According to FutureWise analysis the market for digital health monitoring devices in 2023 is US$ 135.71 billion, and is expected to reach US$ 852.33 billion by 2031 at a CAGR of 25.8%.
The rising prevalence of neurological disorders, increased focus on research and development capabilities in medical devices and on the adoption of advanced healthcare technologies, rising rate of pregnancy, and rising expenditure for the development of healthcare infrastructure development, particularly in developing economies, are the major factors driving the growth of the digital health monitoring devices market. The term implies that digital health monitoring devices are medical gadgets that are used to monitor the health of patients who are suffering from various diseases. The digital health monitoring gadgets make use of medical software that allows healthcare providers to readily access patient-generated health data (PGHD).
One of the primary reasons driving market expansion is an increase in the prevalence of long-term chronic illness. Another market development determinant is the growing elderly population along with increasing innovations and advancements in monitoring technology. Other major reasons that will produce attractive market growth prospects are increased demand for remote patient monitoring services, growing need for tele-health and tele-care, and rising medical tourism.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Digital Health Monitoring Devices Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Digital Health Monitoring Devices Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.