Global Digital Screening, Monitoring and Diagnostics Market Size (2023 – 2030)

According to our research report, the global digital screening, monitoring and diagnostics market was valued at $43.20 billion in 2022, and is projected to reach a market size of $178.45 billion by 2030. The market is projected to grow with a CAGR of 19.4% per annum during the period of analysis (2023 - 2030).

Industry Overview

Sensor-based wearable devices such as continuous glucose monitors, ECGs, and others have become more popular among patients and healthcare practitioners in recent years. These devices can track a patient's vital signs in real time, which can subsequently be electronically relayed to their doctors and connected with the EHR. This allows clinicians to keep an eye on the patient at all times, reducing the need for frequent hospital visits. The growing demand for wearable devices has prompted major businesses to do extensive research and offer revolutionary digital patient monitoring devices on the market. Somatix, Inc., for example, announced the debut of an AI-powered continuous remote patient monitoring system in March 2020. The launch of comparable novel solutions is expected to boost the market for digital patient monitoring devices.

The use of digital patient monitoring systems can result in considerable cost reductions, lowering total healthcare costs. Chronic illnesses have an economic impact on several countries across the world. According to the Centers for Disease Control and Prevention, heart disease and stroke cost the US healthcare system over USD 214 billion per year. People at risk can be tracked remotely using computerised patient monitoring devices, avoiding hospitalisation and lowering healthcare expenses. In the future years, this is projected to boost the expansion of the market for digital patient monitoring devices.

Industry Overview

The COVID-19 pandemic ushered in a digital revolution in healthcare, boosting demand for wearables, mHealth applications, and telehealth by a factor of ten. Hospitals were obliged to close their outpatient departments and convert to digital health in order to prevent the spread of infection and patient numbers. According to VivaLNK, a connected healthcare solution vendor, 55 percent of respondents were utilising or intended to employ Remote Patient Monitoring (RPM) for COVID-19 patients.

After understanding the promise of digital health technologies, several governments have begun to embrace them. The Federal Communications Commission, for example, launched a COVID-19 relief initiative in April 2020, providing USD 200 million to equip hospitals with telehealth equipment. This has given market participants and start-up enterprises additional chances to build creative solutions. The USFDA granted VitalConnect, Inc. Emergency Use Authorization for their cardiac monitoring gadget VitalPatch for use in COVID-19 patients in May 2020.

Market Drivers

Technological advancement in the industry will drive the market growth

Technology is one of the primary driving elements behind market expansion in digital patient monitoring equipment, strengthening industry growth. Digital health, for example, is bringing new ways to the management of health issues. The impact of digital health adoption on patients and healthcare in general has been demonstrated by researchers. The use of digital patient monitoring technologies such as wearable digital gadgets, wireless sensor technology, mobile health apps, and other applications is helping patients and consumers achieve better results. Increased treatment accessibility has been identified as one of the most visible ways in which technology has altered the healthcare business.

Reasearch advancement in healthcare sector will drive the market growth

Healthcare IT makes scientific discoveries available to healthcare workers, allowing them to make healthcare more determined and appealing than it has ever been before. The use of data technology has provided customers and patients with a more trustworthy and secure application. Patient health, chronic disease management, health-related data storage, diet plan management, and online consultations are all possible with the mobile app. Fitness and wellness apps are among the wearable applications.

Market Restraints

Concerns over patient health data privacy

Many health apps lack the requisite certifications in many countries, generating concerns about product and data quality, treatment decision reliability, patient privacy, security, and responsible data usage. Digital therapy providers have access to patients' information, but they are not allowed to share it with anybody who is not involved in the patient's treatment. However, with the introduction of digital technology to integrate data, any healthcare professional who is not participating in the patient's treatment programme can examine the patient's data.

Some nations, such as the United States, have legislation addressing data security, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act. However, despite such federal actions, consumers of digital therapies are vulnerable to infringement and data breaches, which may limit the market's growth.

Patients' apprehension about using digital treatments will act as a market restraint

Digital therapeutics suppliers confront a huge issue in motivating individuals to utilise digital treatments and gaining their trust. While elderly and underprivileged people have the highest illness susceptibility and incidence rates, they are the least likely to employ digital treatments owing to a lack of technological knowledge. Furthermore, the maximum amount of behavioural change that may be detected using digital treatments is currently unknown.

Digital treatments are clinically validated and used on self-selected or volunteer patients, but their impact on patients with resistance is yet unclear. Furthermore, it's unclear if digital treatments can be sustained over time; there's little data on overall patient retention and long-term effects. Many patients still rely on old diagnostic and treatment methods and are hesitant to try new treatments. This is a significant threat to the digital therapies sector.

 DIGITAL SCREENING, MONITORING AND DIAGNOSTICS MARKET REPORT COVERAGE:

This research report on the global digital screening, monitoring and diagnostics market has been segmented and sub-segmented based on Type, Product Geography & region.

Global Digital Screening, Monitoring and Diagnostics Market- By Type

• Wireless Sensor Technology
• mHealth
• Telehealth
• Wearable Devices
• Remote Patient Monitoring
  • Hospital Inpatient
  • Ambulatory Patient
  • Smart Home healthcare

In 2020, the wearable devices category led the market for digital patient monitoring devices, accounting for 30.4 percent of total revenue. The major share of the category may be attributed to increased end-user desire for advanced gadgets and increasing usage of linked devices. During the projection period, the mHealth segment is expected to increase significantly. The category is likely to develop as internet penetration rises and the number of smartphone users increases. In addition, the growing number of startups joining the market for digital patient monitoring devices is propelling the industry forward. For example, in August 2020, Undermyfork, a diabetes tracking app, acquired USD 0.4 million in fundraising. The software is soon to be released in the United States.

Global Digital Screening, Monitoring and Diagnostics Market- By Product

• Diagnostic Monitoring Devices
  • Vital Sign Monitors
  • Sleep Monitors
  • Fetal Monitors
  • Neuromonitors
  • Other Monitors
• Therapeutic Monitoring Devices
  • Insulin Monitors
  • Respiratory Monitors
  • Other Monitors

The diagnostic monitoring devices segment led the market for digital patient monitoring devices by product, accounting for 62.5 percent of sales in 2020. The expanding elderly population and the rising prevalence of disorders like as diabetes, obesity, cancer, and others are driving the segment's rise. According to the International Diabetes Federation, around 463 million people have diabetes in 2019, with that figure expected to rise to 700 million by 2045. This is anticipated to boost the segment's growth.

Aside from that, the therapeutic monitoring devices segment is expected to rise due to rising demand for respiratory monitors such as pulse oximeters, particularly among COVID-19 patients. Furthermore, the industry is likely to benefit from an increase in strategic alliances among important producers. Abbott, for example, teamed with Tandem Diabetes Care in June 2020. Abbott's Continuous Glucose Monitoring (CGM) technology was coupled with Tandem Diabetes Care's insulin administration devices as part of this collaboration.

Global Digital Screening, Monitoring and Diagnostics Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America led the market for digital patient monitoring devices in 2020, accounting for 41.3 percent of total sales. The region's leading position is due to strong government assistance to cut healthcare costs, technological developments, and the launch of innovative goods. Medtronic received 510(k) clearance from the US FDA in July 2020 for the LINQ II insertable cardiac monitor. The market for digital patient monitoring devices in North America is likely to be driven by this, as well as increased incidences of heart disease.

Because of favourable government regulations for mHealth and telehealth, the market for digital patient monitoring devices in Europe is expected to grow. The NHS revealed its long-term strategy in January 2019 to make telehealth and mobile health a standard of service by 2022-23. In Europe, this is projected to encourage market adoption. Because China and India have the biggest number of smartphone users and the highest internet penetration, Asia Pacific is expected to develop rapidly. Smartphone usage in India is projected to rise from 500 million in 2019 to 820 million by 2022, according to the India Cellular and Electronics Association. This is projected to benefit the Asia Pacific market for digital patient monitoring devices.

Global Digital Screening, Monitoring and Diagnostics Market- By Companies

• GE Healthcare
• AT&T
• ATHENAHEALTH, INC.
• Abbott
• Koninklijke Philips N.V. AB
• Hill-Rom Services Inc.
• Medtronic
• Omron Healthcare, Inc.
• FitBit, Inc.
• Garmin Ltd.
• VitalConnect
• ResMed
• Siren

Abbott has evolved as a market leader thanks to its diverse product range, ongoing product updates based on patient demands, and global reach. Apart from that, due to its significant focus on R&D, Koninklijke Philips N.V. had a dominant position in the market. Koninklijke Philips N.V. will offer the Avalon CL Fetal and Maternal Patch and Pod, an obstetrics monitoring system, in the United States in June 2020.

NOTABLE HAPPENINGS IN THE GLOBAL DIGITAL SCREENING, MONITORING AND DIAGNOSTICS MARKET IN THE RECENT PAST:

• Merger & Acquisition: - In August 2020, The acquisition of 3Derm Systems by Digital Diagnostics clears the way for 3DermSpot availability in EMEA countries.
• Government Initiative: - In August 2020, For the first time, the CMS in the United States has announced that Medicare would cover autonomous AI.

Regulatory Approval: - In January 2020, 3DermSpot receives Breakthrough Device designation from FDA