Digital Patient Monitoring Systems Market expanding at a CAGR of 17.2% from 2022 to 2032 | FMI
Future Market Insights, a market research and competitive intelligence provider, analyses that market demand for Digital Patient Monitoring Systems is expected to rise rapidly on the back of increasing demand for remote patient monitoring activities and increasing penetration in developing countries.
According to the study, the global Digital Patient Monitoring Systems market was valued at US$ 73.7 Bn in 2021, and it is expected to expand at a CAGR of 17.2% over the assessment period of 2022-2032 to reach 470 Bn by 2032. Owing to the significant growth in diabetic population which is expected to reach 701 Mn by 2045, diagnostics monitoring devices demand is projected to upscale continuously.
|Digital Patient Monitoring Systems Market Size (2021A)||US$ 73.7 Bn|
|Market size value estimated in 2022E||US$ 96.4 Bn|
|Market Forecast Value (2032F)||US$ 470 Bn|
|Global Market Growth Rate (2022-2032)||17.2% CAGR|
|Countries with high Market Share||
|US Market Growth Rate||15.5% CAGR|
|Key Companies Profiled||
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The market for Digital Patient Monitoring Systems is dominated by companies such as Abbott, Athenahealth, Biotronik SE & Co. KG, FitBit and MedTronic. North America leads the market for dynamic patient monitoring equipment as a result of its substantial R&D capital, the incidence of infectious diseases, safety concerns, and technological advancements in these products. The ASEAN region is experiencing a significantly growing market potential in the foreseeable future due to increasing smartphone-install base.
Digital Patient Monitoring Systems are used extensively for diagnostic purposes. Diagnostic Monitoring Devices segment of Digital Patient Monitoring Systems is projected to increase at a CAGR of around 14.8% over the decade (2022-32). The rising prevalence of diseases such as diabetes, obesity, cancer, and others, as well as the growing geriatric population, are propelling the segment’s growth.
Key Takeaways from Market Study
- The Digital Patient Monitoring Systems market is anticipated to add 11.7X value by 2032.
- The market is expected to expand at a considerable growth rate of 17.2% and be valued at US$ 470 Bn by 2032.
- Abbott, Medtronic and Athenahealth are the top giants in Digital Patient Monitoring Systems manufacturing.
- Based on product type, diagnostic devices accounted for around 62% of the global market share in 2021.
- The MedTech behemoth, Medtronic has joined forces with Rockley Photonics to develop a new wearable type digital monitoring device in March 2022. Launching innovative Digital Patient Monitoring Systems is expected to be a future trend.
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“The spread of COVID-19 pandemic has prompted remote patient monitoring activities, as well as the use of mHealth apps and telehealth devices, while also catalysing demand for digital medicine. This has resulted in increased demand for digital patient monitoring equipment and created the market for Digital Patient Monitoring Systems has enormous growth potential.” says a Future Market Insights analyst.
More Valuable Insights Available
Future Market Insights , in its new offering, presents an unbiased analysis of the global Digital Patient Monitoring Systems market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.The study reveals essential insights by Product Type (Diagnostic and Therapeutic Devices), by Type ( Wireless Sensor Technology, mHealth, Telehealth, Wearable Devices, and Remote Patient Monitoring) and across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Key Segments Covered in Digital Patient Monitoring Systems Industry Survey
Digital Patient Monitoring Systems Market by Product Type:
- Diagnostic Monitoring Devices
- Vital Sign Monitors
- Sleep Monitors
- Fetal Monitors
- Other Diagnostic Monitoring
- Therapeutic Monitoring Devices
- Insulin Monitors
- Respiratory Monitors
- Other Therapeutic Monitors
Digital Patient Monitoring Systems Market by Type:
- Wireless Sensor Technology
- Wearable Devices
- Remote Patient Monitoring
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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