Increase in prevalence of cardiovascular diseases, and rising geriatric population are expected to drive market growth
The global remote cardiac monitoring services market size is forecast to reach USD 10.97 Billion by 2028, registering a CAGR of 11.5% over the forecast period according to a new report by Reports and Data. Major factors driving market revenue growth are increase in prevalence of cardiovascular diseases (CVD), increasing incidence of obesity, lower cost of remote monitoring and rising geriatric population. Due to the rise in the rate of occurrence of CVD, remote cardiac monitoring services are becoming increasingly relevant in the healthcare sector.
A wide range of other applications such as detection, monitoring, and treatment of heart activities along with identifying abnormal heart rhythm has also contributed to the growth of remote cardiac monitoring services market. Increase in rate of occurrence of CVD has resulted in creating a burden on healthcare providing organizations. Such a burden has resulted in increased public and private investment in this industry. Due to the increase in investments, the industry is coming up with new services, that has impacted the growth of the industry positively. Remote cardiac monitoring services have enabled the transcending of geographic barrier for patients as well as for care providers. Such an increase in acceptance of the service has also contributed to the growth of remote cardiac monitoring services market.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Preventice Solutions, Honeywell Life Care Solutions, Cardionet, Koninklijke Philips, Medtronic, Boston Scientific Corporation, Biotronik SE & Co. KG, Cardiac Science Corporation, Hill-Rom Holdings, Inc., LivaNova PLC, ReliantHeart Inc., St. Jude Medical, Inc, and Schiller AG.
Market Segmentation by Types:
Product Type Outlook (Revenue, USD Billion; 2020 – 2028)
• Cardiac Event Recorder
• Loop memory Monitor
• Symptom event monitor
• Holter Monitor
• Insertable Cardiac Monitor (ICM)
• Mobile Cardiac Telemetry Devices
Technology Outlook (Revenue, USD Billion; 2020 – 2028)
• Digital Health Technology
• Mobile Cardiac Telemetry Monitoring (MCT/MCOT)
• Artificial Intelligence
• AutoDetect Monitors
• Manual Event Monitor
• Smart Wearable ECG Monitors
Event Monitoring Outlook (Revenue, USD Billion; 2020 – 2028)
• Pre-Symptom (Memory Loop)
• Post-Symptom Event Monitor
Application Outlook (Revenue, USD Billion; 2020 – 2028)
• Coronary Artery Disease
• Arrhythmia
• Hypertension
End Use Outlook (Revenue, USD Billion; 2020 – 2028)
• Diagnostic Centers
• Hospitals
• Ambulatory Surgical Centers
• Academic and Research Institutions
• R&D Centers
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Remote Cardiac Monitoring Services market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA
Further key findings from the report suggest
• On the basis of product type, cardiac event recorder is forecast to hold the largest market share by 2026, with a CAGR of 11.8% during the forecast period. Factors like availability of cardiac event recorder, awareness about the product and ease of applicability have contributed to its market dominance.
• On the basis of technology, digital health technology segment held the largest market share in 2020. Factors like its early incorporation in the healthcare sector as compared to other technologies, makes it more acceptable, thus contributing to its large market share.
• On the basis of event monitoring, post symptom event monitor segment occupied the largest market share in 2020. Factors contributing to this greater market share is the lack awareness among care users to record and monitor significant vitals in a scheduled manner due to which, event monitoring is performed only after the symptoms or the condition has been identified.
• In the application segment, coronary artery disease occupies the largest market share in 2020. The fact that it is one of the commonly occurring cardiovascular diseases makes the application of the service in this segment highly relevant.
• In the end-use segment, hospitals accounted for the largest market revenue share in 2020. Factors like an increase in incidence of coronary and cardiovascular heart diseases and the rise in the use of remote cardiac monitoring services in hospitals have contributed to the growth of the segment.
• North America region accounted for the largest market revenue share and is forecast to register a CAGR of 12.2% over the forecast period. The rise in the rate of occurrence of cardiovascular diseases and increasing spending on healthcare sector as well as on research and development in this region results in promoting market growth in this region.
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