Digital Patient Monitoring Devices Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts 2020 - 2030

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Digital Patient Monitoring Devices Market - Global Industry, Analysis, Size, Share, Trends, and Forecasts 2020 - 2030

Status : March, 2023 | Medical Devices

Report Digest

Digital Patient Monitoring Devices Market: Overview

The growing number of cases for chronic diseases such as cardiovascular diseases, diabetes, and hypertension among others, worldwide is promoting the need for monitoring devices. This is further prognosticated to aid in expansion of the global digital patient monitoring devices during the forecast period, 2020 to 2030. The growing popularity of wearable devices has urged central members to convey escalated examination and dispatch inventive items on the lookout for digital patient monitoring devices.

The global digital patient monitoring devices market is categorized on the basis of type, product, and regional segmentation. On the basis of product, the market is bifurcated into therapeutic monitoring and diagnostic monitoring devices. Among these, the diagnostic monitoring device segment is again divided into neuromonitors, fetal monitors, sleep monitors, vital sign monitors. The therapeutic monitoring devices segment is split into respiratory monitors, insulin monitors, and others. The type segment is again divided into wearable devices, telehealth, mHealth, wireless sensor technology, and remote patient monitoring. Among these, the remote patient monitoring market segment is grouped into smart home healthcare, ambulatory patient, and hospital inpatient.

The report offers a 360-degree overview of the global digital patient monitoring devices market and emphasizes on the key growth parameters. This includes drivers, restraints, challenges, and upcoming opportunities that will shape the growth of this market in the forecast period. Additionally, the report also highlights on the recent trends and innovations that will aid in favor of the market. The report also discusses the impact of the COVID19 pandemic on this market and how can players benefit from this.

Digital Patient Monitoring Devices Market: Company Profiles

Players of the global market for digital patient monitoring devices market are indulging in merger and acquisition strategies to gain an upper hand in the overall market competition. Additionally, players are also investing heavily in product manufacturing and quality control so ensure their position in the competition for the forecast period. Some of the notable players of this market include:

  • Siren
  • VitalConnect
  • FitBit Inc.
  • Medtronic
  • Koninklijke Philips N.V. AB
  • AthenaHealth INC.
  • GE Healthcare
  • ResMed
  • Garmin Ltd.
  • Omron Healthcare Inc.
  • Hill-Rom Service Inc.
  • Abbott
  • AT & T

Digital Patient Monitoring Devices Market: Notable Developments

  • A new artificial intelligence remote patient monitoring device was introduced by Somatic Inc., in March 2020. Similar innovative product launches are organized by various players so as to aid in expansion of the market in the coming years.

Digital Patient Monitoring Devices Market: Recent Innovations

The advent of internet of things and the growing adoption of wearable devices worldwide is expected to aid in expansion of the global digital patient monitoring devices market. Additionally, the increasing adoption of RPM in clinics and hospitals will also aid in expansion of the global digital patient monitoring devices market. Rising interest for persistent monitoring devices and expanding predominance of constant illnesses like diabetes, hypertension, cardiovascular infections, and others are factors driving the development of the market.

Digital Patient Monitoring Devices Market: Regional Insights

Demographically, the market is globally dominated by North America on account of the launch of new products and rising number of cardiac diseases. This is followed by Europe, on account of the rising support from government agencies. Furthermore, the market in Asia Pacific is projected to witness notable growth in the coming years on account of the increasing number of smartphone users in nations such as India, and China.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?