Exploring the Global Digital Health Monitoring Devices Market: A Comprehensive Overview

The digital health monitoring devices market size has grown rapidly in recent years. It will grow from $5.65 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to clinical research and evidence-based practices, regulatory framework development, patient engagement and empowerment, internet of things (iot) integration.

The digital health monitoring devices market size is expected to see exponential growth in the next few years. It will grow to $14.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, patient-centric care and self-management, focus on preventive healthcare, rise in health and fitness consciousness, remote diagnostics and decision support. Major trends in the forecast period include advancements in wearable technology, remote patient monitoring (rpm), telemedicine and telehealth adoption, internet of things (iot) integration.

Market Overview -
Digital health monitoring devices are devices used to monitor and analyze acute or chronic conditions outside of the hospital or clinic setting. These devices digitally track and monitor the health of people and give easy access to relevant information, which helps in improving the quality of healthcare and delivering value to healthcare practitioners, patients, hospitals, and governments.

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Surging Global Demand For Remote Monitoring Drives Growth In The Digital Health Monitoring Devices Market
The rising demand for remote monitoring across the globe is expected to propel the growth of the digital health monitoring devices market going forward. The remote monitoring device is a medical device used to track and monitor patients' health at home. The digital health monitoring devices allow healthcare professionals to electronically capture and monitor medical and other health data of patients for assessment, recommendations, and instructions. For example, according to a survey conducted by MSI International, a US-based recruiting firm, in June 2021, 80% of Americans are in favor of using remote patient monitoring, and around half are very supportive of incorporating it into medical care. Therefore, the rise in demand for remote monitoring devices drives the growth of the digital health monitoring devices market.

Competitive Landscape -
Major companies operating in the digital health monitoring devices market report are GE Healthcare company, AT&T Inc., ResMed Inc., Abbott Laboratories, Koninklijke Philips N.V. AB, Hill-Rom Services Inc., Medtronic plc, Garmin Ltd., VitalConnect Inc., Siren Care Inc., athenahealth Inc., FitBit lnc., Soterix Medical Inc., Array Telepresence, Avaya Inc., Cisco Systems Inc., Digital Video Enterprises, HaiVision, Huawei Technologies Co. Ltd., Polycom Inc., Videonations Limited., Vidyo Inc., ZTE Corporation, Baxter International Inc., Benson Medical Instruments Co., Chest M.I. Inc., COSMED srl, Depisteo LLC, Henry Schein Inc., ICU Medical Inc.

Technological Innovation Takes Center Stage In The Digital Health Monitoring Devices Market
Technological innovation is a key trend gaining popularity in the digital health monitoring devices market. Companies in the digital health monitoring devices market are focusing on using machine learning, clinical innovation, and artificial intelligence (AI) to monitor patients' health as well as to gain a competitive edge in the market. For example, in August 2021, Tabula Rasa HealthCare (TRHC), a US-based healthcare company engaged in developing healthcare software products, launched a remote patient monitoring service that uses artificial intelligence and biosensors to monitor patients' vital signs and also alerts providers if necessary. Similarly, in June 2021, Max Healthcare, an India-based healthcare provider, launched an integrated patient monitoring framework, Max MyHealth, based on artificial intelligence (AI). Patients can use the Max MyHealth platform to monitor their vital signs with clinical devices integrated into the app. This allows clinical measurements to flow seamlessly from device to app to the electronic medical record (EMR) for review by physicians.

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Key Segments -

The digital health monitoring devices market covered in this report is segmented -
1) By Type: Tele-health, EHR/EMR, M-health, Wireless health, Remote Patient Monitoring
2) By Product type: Device, Software, Services, Other Products
3) By End User: Hospitals, Clinics, Ambulatory surgical centres, Homecare settings, Other End-users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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