Global digital patient monitoring devices market is expected to reach USD 115.0 billion by 2022, according to a new report by Grand View Research, Inc. Increasing demand for remote patient monitoring and home healthcare is the key driver for market growth.
With rising prevalence of chronic conditions such as diabetes and hypertension, the demand for real time patient monitoring for management of these disorders is increasing. Digital monitoring is the only platform, which helps in continuous patient monitoring, along with providing remote access to patient data and further reducing the clinical decision time.
Rising consumer awareness levels along with acceptance amongst caregivers about digital patient monitoring utilities are helping this market to grow substantially.
The industry is projected to witness technological advancements and resulting products are expected to be more durable, aesthetically attractive, and encompass guidance from experts such as nutritionist and gym instructors. Smart watches, smart bands, and clips are anticipated to be the focal areas of developments.
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Further key findings from the study suggest:
- Wearable technology held a lucrative share of around 25.0% in technology segment, which was followed by mHealth technology in 2015. Increasing cell phone penetration along with data connectivity assisted the growth of mHealth.
- Diagnostic devices dominated product segment with over 60.0% share in 2015. Rising focus on monitoring through digital monitoring platforms governed its growth
- Vital sign monitoring devices are anticipated to exhibit lucrative growth over the forecast period, while neuromonitoring devices are anticipated to be the largest segment over the forecast period.
- Therapeutic products are expected to witness substantial growth over the forecast period with a rate of over 30.0%. Insulin monitors are expected to witness lucrative growth owing to increasing prevalence of diabetes.
- As per the market estimates up to 2022, North America held a commanding share of around 35.0% in 2015. The Asia Pacific on the other hand would witness significant growth over the forecast period. Economic developments coupled with untapped demand of huge population are expected to govern the growth of digital patient monitoring devices in the Asia Pacific.
- Key players operating in this market include Omron Corporation, AT&T, Inc., Philips Healthcare, Airstrip Technologies, Athenahealth, Inc., St. Jude Medical, Welch Allyn, Medtronic Plc, GE Healthcare, Fitbit, Inc., Garmin, Jawbone, Vital Connect, ResMed, and Zephyr Technology Corporation.
- These players 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 to increase its geographical presence as well as market penetration.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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