Remote Cardiac Monitoring Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the remote cardiac monitoring market grown over the years?
In recent times, there has been a significant increase in the size of the remote cardiac monitoring market. This market is projected to expand from a value of $6.21 billion in 2024 to reach a new high of $7.61 billion in 2025, with a compound annual growth rate (CAGR) of 22.5%. The remarkable growth during the historical period is primarily due to an increase in cardiovascular diseases, a global rise in the aging population, positive regulatory sanctions, increasing awareness about the importance of preventive healthcare, and major investments and funding in startups within the health-technology sector.
What Is the forecasted market size and growth rate for the remote cardiac monitoring market?
The remote cardiac monitoring market size is expected to see exponential growth in the next few years. It will grow to $17.29 billion in 2029 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to increasing healthcare infrastructure, awareness in emerging economies, continued rise of telehealth services, growing consumer interest in wearable health tech, and efforts to reduce healthcare costs by minimizing hospital readmissions. Major trends in the forecast period include seamless integration of AI and machine learning algorithms with telehealth platforms, data security and privacy enhancements, development of personalized monitoring solutions, increased use of cloud-based platforms for data storage and analytics, technological advancements.
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What are the major factors driving growth in the remote cardiac monitoring market?
The surge in cardiovascular disorders is set to stimulate the expansion of the remote cardiac monitoring market. These disorders encompass a range of issues related to the heart and blood vessels, like coronary artery disease, heart failure, arrhythmias, and hypertension. Unhealthy eating habits, lack of physical activity, the growing occurrence of obesity and diabetes, and aging populations contribute to the rise in cardiovascular diseases. Remote cardiac monitoring is essential to track heart health continuously and in real-time for these conditions, facilitating early identification, timely intervention, and more effective management. For example, a study by the American College of Cardiology, a non-profit medical organization in the US, indicated in August 2022, that by 2060, the US will see substantial increases in cardiovascular risk factors with diabetes projected to surge by 39.3% to 55 million people and stroke cases estimated to rise by 33.8% to 15 million. Thus, the escalating prevalence of cardiovascular conditions is set to fuel the remote cardiac monitoring market.
What key areas define the segmentation of the global remote cardiac monitoring Market?
The remote cardiac monitoring market covered in this report is segmented –
1) By Type: Devices, Software, Services
2) By Indication: Bradycardia, Tachycardia, Atrial And Ventricular Fibrillation, Other Indications
3) By End User: Hospitals And Clinics, Emergency Settings, Homecare Settings, Other End Users
Subsegments:
1) By Devices: Wearable ECG Monitors, Implantable Loop Recorders (ILRs), Mobile Cardiac Telemetry Devices, Cardiac Event Monitors, Smartwatches With Heart Monitoring Capabilities
2) By Software: Cardiac Monitoring and Analysis Software, Data Management Software, Cloud-Based Remote Monitoring Platforms, Mobile Applications For Patient Monitoring
3) By Services: Remote Cardiac Monitoring Services, Data Interpretation And Reporting Services, Telehealth Consultation Services, Device Maintenance And Technical Support Services
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Who are the key firms paving the way for growth in the remote cardiac monitoring market?
Major companies operating in the remote cardiac monitoring market are Abbott Laboratories, Honeywell International Inc., Medtronic Plc, Koninklijke Philips N.V., GE Healthcare, ZOLL Medical Corporation, Boston Scientific Corporation, Hill-Rom Holdings Inc., Masimo Corporation, Biotronik SE, Nihon Kohden Corporation, OSI Systems Inc., Irhythm Technologies Inc., BioTelemetry Inc., Spacelabs Healthcare Inc., AMC Health, Huma Limited, Alivecor Inc., Contec Medical Systems Co. Ltd., InfoBionic Inc., Bardy Diagnostics Inc., ChroniSense Medical Ltd., Ejenta Inc., Cardiomo Care Inc., Vitls Inc.
What are the key trends shaping the future of the remote cardiac monitoring market?
Leading businesses in the remote cardiac monitoring market are innovating by creating technologically superior solutions, such as ultrasound systems, to improve the precision and ease of heart health monitoring. Ultrasound systems are medical devices used for ultrasound imaging. For example, in December 2022, Royal Philips introduced the Ultrasound Compact System 5000 Series. This system offers top-tier diagnostic quality, the ability to be moved around easily, compatibility with EPIQ Elite and Affiniti transducers, and includes Collaboration Live telemedicine software for real-time remote consultations. This system offers access to premium cart-based diagnostic quality while emphasising portability and versatility, without compromising the high image fidelity and performance.
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What regions are dominating the remote cardiac monitoring market growth?
North America was the largest region in the remote cardiac monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the remote cardiac monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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