The latest report by IMARC Group, titled "Digital Patient Monitoring Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global digital patient monitoring devices market size reached US$ 103.2 Billion in 2022. Digital patient monitoring devices are electronic instruments used to monitor the patient's vital parameters, such as temperature, pulse rate, heart rate, and blood oxygen saturation levels (SPO2). They assist in delaying and preventing complications caused by the disease, reducing workload and errors, improving communication, increasing patient engagement and control, and enhancing safety. As a result, digital patient monitoring devices are extensively used in hospitals, clinics, ambulatory surgical centers (ASC), and home care settings.
Global Digital Patient Monitoring Devices Market Trends:
The market is primarily driven by the expanding healthcare industry. In addition, the growing prevalence of chronic diseases, such as asthma, blood pressure, hypertension, and diabetes, represents another major growth-inducing factor. Besides this, various manufacturers are introducing smart digital patient monitoring devices to analyze common physiological parameters. This, coupled with the escalating demand for sensor-based wearable monitoring devices, such as glucose monitors that help track blood sugar levels in real time, is positively influencing the market growth. Moreover, the rising geriatric population, the increasing expenditure capacity of consumers, and widespread product adoption in home care settings due to the sudden outbreak of coronavirus disease are some of the other factors propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 403.3 Billion by 2028, exhibiting a CAGR of 24% during the forecast period (2023-2028).
- Based on the monitoring type, the market has been classified into wireless sensor technology, mhealth, telehealth, wearable devices, and remote patient monitoring.
- On the basis of the product, the market has been bifurcated into diagnostic monitoring devices (vital sign monitors, sleep monitors, fetal monitors, neuromonitors, and others) and therapeutic monitoring devices (insulin monitors, respiratory monitors, and others).
- Based on the end user, the market has been classified into hospitals, home settings, and ambulatory surgical centers (ASC).
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being Abbott Laboratories, AT&T Inc., Athenahealth Inc., F. Hoffmann-La Roche AG, General Electric Company, Hill-Rom Holdings Inc. (Baxter International Inc.), Johnson & Johnson, Koninklijke Philips N.V, Medtronic plc, Nihon Kohden Corporation, OMRON Corporation, and ResMed Inc.
|Base Year of the Analysis
||Monitoring Type, Product, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Abbott Laboratories, AT&T Inc., Athenahealth Inc., F. Hoffmann-La Roche AG, General Electric Company, Hill-Rom Holdings Inc. (Baxter International Inc.), Johnson & Johnson, Koninklijke Philips N.V, Medtronic plc, Nihon Kohden Corporation, OMRON Corporation and ResMed.
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