Digital Health Monitoring Market

Digital Health Monitoring Market Size (2023 to 2028)

The global digital health monitoring market size is forecasted to grow at a CAGR of 27.2% CAGR between 2023 to 2028.

Impact of COVID-19 on the global digital health monitoring market:

COVID-19 had positively impacted the market growth of digital health monitoring. This is due to the increase in the adoption of digital technologies for the treatment and diagnosis of different diseases. According to an article published by Health Advances, before COVID-19, the national insurance fund recorded and reimbursed around 40,000 teleconsultations per month, and this number increased almost ten times in a week during COVID-19 time. According to MDLive, in April 2020 the volume of teleconsultations increased by 50% between March 2020 and early April. During the pandemic people stayed at home thus they could not visit gyms. This helped to launch new apps and make old apps famous and then these apps collaborated with the fitness market. Many gyms introduced apps to provide services to new and existing customers.

MARKET DRIVERS:

Growing internet penetration, increasing usage of smartphones to monitor health and increasing adoption of technological gadgets propel the digital health monitoring market growth. Mobile health apps are being used to improve patient treatment in a variety of ways, including diagnosing and treating illness. Healthcare app development has become both a need and a luxury. Digital health apps can help to compensate for the shortage of healthcare professionals. According to World Health Organisation, the healthcare professional deficit can rise to 9.9 million by 2030.

The growing number of initiatives and investments in the healthcare sector by the governmental organizations of various countries further drive the digital health monitoring market growth. The government of many countries is taking initiatives to promote the use of digital health monitoring solutions for handling different diseases. For example, the Federal Communications Commission (FCC) developed and approved 200 million to fund telehealth services and devices for medical providers. The increase in the use and adoption of artificial intelligence and machine learning in healthcare, these factors are also contributing to the growth of the market. Big data in healthcare stores patient information and analyses the data, lowering medication errors next time. Also, data collected by hospitals can be used by research and development teams to predict disease in patients with previous medical histories.

An increasing number of technological advancements, the growing need for secondary and tertiary care and the growing number of government initiatives drive the growth of the digital health monitoring market.  The growing purchasing power and urbanization are also helping the digital health monitoring market. Consumers are becoming more aware of new trends and offerings in the market and are trying to invest in products that help them make life smoother. The use of digital health monitoring gadgets is beneficial for aged people and patients suffering from serious illnesses. Patients use a wide range of digital health monitoring devices to manage chronic illnesses at home. It also encourages independent living and self-care while connecting with healthcare professionals. It also helps patients avoid many issues prevalent in today's healthcare systems, such as restricted access, poor coordination, and rising costs, which helps the market grow significantly. Moreover, there is a steady shift towards preventive care as patients take an active role in their healthcare. Progressive care models that consider technology improvements will emerge from this trend. Wearable patient monitoring devices continuously monitor glucose levels, temperature, blood pressure, and pulse oximetry, among other measures. Vital indicators like blood pressure, weight, blood sugar, and electrocardiography are measured by wearable biosensors and sent to a central server using mobile wireless networks. The increased use of these devices by patients and the need for data by doctors are booming the development of the digital health monitoring market.

MARKET RESTRAINTS:

Stringent regulatory guidelines are one of the major factors hampering market growth. The products and services of digital health must follow the rules and regulations which are different from country to country; this makes it difficult for products and services to enter the market. Privacy concerns regarding the patient’s data limit the adoption of digital health. The health data is collected and generated in large amounts and stored in different formats at different health information systems, hence keeping this data safe from cybercrimes and data glitches is a major concern, according to the health sector cyber security coordination center around 239.4 million attempted cyber-attacks on healthcare systems in 2020. The breach in data security can cause significant losses of sensitive information including medical records which contains social security number, insurance IDs, addresses, and personal health information. Hence increasing number of data breaches in patients’ health records is creating privacy-related concerns among healthcare providers and patients.

Resistance to change to digital technologies by healthcare providers restrict the digital health monitoring market growth. Unfavorable reimbursement for digital health technology in some countries, lack of infrastructure in some countries, and the increase in the cost of digital health products limit the growth rate of the market. Less awareness about digital health products among healthcare professionals and patients and the availability of apps impede market growth.

MARKET OPPORTUNITIES:

Digital health is becoming more common in developing countries because there is a strong need for better, affordable, and widely available healthcare. It can greatly improve the overall care people receive throughout their lives, starting from when they are born until they pass away. Digital health offers solutions that can help prevent health problems instead of just treating them, making healthcare more accessible and cheaper. It also improves the quality of care and makes better use of available resources.

People are becoming wealthier and changing their lifestyles to put their health first. They wish a greater degree of control over their healthcare choices. The expense of healthcare is increasing, yet there are frequently insufficient resources. Healthcare is changing to put more of a focus on preventing health issues before they arise to meet these difficulties. The goal is to improve the patient experience, educate patients and make healthcare more convenient. These modifications are taking place as a result of technological developments.

 Digital health can be crucial in tackling the issues that currently make it difficult to provide healthcare in developing countries. These problems include costly healthcare services and concerns about their quality and safety. Due to a lack of resources and infrastructure, many developing countries, particularly in rural areas, face challenges. Healthcare services can be digitized to decrease costs, increase accessibility, and improve the quality of treatment. Developed countries have already shifted away from traditional paper-based healthcare systems and accepted digital healthcare options. Developing countries are beginning to use these digital models to upgrade their healthcare infrastructure. Healthcare procedures are becoming more effective and economical because of the use of digital technologies in creative methods to diagnose and cure illnesses.

REPORT COVERAGE:

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:

• Digital Healthcare Devices
  • Blood Glucose Monitors
  • Blood Pressure Monitors
  • ECG Monitors
  • Neurological Monitors
  • Oximeters
  • Peak Flow Monitors
  • Multi-Parameter Monitors
  • Sleep Apnea Monitors
  • Others
• Digital Health Software
  • Chronic Disease Apps
  • Healthcare Apps
  • Personal Health Apps
  • Others
• Digital Health Service
  • Remote Patient Monitoring
  • Fitness and Wellness Services
  • Diagnosis and Consultation Services
  • Prevention Services
  • Others

Based on product type, the digital healthcare devices segment had a leading share of the global market in 2022 and is expected to record a healthy CAGR during the forecast period owing to the technological advancements leading to the development of innovative wearable devices, smartwatches, fitness trackers, and remote monitoring devices. The growing focus on preventive healthcare and wellness, driving the demand for personal health monitoring devices, the rising prevalence of chronic diseases and the need for continuous health monitoring, the rapidly growing adoption of home healthcare and remote patient monitoring solutions and the integration of artificial intelligence (AI) and machine learning (ML) technologies in healthcare devices for better data analysis and personalized healthcare drive the growth of the digital healthcare devices segment in the global market.

The digital health software market is expected to exhibit a promising CAGR during the forecast period. The growing demand for electronic health records (EHR) and health information exchange (HIE) systems to enhance data management and interoperability, rapid adoption of telehealth and remote patient monitoring solutions and advancements in analytics and data integration technologies for better healthcare insights and decision-making drive the segmental growth. Regulatory support and government initiatives promoting the use of digital health software and benefits such as improved patient engagement, streamlined workflows, and enhanced care coordination propel the growth of the digital health software segment in the worldwide market.

On the other hand, the services segment is anticipated to register a healthy CAGR during the forecast period.

Digital Health Monitoring Market - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The U.K.
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • Australia
  • New Zealand
  • South Korea
  • Rest of APAC
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• The Middle East and Africa

North America was the top-performing regional market in 2022 worldwide and the domination of North America is expected to continue during the forecast period. Technological advancements and high adoption of digital health solutions, strong healthcare infrastructure, supportive regulatory environment and the growing prevalence of chronic diseases and the need for remote patient monitoring drive the North American market growth. The growing investments in digital health startups and research and development and rising emphasis on value-based care and population health management further boost the growth rate of the North American market. The U.S. led the market in North America in 2022, followed by Canada.

Europe is another prominent regional market for digital health monitoring worldwide and is anticipated to account for a substantial share of the global market during the forecast period. The rising focus on healthcare digitization and interoperability, favorable government policies and regulations promoting digital health and rapid adoption of telehealth and remote patient monitoring solutions drive the growth of the European market. The growing aging population and the need for efficient healthcare delivery and the emphasis on data privacy and security in healthcare further boost the European market growth.

APAC is the fastest-growing regional market for digital health monitoring and is estimated to grow at the fastest pace during the forecast period. Rapidly growing healthcare infrastructure, increasing healthcare expenditure, large population base and rising prevalence of chronic diseases drive the growth of the APAC market. Technological advancements rapid adoption of mobile health solutions, an increasing number of government initiatives to promote digital health and telemedicine and the expansion of telecommunication networks and internet penetration drive the digital health monitoring market in the Asia-Pacific region.

KEY MARKET PLAYERS:

Medtronic, NEVRO CORP, Cyberonics, Boston Scientific Corporation, Inspire Medical Systems, SPR Therapeutics, Bioness Inc., ReShape Lifesciences, Inc., LivaNova PLC, NeuroPace, Inc, ALEVA NEUROTHERAPEUTICS SA, Synapse Biomedical, Soterix Medical, Excellent Technologies, Abbott, Bioventus, Soterix Medical, and Integer Holdings Corporation are a few of the notable players in the digital health monitoring market.

RECENT HAPPENINGS IN THIS MARKET:

• In November 2022, Babylon and Google Fitbit collaborated to provide devices to a fraction of Fitbit users. These devices from the digital health business will help people in care coordination and preventive health management. Fitbit's health and wellness features will allow qualified members in a few areas to monitor their activity levels, sleep patterns, and other health indicators. To gain knowledge about members' general health and create specialized care plans, Babylon care teams will have access to the health data care team. In addition, the alliance aims to promote behavioral changes to manage conditions better and achieve better results.
• In November 2022, Best Buy finances Coeus. Health, a firm that provides remote patient monitoring. The retail behemoth will make use of Coeus. Health's Home Health Hybrid Cloud environment to demonstrate the advantages of its home health gadgets to its users.
• In November 2022, Teva announced Special Partnership with HealthSnap to Broaden the Respiratory Digital Health Platform's Impact. Integrating data into hospital patient routines will support population health management and remote chronic care.