Remote Cardiac Monitoring Market Size & Growth | report by 2028

Remote Cardiac Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Devices, Software and Services); End User (Hospitals and Clinics, Emergency Settings, Homecare Settings and Others), and Geography

  • Report Code : TIPRE00024441
  • Category : Life Sciences
  • Status : Published
  • No. of Pages : 205
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The remote cardiac monitoring market is projected to reach US$ 31,671.69 million by 2028 from US$ 4,976.40 million in 2021; it is estimated to grow at a CAGR of 30.3% from 2021 to 2028.

Remote cardiac monitoring devices enable a continuous monitoring of electrical activities of heart away from hospitals. They also allow the at-home electrocardiographic (ECG) monitoring of patients with suspected cardiac arrhythmias or at risk for developing arrhythmias. The monitoring can also be performed when patients are engulfed in their day-to-day activities. Thus, one of the most important benefits of remote cardiac device monitoring is it decreases the need for routine doctor visits. Devices such as pacemakers and implantable cardioverter-defibrillator are implanted in the heart of the patients through minimally invasive procedures. A transmitter that works in sync with the device undertakes the transmission of data. Factors such as increase in the incidence of cardiovascular diseases (CVDs) and continuous developments in the telemedicine approach boost the growth of the remote cardiac monitoring market. However, the concerns regarding data privacy hamper the market growth.

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Remote Cardiac Monitoring Market: Strategic Insights

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Market Insights

 

Increase in Incidence of Cardiovascular Diseases

Remote patient monitoring (RPM) allows patients to manage their health better by increasing their involvement in their health care. The American Heart Association supports initiatives to incentivize the design and use of evidence-based remote patient monitoring technologies. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are among the leading causes of death worldwide, and ~30 million people experience a stroke each year. According to the American Heart Association, almost half of all adults in the US have a type of CVD. Furthermore, more than 130 million people, i.e., 45.1% of the US population, are projected to have a type of CVD by 2035. According to reports by the European Society of Cardiology, CVDs cause 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). Moreover, they account for 45% of all deaths in Europe and 37% of total deaths in the EU. Mortalities caused by CVDs in the Asia-Pacific countries range from less than 20% in countries such as Thailand, the Philippines, and Indonesia to 20–30% in urban China, Hong Kong, Japan, Korea, and Malaysia. Furthermore, New Zealand, Australia, and Singapore, among others, have relatively high rates of 30–35%.

Hypertension is a significant risk factor for CVDs. The age-adjusted prevalence of hypertension among adults in the US is ~35%, equaling the population of ~85 million. By 2035, ~42% of adults from the country, i.e., an additional 27 million, would have this condition. The cost burden of hypertension on economies is also rising, and the costs are likely to soar from ~US$ 70 billion in 2015 to ~US$ 150 billion by 2035. Remote patient monitoring may serve as a vital conduit for improving hypertension control and reducing the economic burden stemming from prolonged or frequent hospital stays that result from acute hypertension-related events. Research has shown that (Remote Patient Monitoring) RPM can significantly lower systolic blood pressure (SBP) and diastolic blood pressure (DBP) compared to usual care and self-monitoring alone. According to a few non-randomized trials, RPM devices can improve outcomes by enabling accurate and early detection as well as decreasing all-cause mortality rates and hospitalizations. Recent clinical guidelines strongly recommend the use of RPM for atrial fibrillation (AF) detection in both stroke and non-stroke patients.

Product Type-Based Insights

 

Based on product type, the remote cardiac monitoring market is further segmented into devices, software and services. The devices segment held a larger market share in 2021 and is expected to register a higher CAGR during the forecast period.

End User-Based Insights

 

Based on end user, the remote cardiac monitoring market is segmented into hospitals and clinics, emergency settings, homecare settings, and others. The hospitals and clinics segment would hold the largest market share in 2021, whereas the market for the emergency settings segment is expected to grow at a CAGR of 31.60% during the forecast period.

Various companies operating in the remote cardiac monitoring market are adopting strategies such as product launches, mergers and acquisitions, collaborations, product innovations, and product portfolio expansions to expand their footprint worldwide, maintain brand name, and meet the growing demand from end users.

Remote Cardiac Monitoring Market Regional Insights

The regional trends and factors influencing the Remote Cardiac Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Remote Cardiac Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

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Remote Cardiac Monitoring Market Report Scope

Report Attribute Details
Market size in 2020 US$ 4.98 Billion
Market Size by 2028 US$ 31.67 Billion
Global CAGR (2020 - 2028) 30.3%
Historical Data 2018-2019
Forecast period 2021-2028
Segments Covered By Product Type
  • Devices
  • Software and Services
By End User
  • Hospitals and Clinics
  • Emergency Settings
  • Homecare Settings
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • OSI Systems, Inc.
  • GE Healthcare
  • Biotronik Se
  • Nihon Kohden Corporation
  • Abbott Laboratories
  • Boston Scientific Corporation
  • Koninklijke Philips N.V.
  • Honeywell International, Inc.
  • AMC Health

  • Remote Cardiac Monitoring Market Players Density: Understanding Its Impact on Business Dynamics

    The Remote Cardiac Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Remote Cardiac Monitoring Market are:

    1. OSI Systems, Inc.
    2. GE Healthcare
    3. Biotronik Se
    4. Nihon Kohden Corporation
    5. Abbott Laboratories

    Disclaimer: The companies listed above are not ranked in any particular order.


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    Remote Cardiac Monitoring Market – by Product Type

    • Devices
    • Software
    • Services

    Remote Cardiac Monitoring Market – by End User

    • Hospitals and Clinics
    • Emergency Settings
    • Homecare Settings
    • Others

    Remote Cardiac Monitoring Market – by Geography

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • France
      • Germany
      • Italy
      • UK
      • Spain
      • Rest of Europe
    • Asia Pacific (APAC)
      • China
      • India
      • South Korea
      • Japan
      • Australia
      • Rest of Asia Pacific
    • Middle East & Africa (MEA)
      • South Africa
      • Saudi Arabia
      • UAE
      • Rest of Middle East & Africa
    • South & Central America (SCAM)
      • Brazil
      • Argentina
      • Rest of South and Central America

    Company Profiles

    • OSI Systems, Inc.
    • GE Healthcare
    • Biotronik Se
    • Nihon Kohden Corporation
    • Abbott Laboratories
    • Boston Scientific Corporation
    • Koninklijke Philips N.V.
    • Honeywell International, Inc.
    • AMC Health
    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Product Type, End User, and Geography

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What is the regional market scenario of remote cardiac monitoring?

    Global remote cardiac monitoring market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. In North America, the U.S. is the largest market for remote cardiac monitoring. The US is estimated to hold the largest share in the remote cardiac monitoring market during the forecast period. The growth of the market can be because of the rising investments in cardiology informatics, connected devices, and mobile solutions for advanced cardiac care, increasing product launches, and R&D activities to develop advanced remote cardiac monitoring devices. In addition, technologically advanced products are likely to stimulate the growth of remote cardiac monitoring market in North America. On the other hand, growing emphasis on cost optimization, focus on streamlining of clinical processes, increasing number of clinical trials, rise in the government initiatives, growing number of research and development activities, and rising number of product launches and approvals in the Asia Pacific is expected to account for the fastest growth of the region during the coming years.

    Who are the key players in the remote cardiac monitoring market?

    The remote cardiac monitoring market majorly consists of the players such OSI Systems, Inc., GE Healthcare, Biotronik Se, Nihon Kohden Corporation, Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., Honeywell International, Inc. and AMC Health among others.

    Which end-user held the largest share in the remote cardiac monitoring market?

    The hospitals and clinics segment dominated the global remote cardiac monitoring market and accounted for the largest revenue share of 37.60% in 2021.

    Which product type led the remote cardiac monitoring market?

    The device segment dominated the global remote cardiac monitoring market and held the largest revenue share of 58.53% in 2021.

    What is remote cardiac monitoring?

    Remote cardiac monitoring is the constant monitoring of electrical activities of the heart, which practices place outside hospitals. The monitoring can also be performed while the patient is doing the day-to-day activities. Devices like pacemakers and implantable cardioverter-defibrillator are placed with the patient through minimally invasive procedures. The transmission of data takes place within a transmitter that works in sync with the device. Remote cardiac monitoring technologies allow home electrocardiographic (ECG) monitoring of patients with suspected cardiac arrhythmias or at risk for developing arrhythmias. One of the most important benefits of remote cardiac device monitoring is that it cuts down on routine doctor visits. Without remote monitoring, patients visited the doctor every three to six months (depending on device type) for a data download. With remote monitoring, the number of visits have dropped to one to two per year. Remote cardiac device monitoring is a fantastic way to follow patients and it has always been important, but it’s especially important in this era of COVID-19.

    What are the driving factors for the remote cardiac monitoring market across the globe?

    Key factors that are driving the growth of this market are increase in incidence of cardiovascular diseases, continuous developments in telemedicine approach, and rising investment in research and development are expected to boost the market growth for the remote cardiac monitoring over the years.

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    The List of Companies - Remote Cardiac Monitoring Market

    1. OSI Systems, Inc.
    2. GE Healthcare
    3. Biotronik Se
    4. Nihon Kohden Corporation
    5. Abbott Laboratories
    6. Boston Scientific Corporation
    7. Koninklijke Philips N.V.
    8. Honeywell International, Inc.
    9. AMC Health

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