Global Digital Health Monitoring Market – Industry Trends and Forecast to 2024
The global digital health monitoring market is expected to reach USD 254.7 billion by 2024 from USD 19.8 billion in 2016, growing at a CAGR of 38.8% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Digital health products are shifting the continuous monitoring market from healthcare professionals to consumers hence creating an entirely new market scope. The digital health monitoring market is helping the healthcare monitoring from diagnosis to predictive approach. Consumers get control of the device and the continuous data management, provided with miniaturization, portability, its wireless component, noninvasive body sensors, and integration with the smartphone, decreasing the physician vists for regular checkups. The big issue of this market is no reimbursement so for the manufacturers it’s a concern that who will the payer in this market, hence somewhat restraining the market growth. However with cheaper and more effective technologies coming in the market the constraint with reimbursements will be controlled.
The global digital heath monitoring market is segmented based on product types into 3, namely digital health devices, digital health software and digital health services. The digital health devices market includes mobile devices and is further segmented into blood glucose monitors, ECG monitors, blood pressure monitors, oximeters, peak flow monitors, neurological monitors, sleep apnea monitors, multi parameter monitors, and others. Blood glucose monitors is expected to grow at the highest CAGR due to the increasing prevalence and risk of diabetes in the global market especially U.S. However the increasing awareness and health concern among the population in developed countries is expected to drive this market.
The digital health software market includes mobile apps for healthcare and is segmented into healthcare apps, chronic disease apps, personal health apps and others. Some of the major inclusions in this segment are weight loss apps, fitness tracking apps, aware and alert apps, diabetes maintenance apps, pregnancy apps, blood pressure monitoring apps, PHR apps among others. The digital health services market includes remote monitoring, diagnosis and consultation services, fitness and wellness services, prevention services and others. The software and services market is propelled by the acceptance of android and ios phones in developing markets.
Based on geography the digital health monitoring market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to the rising acceptance of consumer based healthcare monitoring and awareness among its population.
The players in this market are using mergers, acquisition and development of technology as penetration strategies. The report also includes new developments, future technological advancements, recent strategically decisions, expansions and product launches. The key players in the digital health market are 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, Withings, BioTelemetry Inc., athenahealth, Inc., AgaMatrix, Inc., iHealth Lab, Inc., AT&T, Qualcomm, Cerner Corporation, Diversinet, and Cisco, Inc. among others.
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