Global Digital Screening, Monitoring and Diagnostics Market Size (2024 – 2030)

As per the latest research findings, the global market for digital screening, monitoring, and diagnostics recorded a valuation of $51.58 billion in 2023. Forecasts indicate a substantial growth trajectory, with the market poised to reach $178.45 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 19.4% during the analysis period spanning from 2024 to 2030.

Market Dynamics

The landscape of the digital screening, monitoring, and diagnostics market has witnessed a surge in the adoption of sensor-based wearable devices such as continuous glucose monitors, ECGs, among others, by both patients and healthcare providers. These devices offer real-time tracking of vital signs, enabling electronic transmission to physicians and seamless integration with Electronic Health Records (EHRs). Consequently, healthcare professionals can maintain continuous monitoring of patients, reducing the necessity for frequent hospital visits. This rising demand for wearable devices has spurred significant research efforts by leading enterprises, resulting in groundbreaking digital patient monitoring solutions entering the market. For instance, Somatix, Inc., unveiled an AI-powered continuous remote patient monitoring system in March 2020, marking the advent of innovative solutions set to drive the market for digital patient monitoring devices.

Cost Efficiency and Market Growth

The adoption of digital patient monitoring systems holds the potential for substantial cost savings, effectively reducing overall healthcare expenditures. Chronic illnesses impose a significant economic burden on numerous countries globally. Notably, conditions such as heart disease and stroke cost the US healthcare system upwards of USD 214 billion annually, as reported by the Centers for Disease Control and Prevention. Remote tracking of at-risk individuals through computerized patient monitoring devices mitigates the need for hospitalization, thereby contributing to diminished healthcare costs. This trend is anticipated to fuel the expansion of the digital patient monitoring devices market in the forthcoming years.

Market Evolution Amidst COVID-19

The onset of the COVID-19 pandemic catalyzed a digital revolution in the healthcare sector, propelling a tenfold increase in demand for wearables, mHealth applications, and telehealthservices. Hospitals underwent a transformation, shifting outpatient services to digital platforms to curb infection transmission and manage patient volumes effectively. A survey conducted by VivaLNK, a connected healthcare solutions provider, revealed that 55% of respondents were either utilizing or planning to integrate Remote Patient Monitoring (RPM) for COVID-19 patients.

Governments across the globe have recognized the potential of digital health technologies, embarking on initiatives to embrace these advancements. Notably, the Federal Communications Commission launched a COVID-19 relief initiative in April 2020, allocating USD 200 million for the provisioning of telehealth equipment to hospitals. Such initiatives have created additional opportunities for market participants and startup ventures to introduce innovative solutions. In May 2020, VitalConnect, Inc. received Emergency Use Authorization from the USFDA for its cardiac monitoring device, VitalPatch, designed for application in COVID-19 patients.

Market Drivers

Technological Advancements

The proliferation of technological advancements within the industry stands as a pivotal driver propelling the growth of the digital patient monitoring equipment market. Digital health innovations have revolutionized healthcare management approaches, showcasing tangible impacts on patient outcomes and healthcare delivery. The utilization of digital patient monitoring technologies, including wearable devices, wireless sensor technology, mobile health applications, among others, has empowered patients and consumers to achieve improved health outcomes. Enhanced treatment accessibility emerges as a prominent facet through which technology has reshaped the healthcare landscape.

Research Advancements in Healthcare

The integration of healthcare IT facilitates the dissemination of scientific breakthroughs to healthcare practitioners, rendering healthcare services more precise and appealing than ever before. Data-driven technologies ensure a secure and reliable platform for patient health management, chronic disease monitoring, health data storage, dietary planning, and online consultations through mobile applications. The realm of wearable applications encompasses fitness and wellness apps, enriching the scope of healthcare delivery.

Market Challenges

Patient Health Data Privacy Concerns

In various regions, a significant challenge arises from the lack of requisite certifications for numerous health apps, giving rise to concerns regarding product quality, data reliability for treatment decisions, patient privacy, data security, and ethical data usage. While digital therapy providers gain access to patient information, stringent regulations mandate restricted sharing with authorized personnel involved in the patient's treatment regimen. However, with the advent of data integration through digital technologies, there exists a risk of unauthorized access to patient data by healthcare professionals not directly engaged in the patient's care, potentially impeding market growth.

Patient Adoption of Digital Therapies

Providers of digital therapeutics encounter substantial hurdles in fostering patient adoption and garnering trust in digital treatment modalities. Notably, elderly and marginalized populations, despite exhibiting higher susceptibility and prevalence rates of illnesses, display lower tendencies to engage with digital therapies due to limited technological literacy. Moreover, the extent of behavioral modifications detectable through digital therapies remains uncertain. While digital therapeutics boast clinical validation and are deployed among self-selected or volunteer patients, their efficacy among resistant patient populations remains ambiguous. Sustaining long-term engagement with digital therapies and assessing their enduring impacts pose significant challenges, with many patients maintaining reliance on traditional diagnostic and treatment paradigms, thereby posing a notable constraint to the digital therapies sector's growth.

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

The wearable devices category took the lead in the digital patient monitoring devices market in 2020, accounting for 30.4 percent of total revenue. This was mainly driven by the growing consumer demand for sophisticated gadgets and the increasing use of interconnected devices. The mHealth segment is anticipated to witness substantial growth during the forecast period. This growth is expected to be fueled by the rising internet penetration and the growing number of smartphone users. Moreover, the influx of startups entering the digital patient monitoring devices market is propelling industry expansion. For instance, in August 2020, Undermyfork, a diabetes tracking app, secured USD 0.4 million in funding and is slated for release 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 emerged as the leading product category in the digital patient monitoring devices market, capturing 62.5 percent of sales in 2020. The segment's growth is propelled by the expanding elderly population and the increasing prevalence of conditions such as diabetes, obesity, cancer, and others. According to the International Diabetes Federation, the global diabetic population stood at around 463 million in 2019 and is projected to reach 700 million by 2045, further boosting the segment's expansion.

Additionally, the therapeutic monitoring devices segment is poised for growth, driven by the rising demand for respiratory monitors such as pulse oximeters, particularly among COVID-19 patients. Furthermore, the market is expected to benefit from increased collaborations among key manufacturers. For example, in June 2020, Abbott partnered with Tandem Diabetes Care, integrating Abbott's Continuous Glucose Monitoring (CGM) technology with Tandem Diabetes Care's insulin delivery devices.

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 digital patient monitoring devices market in 2020, accounting for 41.3 percent of total sales. This leadership position can be attributed to robust government initiatives aimed at reducing healthcare costs, technological advancements, and the introduction of innovative products. Medtronic, for instance, received 510(k) clearance from the US FDA for the LINQ II insertable cardiac monitor in July 2020, a development expected to further drive the North American market, alongside the increasing incidence of heart diseases.

In Europe, the market for digital patient monitoring devices is anticipated to grow due to favorable government regulations supporting mHealth and telehealth. The National Health Service (NHS) unveiled its long-term strategy in January 2019 to make telehealth and mobile health standard services by 2022-23, a move expected to boost market adoption in Europe. Asia-Pacific is poised for rapid growth, driven by China and India, which boast the largest number of smartphone users and highest internet penetration rates. India, for instance, is projected to witness a surge in smartphone users from 500 million in 2019 to 820 million by 2022, as per the India Cellular and Electronics Association, thereby benefiting the Asia-Pacific market for digital patient monitoring devices.

Global Digital Screening, Monitoring, and Diagnostics Market - By Companies

1. GE Healthcare
2. AT&T
3. ATHENAHEALTH, INC.
4. Abbott
5. Koninklijke Philips N.V. AB
6. Hill-Rom Services Inc.
7. Medtronic
8. Omron Healthcare, Inc.
9. FitBit, Inc.
10. Garmin Ltd.
11. VitalConnect
12. ResMed
13. Siren

Abbott has established itself as a market leader due to its diverse product portfolio, continuous product enhancements based on customer feedback, and global presence. Additionally, Koninklijke Philips N.V. holds a dominant position in the market, thanks to its significant focus on research and development. In June 2020, Koninklijke Philips N.V. introduced the Avalon CL Fetal and Maternal Patch and Pod, an obstetrics monitoring system, in the United States.

Recent Developments in the Global Digital Screening, Monitoring, and Diagnostics Market:

1. Merger & Acquisition: In August 2020, the acquisition of 3Derm Systems by Digital Diagnostics paved the way for the availability of 3DermSpot in EMEA countries.
2. Government Initiative: In August 2020, the Centers for Medicare & Medicaid Services (CMS) in the United States announced Medicare coverage for autonomous AI for the first time.

Regulatory Approval: In January 2020, 3DermSpot received Breakthrough Device designation from the FDA.