The global digital patient monitoring devices market is expected to expand due to escalating demand for continuous monitoring systems along with the rising incidence of chronic illnesses. High prevalence of chronic diseases like cardiovascular disease, hypertension, and diabetes is likely to augur well for the market in the years to come.
Sensor-based wearable devices, like ECGs, continuous glucose monitors, and others, have become more popular amongst health care providers and patients in recent times. These devices are able to track patients’ vital signs in real time, which can subsequently be relayed electronically to their doctors and connected with the electronic health record (EHR). This enables clinicians to keep an eye on the patient at all times, and thus reducing the requirement for repeated hospital visits. The growing demand for wearable devices has prompted major manufacturers to conduct extensive research and introduce novel digital patient monitoring systems in the market in the years to come.
Digitization of Healthcare Industry to Drive Demand in the Market
The expansion of the global digital patient monitoring device market is expected to be aided by the launch of various new items. Digital patient monitoring systems can help with saving money and lowering overall cost of healthcare. Chronic illnesses have an economic impact on several nations across the globe. As per the US-based CDC (the Centers for Disease Control and Prevention), stroke and cardiovascular diseases cost the US healthcare system nearly US$ 214 Bn per year. Individuals at risk can be tracked remotely utilizing computerized patient monitoring devices, lowering healthcare expenditures and avoiding hospitalization. In the next few years, this is anticipated to support the expansion of the global digital patient monitoring devices market in the years to come.
The COVID-19 pandemic ushered in a digital revolution in healthcare industry, boosting demand for telemedicine, mHealth applications, and wearables. Hospitals were compelled to close their outpatient departments and transition to digital health in order to limit the transmission of infection and patient numbers.