Global digital patient monitoring
devices market is expected to reach USD 115.0 billion by
2022, according to a new report by Grand View Research, Inc. Increasing demand
for remote patient monitoring and home healthcare is the key driver for market
growth.
With rising
prevalence of chronic conditions such as diabetes and hypertension, the demand
for real time patient monitoring for management of these disorders is
increasing. Digital monitoring is the only platform, which helps in continuous
patient monitoring, along with providing remote access to patient data and
further reducing the clinical decision time.
Rising
consumer awareness levels along with acceptance amongst caregivers about
digital patient monitoring utilities are helping this market to grow
substantially.
The industry
is projected to witness technological advancements and resulting products are
expected to be more durable, aesthetically attractive, and encompass guidance
from experts such as nutritionist and gym instructors. Smart watches, smart
bands, and clips are anticipated to be the focal areas of developments.
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Further key findings from the study suggest:
- Wearable technology held a lucrative share of around 25.0% in technology segment, which was followed by mHealth technology in 2015. Increasing cell phone penetration along with data connectivity assisted the growth of mHealth.
- Diagnostic devices dominated product segment with over 60.0% share in 2015. Rising focus on monitoring through digital monitoring platforms governed its growth
- Vital sign monitoring devices are anticipated to exhibit lucrative growth over the forecast period, while neuromonitoring devices are anticipated to be the largest segment over the forecast period.
- Therapeutic products are expected to witness substantial growth over the forecast period with a rate of over 30.0%. Insulin monitors are expected to witness lucrative growth owing to increasing prevalence of diabetes.
- As per the market estimates up to 2022, North America held a commanding share of around 35.0% in 2015. The Asia Pacific on the other hand would witness significant growth over the forecast period. Economic developments coupled with untapped demand of huge population are expected to govern the growth of digital patient monitoring devices in the Asia Pacific.
- Key players operating in this market include Omron Corporation, AT&T, Inc., Philips Healthcare, Airstrip Technologies, Athenahealth, Inc., St. Jude Medical, Welch Allyn, Medtronic Plc, GE Healthcare, Fitbit, Inc., Garmin, Jawbone, Vital Connect, ResMed, and Zephyr Technology Corporation.
- These players are undertaking various strategic initiatives to sustain the competition. These initiatives include collaborations, mergers, acquisitions, and new product launches. For instance, in November 2015, Vital Connect signed an agreement with Omron Healthcare Co. to distribute HealthPatch MD in Japan. This agreement helped the company to increase its geographical presence as well as market penetration.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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