The global digital health monitoring market size is forecasted to grow at a CAGR of 27.2% CAGR between 2021 and 2026.
Digital health monitoring devices play an important role in monitoring people suffering from long-term diseases like cancer and others. These devices are successfully developed using the internet or smartphone-enabled applications, which are mainly useful in decision making and symptom management.
MARKET DRIVERS:
The adoption of telemedicine and fitness-related applications is likely to flourish the growth rate of the global digital health monitoring market. In 2019, the number of smartphone users using health and fitness applications was 68.7 million where it is estimated that the number of users will increase by 27.2% in 2021, particularly in the US. As a result, it is anticipated that the number of health and fitness app users will be around 84 million through 2022.
Also, rising COVID 19 cases everywhere and prevalence to adopt digital healthcare services to stay safe bolstered the market demand. Increasing incidences of infectious diseases worldwide is certainly a major factor for the market to grow tremendously. Growing expenditure on healthcare and rising awareness even in remote areas are merely leveraging the demand of the digital health monitoring market. In addition, the rapid adoption of the latest technologies in the healthcare domain is elevating the market’s growth. The increasing production rate of smartphones and the introduction of various health and fitness applications are accelerating the market's growth rate.
Digital health monitoring services are efficient in helping caregivers, healthcare professionals, and patients, which is a dominant factor for growing tremendously. Also, the growing cost of advanced treatment procedures is anticipated to propel the market's demand. In addition, the government's launch of reimbursement policies in favor of the common people is escalating the growth rate of the digital health monitoring market.
MARKET RESTRAINTS:
However, the lack of skilled people in utilizing digital devices, especially in rural areas, is likely to impede the market's demand. Also, reluctance to adopt innovative technologies in undeveloped countries limits the growth rate of the digital health monitoring market. Also, rising concern towards privacy is restraining the growth rate of the global digital health monitoring market.
COVID 19 impact on the digital health monitoring market:
COVID-19 is a deadly disease that disrupted every sector in an unprecedented way. COVID 19 outbreak is a boom for the digital health monitoring market. The market shares were increased abruptly during the pandemic. Due to lockdown restrictions and a ban on flights across the world, there is a huge demand for the adoption of digital healthcare services. These devices helped healthcare professionals and caregivers during these tough times in various ways. The world is fighting against COVID-19, where top companies are thriving hard to increase their supply chains. There is an increase in the demand for fitness applications to maintain a healthy diet to stay safe. The digital health monitoring market is expected to have a significant growth rate in the coming years.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2020 to 2026 |
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Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Product and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities and COVID-19 impact |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This market research report on the global digital health monitoring market has been segmented and sub-segmented into the following categories.
Digital Health Monitoring Market - By Product:
Based on the product, the digital healthcare devices segment is currently leading with the dominant shares of the market owing to the recent COVID-19 boom and Y-O-Y growth in chronic diseases. Growing awareness over the benefits of these devices to monitor the heart rate and blood pressure are further leveraging the demand of this segment.
The digital healthcare software segment is forecasted to hike at a significant rate during the forecast period. The easy availability of the internet of things in the developed and developing countries is a key driving factor for the market to grow. In addition, increasing investments in the development of healthcare services online are escalating the growth rate of this segment. mHealth and telehealth are digital healthcare technologies estimated to have significant growth rates in the coming years. The rising number of COVID-19 patients across the world is lavishing the demand for these services, which is boosting up the growth rate of these segments.
The digital health service segment is estimated to witness lucrative growth opportunities during the forecast period. As a result, the remote patient monitoring segment is to have the highest growth rate in the foreseen years.
Digital Health Monitoring Market - By Region:
Geographically, the North American market held the leading share in the global digital health monitoring market in 2019 due to increasing incidences of chronic diseases. In addition, rising disposable income and increasing funds from private and public organizations are leveling up the market demand in this region. The U.S. market is holding with the highest share of the digital health monitoring market. Adopting the latest technologies and the launch of innovative products in favor of the end-users are likely to fuel the market's demand to the extent.
The European market is next in leading the significant shares of the market with the constant economic growth. In addition, rising awareness through digital platforms and the launch of various health applications in smartphones bolstered the market demand in this region. UK and Germany are the major countries contributing the largest shares for the market.
The Asia Pacific market is estimated to have the highest CAGR in the coming years with the rising geriatric population. In addition, rising R&D activities in the healthcare domain are elevating the market's growth rate in this region.
NOTABLE PLAYERS IN THIS MARKET:
Medtronic, Inc., Apple, Inc., Sanofi, Mobisante, Inc., AirStrip Technologies, Inc., AliveCor, Inc., LifeWatch AG, Nike Inc., Koninklijke Philips N.V., Johnson & Johnson, Jawbone, Omron Corporation are some of the dominating companies leading the global digital health monitoring market.
RECENT MARKET DEVELOPMENTS:
Digital Health Monitoring Market
