DIGITAL HEALTH MONITORING DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Digital Health Monitoring Devices Market Size and Trends

The global digital health monitoring devices market is estimated to be valued at USD 4.42 Bn in 2024 and is expected to reach USD 14.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 18.8% from 2024 to 2031.

Discover market dynamics shaping the industry: Request sample copy

The market for digital health monitoring devices has been witnessing strong growth over the past few years. The growth can be attributed to a rise in chronic diseases owing to sedentary lifestyles and increasing focus on remote patient monitoring. Remote monitoring allows healthcare providers to continuously track patient's vital signs and biometrics outside of conventional clinical settings, thereby improving health outcomes. Furthermore, the increasing adoption of smartphones and wearable technology has enabled the real-time transmission of health data which drives the early detection and prevention of diseases.

Discover high revenue pocket segments and roadmap to it: Request sample copy

Insights, By Product Type - Convenience and Continuous Monitoring Drive Growth of Wearable Devices

In terms of product type, wearable devices is expected to contribute the highest share of the market with 48.1% in 2024 owing to their convenience and ability to provide continuous health monitoring. Wearable devices such as fitness trackers and smartwatches have seen tremendous growth in recent years as consumers increasingly seek easy and non-invasive ways to monitor their health and wellness on a daily basis.

Insights, By Technology - Advancements in Wireless Technologies Drive Growth of Wireless Health

In terms of technology, wireless health is expected to contribute the highest share of the market with 32.1% in 2024 owing to ongoing advancements and investments in wireless connectivity solutions critical for remote patient monitoring. The ability to monitor patients remotely without physical proximity has been a driving factor for wireless health technologies.

Insights, By Application - Factors Driving the Dominance of Fitness and Wellness Monitoring

Based on application, fitness and wellness monitoring is expected to contribute the highest share with 42.12% in 2024, as this segment focuses on tracking and enhancing physical activity, nutrition, and overall wellness. With growing awareness about the importance of preventative health and lifestyle management, the demand for fitness trackers, smartwatches, and health apps has surged. In addition, some devices use biofeedback or heart rate variability (HRV) analysis to help individuals manage stress or anxiety, promoting mental health awareness and self-care.

Regional Insights

To learn more about this report, Request sample copy

Dominating Region: North America

In North America, the dominance in the digital health monitoring devices market with a share of 36.2% in 2024 can be attributed to a strong presence of prominent industry players and supportive government initiatives that have led to wider adoption and access to such technologies.

Fastest-Growing Region: Asia Pacific

Meanwhile, the Asia Pacific region exhibits the fastest growth fueled by a large patient population, rising healthcare expenditure, and government plans to improve access to healthcare through telemedicine and home-based solutions in countries like India and China.

Digital Health Monitoring Devices Market Outlook for Key Countries

U.S. Leads in the Digital Health Monitoring Market with Innovative Solutions

The U.S. is expected to hold the largest market share of the digital health monitoring devices market in North America in 2024. The country leads the way in healthcare digitalization, driven by advanced healthcare management systems, innovative software solutions, and the development of cutting-edge devices. For example, in August 2024, ReactDx, a division of React Health, launched NiteWatch, a sleep monitoring device that received clearance from the U.S. FDA. This device is designed to diagnose and treat sleep apnea in the comfort of the home.

Spain’s Digital Health Growth is Boosted by Government Initiatives

The digital health patient monitoring devices market in Spain is expected to experience significant growth, registering a notable CAGR during the forecast period. The Spanish government is actively promoting the adoption of digital health solutions through various initiatives. For instance, in February 2023, EIT Health, a non-profit organization in Spain, launched the F3T project in Barcelona, which stands for Framework for Fast-Track of Digital Health Solutions.

India’s Innovation in Affordable Wireless Monitoring Devices for Rural Areas

India continues to lead with innovation in affordable wireless monitoring devices for rural populations. Companies are engaged in partnership which can drive the growth in the India digital health monitoring devices market. In January 2024, Apollo Hospital Seshadripuram, a leading multi-specialty hospital in Bangalore, partnered with LifeSigns, an AI-powered health-monitoring technology company, to introduce a groundbreaking 24/7 wireless and remote patient monitoring system.

Canada’s Telehealth Adoption Surges Post-Pandemic, Especially in Rural Areas

The rise in the use of telehealth services during the COVID-19 pandemic marked a significant shift in healthcare delivery in Canada. In January 2022, according to a report by Canada Health Infoway, 70% of Canadians reported using telehealth services during the COVID-19 pandemic, demonstrating a significant shift towards remote healthcare solutions. This trend has continued post-pandemic, especially in rural areas where access to healthcare is limited.

Market Concentration and Competitive Landscape

Get actionable strategies to beat competition: Request sample copy

Top Strategies Followed by Global Digital Health Monitoring Devices Market Players

• Established Players: Leading companies in the global digital health monitoring devices market focus extensively on research and development to innovate high-performance products. For example, companies like Medtronic and Philips invest over 5% of their annual revenues in R&D. This helps them develop cutting-edge technologies like AI-enabled remote patient monitoring solutions.
• Mid-Level Players: Mid-sized players in the market focus on delivering quality, affordable products targeting price-sensitive consumers globally. For example, companies like Garmin and Fitbit design devices that offer the same functionalities as premium brands at competitive price points. This has helped them gain significant market share.
• Small-Scale Players: Small players capitalize on niche opportunities by offering specialized products. Some focus on specific ailments or wellness segments that larger brands overlook. This helps them target demand for unique features. Many partner with doctors, physical therapists or startups working on specialized technologies. This brings more refined solutions to smaller customer subsets.

Emerging Startups in the Global Digital Health Monitoring Devices Market

Innovative Technologies: Startups are driving innovation in the digital health sector by developing advanced technologies such as smart sensors and AI-powered solutions. Biobeat, a health tech startup, in April 2024, launched a wearable device that continuously monitors vital signs, including blood pressure, heart rate, and blood oxygen levels.

Sustainable Solutions: Startups in the digital health space are also focusing on sustainable solutions. In February 2024, Renewable Health Technologies, a small startup, introduced a sustainable wearable health monitoring device made from recycled plastics.

Market Contribution: Startups often enter into strategic collaborations to boost their market presence. Chronic Care Solutions, a health tech company, partnered with local hospitals in South Africa to deliver affordable remote health monitoring solutions to low-income communities. This collaboration, announced in March 2024, aims to increase access to quality healthcare and reduce hospital readmissions, thus improving patient outcomes in underserved regions.

Digital Health Monitoring Devices Industry News

• On April 4, 2024, Royal Philips, a global leader in health technology, announced a strategic partnership with, smartQare, a healthcare technology company, to integrate smartQare's viQtor solution into Philips' clinical patient monitoring platforms
• In November 2023, AstraZeneca, a global pharmaceutical leader, launched Evinova, a health-tech business aimed at accelerating innovation in the life sciences sector. Operating as a separate entity within AstraZeneca, Evinova offers globally scaled digital health solutions to optimize clinical trial design and delivery, thereby reducing the time and cost of developing new medicines.
• In April 2023, Honeywell, a multinational conglomerate known for technology and innovation, introduced a real-time health monitoring system that captures and records patients' vital signs both in hospital settings and remotely
• In October 2023, Dozee, an India-based health-tech startup, introduced the 'Dozee Pro Ex,' an ambulatory connected patient monitoring system, equipped with wireless wearable sensors. This system enables continuous monitoring of vital signs—including ECG rhythm, blood pressure, heart rate, oxygen saturation, respiration rate, and temperature—across various care settings such as hospital beds, ambulatory environments, and home care.
• In July 2022, Medtronic plc, a global leader in medical technology, announced the acquisition of Verily Life Sciences, a subsidiary of Alphabet Inc., specializing in digital health technologies. This strategic move aims to enhance Medtronic plc's portfolio in digital health monitoring devices, leveraging Verily Life Sciences' expertise to develop innovative solutions for managing chronic diseases.

Key Takeaways from Analyst

• The global digital health monitoring devices market is set for significant growth, driven by an aging population, rising chronic diseases, and increasing healthcare costs. Technological advancements in miniaturization and connectivity are making home health monitoring more feasible. North America leads the market, while Asia Pacific is expected to grow rapidly due to rising medical expenditures and a growing middle class. However, concerns over data privacy, high device costs, and accessibility challenges may hinder growth. Nevertheless, AI integration, cloud computing, and partnerships between manufacturers and digital health platforms are expected to unlock new opportunities, with favorable regulations further boosting adoption.

Market Report Scope

Market Dynamics

Market Driver - Increasing prevalence of chronic diseases

The rising number of individuals suffering from chronic illnesses has greatly contributed to the demand for digital health monitoring devices in recent years. Chronic diseases, mainly cardiovascular diseases, cancer, diabetes, and respiratory diseases are among the leading causes of mortality worldwide. Additionally, the increasing adoption of next-generation technologies like artificial intelligence is expected to fuel market growth. For instance, in June 2023, the Institute for Health Metrics and Evaluation projects that global diabetes cases will rise from 529 million to 1.3 billion by 2050.

Market Challenge - Data privacy and security concerns

One of the major challenges faced by the global digital health monitoring devices market is data privacy and security concerns. As more health data gets generated and collected through digital devices, there are increasing risks of data breach and theft. Patients are becoming wary of sharing their personal medical details online owing to fear of misuse of sensitive information. Device manufacturers need to ensure robust data security protocols and privacy policies to address these risks and build user trust.

Market Opportunity - Rising Demand for Personalized Healthcare Solutions

The increasing demand for personalized healthcare solutions tailored to individuals' health needs presents a major opportunity for the digital health monitoring devices market. As personal devices become more sophisticated in collecting diverse health metrics over time, they provide deeper insights into a person's biomarkers, lifestyle patterns, and risk factors. This vast streaming health data can be analyzed using artificial intelligence and machine learning techniques to deliver tailored wellness programs, diet and exercise recommendations, medication reminders, early disease detection alerts, etc.

Key Stakeholders of Market

What does Growth in the Digital Health Monitoring Devices Industry mean for Different Stakeholders?

 The digital health monitoring devices industry has multiple players with varied designations and offers multiple opportunities based on their scope of operations.

Uncover macros and micros vetted on 75+ parameters: Get instant access to report

Market Segmentation

• By Product Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Wearable Devices
    • Fitness trackers
    • Smartwatches
  • Remote Monitoring Devices
    • Fetal Monitors
    • Neuromonitors
    • Vital Sign Monitors
    • Sleep Monitors
    • Insulin Monitors
    • Respiratory Monitors
    • Multi-Parameter Monitors
    • Other Monitors
  • Software & Services
•  By Technology Insights (Revenue, USD Bn, 2019 - 2031)
  • Wireless Health
  • Mobile Health (mHealth)
  • Telehealth
  • Electronic Health Records (EHR) Or Electronic Medical Records (EMR)
• By Application Insights (Revenue, USD Bn, 2019 - 2031)
  • Chronic Disease Management
  • Fitness and Wellness Monitoring
  • Mental Health Monitoring
• By Age Group Insights (Revenue, USD Bn, 2019 - 2031)
  • Adult
  • Geriatric
  • Pediatric
• By End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals & Clinics
  • Home Settings
  • Nursing Homes
  • Ambulatory Surgery Centers
  • Rehabilitation centers, etc.
  • Others (Assisted Living facilities, etc.)
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • IQVIA
  • Mediware Information Systems
  • Alp Consulting Pvt. Ltd.
  • Siemens Healthcare GmbH
  • Cerner Corporation
  • Veradigm LLC
  • OMNYS S.r.l
  • Koninklijke Philips N.V.,
  • Novellas Healthcare
  • MCKESSON CORPORATION
  • Optum
  • Capsule Technologies, Inc
  • ProPharma Group MIS Limited
  • PSPhere
  • Wellthy Therapeutics Pvt Ltd.