Real-Time Health Monitoring Devices Market – Synopsis

Real-Time Health Monitoring Devices market growth, although in its embryonic stage, is still witnessing an outstanding growth over the past couple of years. This growth attributes to the ability of these devices in the field of flexible health monitoring and management providing real-time analysis of the patient’s health parameters efficiently.  Growing population, increasing awareness & inclination among people towards keeping good health coupled with the augmenting uptake of these devices fuelled by the improving conditions & growing influence of media industry; such factors are fostering the market growth to an extent. 

Although, every device, among the various types of devices available in the market space, has its own set of pros & cons, all these Real-Time Health Monitoring Devices are proving to be effective. Increasing usages of the internet coupled with the proliferation of IoT in the medical sector are increasingly providing good outcomes in patients; making real-time patient tracking, monitoring and drug management possible. Therefore, the Real-Time Health Monitoring devices market is expanding pervasively.

Acknowledging the growth, this market perceives currently; Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2022. According to MRFR, the global Real Time Health Monitoring Devices Market Sizewas valued at USD 9.2Billion in 2022. The Real Time Health Monitoring Devices Market industry is projected to grow from USD11.51Billion in 2023 to USD 69.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 25.20% during the forecast period (2023 - 2032). In addition, factors fostering the market growth include growing population & geriatric population, surging healthcare expenses with the increasing prevalence of chronic diseases are encouraging healthcare stakeholders to follow remote health management and patient monitoring seriously.  Growing prevalence of vascular disorders & heart diseases fuelled by the changing lifestyle, inclination towards the sedentary lifestyle & growing obesity disorder among people, such factors are increasing the demand for these devices, increasing its market growth. Efficacy of these devices is another key factor driving the market demand, resultantly driving the market growth.  

Evidently, technological advancements transpired into the field of medical science is also predominant factor propelling the market growth, escalating it pervasively. Seminal efforts & investments put in the development of innovative devices, by the key market players are paying off well driving the market growth. Initiatives taken by the Governments worldwide are playing a major role in the market growth. 

On the other hand, factors such as, prices of these devices along with the scepticism of physicians towards the advancement & efficacies of these devices are likely to impede the growth of Real-Time Health Monitoring devices market. However, the demand for sophisticated devices by the physicians and patients, in turn, is contributing to the market growth to a great extent.

Real Time Health Monitoring Devices Market – Overview

The enhancement of product quality particularly regarding wearable tech is opening up the market for accelerated development. Market reports linked to the medical device industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to earn revenues totaling USD 67,982.2 million and is forecasted to expand at a CAGR of 14.29% in the duration of the forecast period.

The evolvement in the tools that are used to monitor health conditions effectively has undergone radical development in recent times. Rise in the incidence of chronic diseases that require constant monitoring is a major factor in the development of the demand for real time health monitoring devices. Acceleration in the application of the concept of AI and rising research activities to optimize the design of these devices is expected to play an essential role in shaping the market.

Real-Time Health Monitoring Devices Market – Competitive Landscape

The Market appears to be highly competitive and diversified with the presence of giant manufacturers of the device, playing on the global level. These players are heavily investing in R&D, global expansion, advanced technologies and product Launch in order to gain the competitive edge in the market.  

The Rise of Real-Time Health Monitoring Devices

Real-time health monitoring devices encompass a wide array of tools and technologies designed to continuously collect and transmit data about an individual's health status. These devices offer numerous advantages, such as early disease detection, proactive intervention, and improved patient engagement. The global market for these devices has been steadily expanding, driven by factors such as:

  1. Increasing Chronic Disease Burden: The prevalence of chronic diseases like diabetes, cardiovascular disorders, and hypertension is on the rise. Real-time monitoring devices help patients and healthcare providers manage these conditions more effectively by providing constant updates on vital health metrics.
  2. Aging Population: As the global population ages, there is a growing need for remote monitoring solutions that allow elderly individuals to age in place while receiving necessary healthcare services. Real-time monitoring devices enable seniors to stay connected with healthcare professionals and family members.
  3. Technological Advancements: Continuous innovation in sensor technology, wireless connectivity, and data analytics has enabled the development of increasingly sophisticated and user-friendly monitoring devices. This has expanded the market beyond traditional medical settings to include consumer-oriented wearables.
  4. COVID-19 Pandemic: The pandemic accelerated the adoption of telehealth and remote monitoring solutions. Real-time health monitoring devices played a crucial role in monitoring and managing COVID-19 patients while minimizing healthcare workers' exposure.

Real-Time Health Monitoring Devices Market – Regional Analysis

The North America market is expected to dominate the global Real-Time Health Monitoring Devices market with the significant market share. Growing prevalence of disorders such as obesity are contributing to the growth of the regional market. The market is expected to grow to USD 9,423.8 million by 2022 at 14.29% during the forecast period. 

While the Asia-Pacific market is expected to be the fastest growing market for Real-Time Health Monitoring Devices. The market is expected grow at 14.64% during the forecast period (2016 -2022). 

Real-Time Health Monitoring Devices Market – Segments

The report - Real-Time Health Monitoring Devices market is segmented into 3 key dynamics, for the convenience of the report and enhanced understanding:-

By Types                           : Comprises Wearable Devices & Home Health Medical Devices among others.  

By End Users     : Hospitals & Clinics, Specialty Centers, & Ambulatory Centers and Homecare Settings among others. 

By Regions                      : Europe, North America, APAC and Rest of the World.

Segment Wearable Devices by Types, holding the largest market share dominates the global market. 

Segmental Analysis

The real time health monitoring devices market has been segmented on the basis of type, end-user, and region. On the basis of type, the market is segmented into home health medical devices and wearable devices. On the basis of end user, the real time health monitoring devices market is segmented into hospitals, clinics, ambulatory centers, and homecare settings. The regions included in the market are Middle East, Europe, North America, Asia Pacific, and Africa.

Detailed Regional Analysis  

The regional analysis of the market comprises of regions such as the Middle East, Europe, North America, Asia Pacific, and Africa. The global market for real time health monitoring devices is demonstrating rapid growth currently. The market for real time health monitoring devices is increasing with a CAGR of 14.29% through the forecast period. The North American region was responsible for the principal market portion in 2015 and is anticipated to touch USD 9,423.8 million in 2022.The Asia Pacific region is increasing at a swift pace as the demand for real time health monitoring devices is growing substantially at a CAGR of 14.64% during the forecast period.

Competitive Analysis 

The alterations seen in terms of strategy execution and creation are modifying the development pace of the market. The plan formulation process in the market has become significantly easier in which deviations are well accounted for; this approach increases the overall success of these plans in the market. The evolution patterns are revised in tandem to the customer likings to realize the greatest growth, and in the long run, viability. The framework for growth plans also has stimulated the market for potential new entrants. The market contenders are making considerable adjustments to minimize the incidence of competitive disadvantage. The leadership trends in the market are reinforcing the level of growth that can be achieved in the present market scenario.  The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively. The principal contenders in the real-time health monitoring devices market are Withings SA (France), Qualcomm (U.S.), Garmin Ltd. (Switzerland), Jawbone Inc.  (U.S.), Fitbit Inc. (U.S.), GE Healthcare (U.K.), and others.

Industry Updates:

Oct 2018 One Drop, a digital health company has stepped up its offerings by pairing its diabetes management monitoring system with the Apple Watch. The pairing makes the One Drop system the only wireless blood glucose monitoring system to connect directly to Apple Watch. The move comes soon after One Drop, and Companion Medical integrated their platforms to provide users with a more useful set of data on the app of their choice.

Oct 2018 Caretaker Medical has received FDA Clearance for expanded features of their Remote Monitoring Display App and Software Integration Library.  The Caretaker4 App now cleared to run on ‘off the shelf’ mobile devices and tablets and adds a number of additional monitoring controls and features such as visual and audible patient alarms, data encryption, secure data forwarding, and remote software updates.

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