Home > Healthcare > Medical Devices > Diagnostic Devices > Remote Cardiac Monitoring Market
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: |
|
Pitfalls & Challenges: |
|
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.
The growing disposable income and healthcare expenditure in emerging countries will accelerate the market trends. Increasing spending ability of population on advanced cardiovascular devices with growing disposable income in developed as well as some developing nations will benefit the adoption of remote patient monitoring devices. For instance, in New Zealand, average annual household disposable income increased by 2.9% than previous year for year ended June 2020. In addition, rising overall healthcare expenditure led to adoption of innovative technologies in treatment facilities. This allowed the physicians to improve healthcare access, optimize procedural time and reduce overall treatment cost. This has resulted in increasing demand for remote cardiac monitoring devices and is anticipated to drive market expansion.
The remote cardiac monitoring market by product type is segmented into devices, software, and services. The devices segment is further subdivided into holter monitor, event monitor, mobile cardiac telemetry (MCT) device, implantable loop recorder (ILR), and others. The devices segment dominated the product type and is predicted to witness highest CAGR of 11.6% during the forecast period. Continuous technological advancements and integration of artificial intelligence (AI) into remote cardiac monitoring devices to enhance accuracy, ease of use, and interpretation will foster segment outlook. In addition, increasing prevalence of cardiovascular diseases such as coronary heart diseases, cardiac arrhythmias monitoring, heart stroke, and heart diseases will stimulate segment demand. Additionally, technological innovations and increasing awareness among patients about remote cardiac monitoring devices will accelerate market trends.
The remote cardiac monitoring market by end-use is categorized into home-care settings, long-term care, and others. Home-care settings segment held largest revenue size accounting for over USD 2 billion in 2022 and is forecasted to dominate the regional market throughout the analysis period. The high segment growth is attributable to the increasing preference for remote parameter monitors among elderly population base will escalate the segmental growth. Moreover, people suffering from blood pressure are often susceptible to suffering from serious cardiovascular diseases. Furthermore, as remote cardiac monitoring devices offer convenience to geriatric population base and avoid hospital visits will thus lead to rise in demand for advanced remote cardiac monitors in coming years.
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.
Some of the notable key industry players operating in the remote cardiac monitoring market include:
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.
Click here to Buy Section of this Report
By Product Type (USD Million)
By End-use (USD Million)
The above information is provided for the following regions and countries: