Rising prevalence of cardiovascular diseases, surging need for early disease detection, technological advancements in heart monitoring procedures are the salient factors boosting market development.
Market Size – USD 0.57 Billion in 2019
Market Growth – CAGR of 11.5%
Market Trends – Rising prevalence of cardiovascular diseases
The global remote cardiac monitoring services market, which held a significant market share of USD 0.57 Billion in 2019, is predicted to obtain USD 1.39 Billion By 2027, exhibiting a robust 11.5% CAGR. Remote cardiac monitoring services are a critical aspect of telehealth services and involve the use of implantable rhythm management devices that can keep track of the patient’s heart activity remotely. These services offer various advantages, such as cost savings, at-home patient care, decreased follow-up visits, and fewer hospital admissions. The increasing incidences of cardiovascular diseases (CVD), surging prevalence of chronic diseases like diabetes and obesity, and the rising adoption of remote cardiac monitoring services across the globe are the pivotal factors inducing the growth of the global remote cardiac monitoring services market.
The key industry participants include –
Koninklijke Philips, Johnson & Johnson, Medtronic, Honeywell Life Care Solutions, Covidien Plc, Biotronik SE & Co. KG, Roche, American Telecare, Hill-Rom Holdings, Inc., Preventice Solutions, Cardionet, ReliantHeart Inc., LivaNova PLC, Boston Scientific Corporation, Cardiac Science Corporation, St. Jude Medical, Inc., and Schiller AG.
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The global market has gained significant momentum over the past few years, owing to a host of factors favorable for market growth. Augmenting incidences of heart attacks, growing geriatric populace, increasing alcohol consumption and unhealthy lifestyles, and technological advancements in healthcare are the other key parameters contributing to market growth. Remote cardiac monitoring services include heart rhythm monitoring, ECG (electrocardiogram) recordings, and regular heart rate and blood pressure monitoring, among other benefits. Hence, such advantages of these services boost their demand across the market. Moreover, the increasing usage of mobile cardiac telemetry, the emergence of advanced remote patient monitoring services, surging demand for home healthcare and institutional nursing, and the popularizing trend of telemedicine have further bolstered the global market growth. The growing adoption of patient self-testing products and wearable healthcare gadgets, such as Fitbit smartwatches, is another key driver for market growth.
- Based on product type, the cardiac event recorder segment is foreseen as the leading segment, with the largest market share of around 42% by 2027. The segment is likely to expand at a high CAGR of 11.8% over the projected period due to the rapidly rising product awareness and adoption worldwide.
- As per the technology landscape, the digital health technology segment is expected to account for the largest market share by 2027 at a significant CAGR of 12.0%. Rising incorporation of various digital health technologies into the healthcare sector is a key contributor to the segmental growth.
- In terms of application, the coronary artery disease segment is projected to occupy the largest market share over the forecast period, exhibiting a CAGR of 11.8%. Hence, among the various end-users, the hospitals sub-segment leads the global remote cardiac monitoring services market. The segment is likely to record a promising growth rate of 12.3% over the foreseeable era, owing to the augmenting burden of coronary and cardiovascular diseases and increasing hospital admissions.
- The North America remote cardiac monitoring services market is poised to emerge as the leading regional market by 2027, registering a sturdy CAGR of 12.2%. Rising occurrence of cardiovascular diseases, presence of avant-garde healthcare infrastructure, and increasing funding for healthcare R&D activities in the region are the fundamental driving forces for this market.
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For the purpose of this report, the global remote cardiac monitoring services market is segmented based on product type, technology, event monitoring, application, end-user, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Cardiac Event Recorder
- Mobile Cardiac Telemetry Devices
- Loop memory Monitor
- Symptom event monitor
- Holter Monitor
- Insertable Cardiac Monitor (ICM)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Artificial Intelligence
- Digital Health Technology
- AutoDetect Monitors
- Mobile Cardiac Telemetry Monitoring (MCT/MCOT)
- Smart Wearable ECG Monitors
- Manual Event Monitor
Event Monitoring Outlook (Revenue, USD Billion; 2017-2027)
- Pre-symptom (Memory Loop)
- Post-symptom Event Monitor
Application Outlook (Revenue, USD Billion; 2017-2027)
- Coronary Artery Diseases
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostic Centers
- Academic Institutions
- Research & Development Centers
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Remote cardiac monitoring services Market Segmentation & Impact Analysis
4.1. Remote cardiac monitoring services Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
126.96.36.199. Increase in research and development in the healthcare sector
188.8.131.52. Advancement in cardiac care technologies
184.108.40.206. The rise in the occurrence of obesity and cardiovascular diseases
4.2.3. Market restraints analysis
220.127.116.11. Unfavorable reimbursement policies for Remote internal organ observation Devices
18.104.22.168. Price sensitive market
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
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