Remote Cardiac Monitoring Market Size - By Product Type (Devices, Software, Services), By End-use (Home-care Settings, Long-term Care) – Global Forecast to 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRemote Cardiac Monitoring Market Size - By Product Type (Devices, Software, Services), By End-use (Home-care Settings, Long-term Care) – Global Forecast to 2032
Remote Cardiac Monitoring Market Size
Remote Cardiac Monitoring Market size was valued at over USD 3 billion in 2022 and is projected to reach more than USD 10 billion by 2032.
Remote cardiac monitoring refers to the practice of monitoring a patient's heart activity and related parameters remotely, outside of a traditional medical facility. It involves the use of specialized devices and technology to collect and transmit data about the patient's heart function to healthcare professionals for analysis and interpretation. In addition, rising incidence of heart diseases across the globe owing to a greater adoption of sedentary lifestyle and unhealthy dietary habits such as excessive consumption of alcohol and smoking, the cases of cardiovascular disorders are increasing at rapid rate that will thereby stimulate the market development.
Moreover, growing adoption of remote patient monitoring devices is further augmenting the market growth. Growing adoption of wearable cardiac devices in treatment of various heart diseases will boost the industry landscape. Developed regions such as North America and Europe have a high adoption rate of remote cardiovascular devices due to rising geriatric population base. People in countries such as the U.S. and Canada suffering from chronic cardiovascular diseases that require continuous critical monitoring and hence prefer remote cardiac monitoring devices that will positively influence the industry's progress.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Remote Cardiac Monitoring Market Size in 2022 | USD 3.7 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 11.4% |
| 2032 Value Projection | USD 10.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 145 |
| Tables, Charts & Figures | 201 |
| Segments covered | Product Type, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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COVID-19 Impact
The COVID-19 pandemic proved to have created serious challenges for people worldwide. The outbreak of pandemic and its rapid infection rate led to a high number of patient deaths. While triggering a massive public health emergency, the pandemic positively impacted the remote cardiac monitoring device's industry for effective vital signs monitoring of COVID-19 patients across the world.
Moreover, in order to curb the community transmission of COVID-19, many countries including the U.S., Germany, UK, France, Italy, and India among others had implemented a complete lockdown. During this period, only emergency services were allowed. Majority of the non-emergency and elective surgical procedures were postponed. Additionally, due to the rising incidence of COVID-19, the need for remote cardiac monitoring devices also increased across the globe, thereby propelling market progress.
Remote Cardiac Monitoring Market Trends
Hey, listen up! Things are heating up in the healthcare market, especially in up-and-coming countries. People have more money to spend, and they're putting it towards medical care. This means that the demand for fancy new heart gadgets is going through the roof. Why? Well, it's all about convenience and cost-saving. When people have extra cash, they're willing to shell out for devices that let them track their heart health from the comfort of their own homes. And when hospitals can use these gadgets, they can save time and money on treatments. It's a win-win! Take New Zealand, for example. People there have been raking in more money, and it's showing. Their disposable income has been jumping by almost 3% every year. This means they have more to spend on healthcare, which includes those handy remote cardiac monitoring devices. Plus, countries are spending more on healthcare in general. This means that hospitals can afford to invest in these cutting-edge technologies. It's like a virtuous cyclemore money for people, more money for healthcare, more demand for remote cardiac monitoring gadgets. And that's why the market is about to explode.
Remote Cardiac Monitoring Market Analysis
Remote heart monitoring has three main componentsdevices, software, and services. Devices include holter monitors, event monitors, mobile cardiac telemetry (MCT) devices, implantable loop recorders (ILR), and more. The device segment is the largest and is expected to grow the fastest, at over 11% per year. This growth is being driven by new technology, like artificial intelligence (AI), which makes heart monitoring devices more accurate, easier to use, and better at interpreting data. As heart diseases like heart attacks, arrhythmias, and strokes become more common, the demand for remote heart monitoring will also increase. Plus, as patients learn more about these devices, they're becoming more popular.
The market for remote cardiac monitoring is divided into three main areashome care, long-term care, and others. Of these, home care is by far the biggest, with revenues exceeding $2 billion in 2022. This dominance is expected to continue throughout the study period. This growth is driven by two main factors. First, more and more elderly people are opting for remote cardiac monitors. This is because these devices are convenient and easy to use, and they can help people to avoid unnecessary hospital visits. Second, people with high blood pressure are at risk of developing serious heart problems, so remote cardiac monitoring can help to detect and treat these problems early on.
U.S. remote cardiac monitoring market accounted for USD 1.3 billion in 2022 and is anticipated to witness substantial market growth over the projected period. This is attributed to significant healthcare expenditure, supportive government initiatives, rising disease awareness, etc. Additionally, growing adoption rate coupled with high awareness regarding benefits of early disease diagnosis is projected to escalate the demand for enhanced remote cardiac monitoring devices. Moreover, growing demand for advanced treatment and increasing investment in developing technologically superior products will favour market progress.
Remote Cardiac Monitoring Market Share
Some of the notable key industry players operating in the remote cardiac monitoring market include
- Abbott Laboratories
- AMC Health
- Biotronik, Inc
- Boston Scientific Corporation
- GE Healthcare
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Medtronic
- Nihon Kohden Corporation
- OSI Systems, Inc.
These market participants are undertaking numerous growth strategies such as partnerships, collaborations, acquisitions & mergers, and new product development & launches to strengthen product offerings as well as gain a competitive edge over others.
Remote Cardiac Monitoring Industry News
- In January 2022, OMRON Healthcare launched VitalSight specifically for people suffering from hypertension. A kit containing an OMRON linked blood pressure monitor and data hub that are pre-configured to securely share readings - digitally - with the patient's doctor and care team is delivered to the residence of the patient. Such product launches are anticipated to augment the company's development.
Remote cardiac monitoring market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Product Type (USD Million)
- Devices
- Holter monitor
- Event monitor
- Mobile cardiac telemetry (MCT) device
- Implantable loop recorder (ILR)
- Others
- Software
- Services
By End-use (USD Million)
- Home-care settings
- Long-term care
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Switzerland
- The Netherlands
- Poland
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Vietnam
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Iran
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