According to a report,“Digital Patient Monitoring Devices Market Size, Share & Trends Analysis Report By Type (Wireless Sensor, mHealth, Telehealth, Wearable Devices, Remote Patient Monitoring), By Product, By Region, And Segment Forecasts, 2019 – 2026”, published by Grand View Research, Inc., The global digital patient monitoring devices market size is expected to reach USD 272.6 billion by 2026. It is projected to register a CAGR of 27.9% during the forecast period. Rising prevalence of chronic conditions such as diabetes and hypertension is anticipated to drive the demand for real time patient monitoring for the management of these disorders. Digital monitoring platforms help in continuous patient monitoring, along with providing remote access to patient data and further reducing the clinical decision time.
Availability of mobile and telehealth applications for users is growing at a rapid rate, especially healthcare apps that assist consumers in self-management of disease, wellness, and chronic conditions. The increased patient role and importance in staying updated and informed about their own healthcare decisions, is contributing to the rise in adoption of digitized patient monitoring devices.
The mHealth segment is expected to expand significantly due to the high acceptance of products such as smart watches, smart bands, and clips. In May 2019, the Scripps Research Translational Institute expanded its mHealth study aimed at enhancing care management for pregnant women by launching POWERMOM, a digital health platform that combines an mHealth app and patient generated data from wearables to offer a better understanding in all stages of pregnancy.
Key players of digital patient monitoring device market are undertaking various strategic initiatives to sustain the competition. These initiatives include collaborations, mergers, acquisitions, and new product launches. For instance, in November 2015, Vital Connect signed an agreement with Omron Healthcare Co. to distribute HealthPatch MD in Japan. This agreement helped the company increase its geographical presence as well as market penetration.
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Key Takeaways from the report:
- In 2018, wearable technology held majority of share in the technology segment, followed by mHealth technology. Physicians are increasingly recommending the usage of mHealth apps to their patients, driving the adoption of mHealth apps
- Diagnostic devices led the product segment due to the rise in consumer awareness along with acceptance of digital patient monitoring utilities among caregivers
- North America led the digital patient monitoring device market in 2018 in terms of revenue share pertaining to the presence of major market players in the region
- Asia Pacific is expected to witness significant growth over the forecast period, attributed to rapid economic development coupled with untapped demand from huge population
- Key market players include Omron Corporation; AT&T, Inc.; Philips Healthcare; Airstrip Technologies; Athenahealth, Inc.; St. Jude Medical; Welch Allyn; Medtronic Plc; GE Healthcare; Fitbit, Inc.; Garmin; Vital Connect; ResMed; and Zephyr Technology Corporation
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Grand View Research has segmented the global digital patient monitoring device market based on type and region:
Digital Patient Monitoring Devices Type Outlook (Revenue, USD Million, 2015 – 2026)
- Wireless Sensor Technology
- Wearable Devices
- Remote Patient Monitoring
- Hospital Inpatient Monitoring
- Ambulatory Patient Monitoring
- Smart Home Healthcare
Digital Patient Monitoring Devices Product Outlook (Revenue, USD Million, 2015 – 2026)
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Therapeutic Monitoring Devices
- Insulin Monitoring Devices
- Respiratory Monitors
Digital Patient Monitoring Devices Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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