DIGITAL HEALTH MONITORING DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
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 Bn 14.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 18.8% from 2024 to 2031. The global digital health monitoring devices market has been witnessing significant growth in the recent years owing to the rising geriatric population and the growing prevalence of chronic and lifestyle diseases worldwide. Various technologies, such as telehealth, mHealth, and remote patient monitoring, have enabled effective monitoring of patients' health condition outside of conventional clinical settings. However, data privacy and security issues remain a major challenge for widespread adoption of digital health devices. Nevertheless, development of advanced IoT-enabled devices with greater functionality and connectivity is expected to provide opportunities for market expansion. With lower medical costs and improved health outcomes, digital health monitoring solutions are emerging as viable options to conventional healthcare systems across the globe.
Market Dynamics:
The global digital health monitoring devices market is primarily driven by the increasing incidence of chronic diseases such as diabetes, cardiovascular disorders, and respiratory diseases coupled with the growing geriatric population worldwide who are more prone to such conditions. Additionally, favorable government policies and initiatives supporting digital healthcare along with rapidly rising investments by healthcare IT companies are boosting the market growth. However, high upfront costs of advanced digital devices, data privacy and cybersecurity concerns, and lack of universal reimbursement policies in some countries still inhibit the mass adoption of these devices. Nevertheless, continuous technological advancements, development of ubiquitous low-cost remote monitoring systems, incorporation of AI capabilities, and increasing adaptation of hybrid models post-COVID are expected to create significant opportunities for players in this market.
Key Features of the Study:
- This report provides in-depth analysis of the global digital health monitoring devices market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global digital health monitoring devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include 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, and Wellthy Therapeutics Pvt Ltd.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global digital health monitoring devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global digital health monitoring devices market
Market Segmentation
Market Segmentation
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