote Monitoring of Patients and Telehealth Creates Tremendous Opportunities
The expansion of telehealth and other remote patient monitoring methods has paved the way for developing digital patient monitoring tools by creating an environment favorable to their production. This atmosphere resulted from the creation of a favorable environment for the production of digital patient monitoring instruments. With the aid of these technologies, remote monitoring of a patient's vital signs and other information is possible.
These technologies enable medical personnel to monitor patients' vital signs remotely, collect information about patients, and make treatment decisions while remaining informed of all pertinent information. The COVID-19 pandemic has accelerated the adoption of telehealth and remote monitoring, creating a substantial opportunity for manufacturers of digital patient monitoring devices. The agent that caused the pandemic was the COVID-19 virus.
Regional Analysis
North America is the most significant global digital patient monitoring devices market shareholder and is estimated to exhibit a CAGR of 15.24% over the forecast period. The rising number of older adults, the rising prevalence of chronic diseases brought on by changes in lifestyle, and the growing preference for home and remote monitoring are major factors contributing to this region's expansion. According to the Centers for Disease Control and Prevention (CDC), heart disease is one of the major causes of death in the United States. The American Heart Association estimates around 720,000 new heart attack cases yearly in the United States, with another 335,000 heart attacks occurring regularly.
Additionally, a high risk of developing cardiovascular disease is posed by the adoption of a sedentary lifestyle, as well as a diet that is heavy in sugar. It is anticipated that the market will be driven by the variables that have been discussed. In addition, the approval and launch of cutting-edge, next-generation monitoring devices in the United States and Canada and the widespread acceptance of monitoring devices are projected to stimulate market growth.
Europe is anticipated to exhibit a CAGR of 23.1% over the forecast period. Regarding revenue share, Europe ranked second among the world's regions for digital patient monitoring equipment. The principal markets in this area are the UK, France, Germany, Italy, and Spain. The prevalence of significant unmet requirements in Eastern Europe and the growing senior population in developed nations like the UK, Germany, Italy, and France are key reasons to fuel growth throughout the projected period. Some key reasons projected to drive the market are the rising prevalence of chronic diseases due to lifestyle changes, the portability and convenience of use of these devices, and the desire for home-based monitoring.
However, considerations, including expensive technological costs and strict regulatory requirements, limit industry expansion in Europe's developing nations. Major market players' local presence, technical improvements, and increased commercial activity, such as new product launches and mergers and acquisitions, are further factors supporting the expansion of this region.
Key Highlights

The global digital patient monitoring devices market size was valued at
USD 42.3 billion in 2022.
It is estimated to reach
USD 91.63 billion by 2031,
growing at a CAGR of
9.1%
during the forecast period (2023–2031).
Based on the product, the global digital patient monitoring devices market is bifurcated into diagnostic and therapeutic monitoring devices. The diagnostic monitoring devices segment dominates the global market and is projected to exhibit a CAGR of 23.0% over the forecast period.
Based on type, the global digital patient monitoring devices market is segmented into wireless sensor technology, mHealth, telehealth, wearable devices, and remote patient monitoring. The wearable devices segment dominates the global market and is predicted to exhibit a CAGR of 25.5% over the forecast period.
North America is the most significant global digital patient monitoring devices market shareholder and is estimated to exhibit a CAGR of 15.24% over the forecast period.

Competitive Players
The key players in the global digital patient monitoring devices market are GE Healthcare; AT&T; ATHENAHEALTH, INC.; Abbott; Koninklijke Philips N.V. AB; Hill-Rom Services Inc.; Medtronic; Omron Healthcare, Inc.; Fitbit, Inc.; Garmin Ltd.; Vital Connect; ResMed; and Siren.
Market News

In June 2023,
Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and Masimo (NASDAQ: MASI), a global medical technology company, announced FDA clearance allowing the activation of SedLine® Brain Function Monitoring, Regional Oximetry (O3®), and CO2 measurements in Philips Patient Monitors – IntelliVue MX750 and MX850. The latest extension of Masimo and Philips' ongoing collaboration will help clinicians make quick and informed decisions without additional monitoring equipment.
In August 2023,
GE HealthCare announced that its smartphone-sized Portrait Mobile wireless monitoring solution has received FDA 510(k) clearance, clearing the path to the device becoming commercially available in the U.S.

Global Digital Patient Monitoring Devices Market: Segmentation
By Product

Diagnostic Monitoring Devices
Therapeutic Monitoring Devices

By Type

Wireless Sensor Technology
mHealth
Telehealth
Wearable Devices
Remote Patient Monitoring

By Regions

North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa

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