The Digital Health Monitoring Devices Market is estimated to be valued at US$ 14.80 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the digital health monitoring devices market. Coherent Market Insights’ analyst projected the digital health monitoring devices market to be valued at US$ 14.80 Bn in 2031. It is expected to exhibit a CAGR of 18.8% over the forecast period 2024 -2031.

Market growth is driven by rising incidences of chronic diseases such as diabetes, cardiovascular diseases, and respiratory diseases. According to the World Health Organization, chronic diseases accounted for around 60% of the total reported deaths in the world during 2001.

Further, the increasing demand for home healthcare along with the rising geriatric population who are more prone to chronic diseases also contribute to the growth of the market.

Key Market Trends:

Remote patient monitoring is a key trend driving market growth. Remote patient monitoring involves using digital technologies to monitor patients outside of conventional clinical settings. This allows care to be extended beyond doctors’ offices or hospitals. Remote patient monitoring solutions leverage devices, apps and other digital tools to collect and track health data and transmit it securely to physicians and care teams.

Artificial Intelligence (AI) Integrated Devices: Integration of artificial intelligence in digital health devices is another key trend witnessed in the market. AI capabilities allow devices to draw insights from the collected health data to provide personalized diagnosis and treatment recommendations. AI also enables predictive analysis which helps in forecasting potential health issues in advance. This advances precision and preventive care.

Digital Health Monitoring Devices Market Opportunities

The wearable devices segment holds a significant share of the overall digital health monitoring devices market currently. Fitness trackers and smartwatches that can monitor vital health parameters like heart rate, blood pressure, sleep cycles etc are seeing increased adoption. Advancements in technology are making wearables even more accurate and affordable.

Remote monitoring devices segment also holds a highly significant share in the market. They help reduce hospital visits and allow care to be delivered at home, especially important during the current pandemic. 5G networks and cloud technologies are enabling more reliable data transmission and analytics. This is expected to boost demand for remote patient monitoring solutions going forward.

Key Market Takeaways:

The global digital health monitoring devices market is anticipated to witness a CAGR of 18.8% during the forecast period 2024-2031. This is owing to rapid advancements in remote monitoring technologies and growing preference for non-invasive solutions.

On the basis of product type, the wearable devices segment is expected to hold a dominant position. This is accounting for over 30% market share in 2031 due to multi-functional capabilities and ease of use.

By technology, wireless health and mHealth solutions are predicted to be the top segments on the back of widespread internet and smartphone penetration facilitating connectivity.

North America is expected to hold a dominant position over the forecast period. This is due to supportive regulatory environment and presence of key market players in the US and Canada.

Competitor Insights

Some of the major players operating in the digital health monitoring devices market include

IQVIA
Mediware Information Systems
Siemens Healthcare GmbH
Cerner Corporation
Veradigm LLC, Philips
McKesson Corporation
Optum
Capsule Technologies
Wellthy Therapeutics Pvt Ltd

Recent Developments

In October 2023, Dozee, launched the ‘Dozee Pro Ex,’ an ambulatory connected patient monitoring system with wireless wearable sensors. This system allows for continuous monitoring of vital signs such as ECG rhythm, blood pressure, heart rate, oxygen saturation, respiration rate. More information is available in full report