May 20, 2024

Remote Cardiac Monitoring Market Size to Reach USD 9.75 Bn by 2033

The global remote cardiac monitoring market size was estimated at USD 3.42 billion in 2023 and is projected to reach around USD 9.75 billion by 2033, growing at a CAGR of 11.04% from 2024 to 2033.

Key Points

  • The North America remote cardiac monitoring market size accounted for USD 1.57 billion in 2023 and is expected to attain around USD 4.49 billion by 2033.
  • North America led the market with the largest market share of 46% in 2023.
  • Asia Pacific is emerging as the fastest-growing landscape in the global market.
  • By product, the device segment held the largest share of the market in 2023.
  • By product, the software segment is showcasing significant growth in the market.
  • By end-use, the home care setting segment held the dominant share of the market in 2023.
  • By end-use, the long-term care segment is expected to witness the fastest growth in the market.

Remote Cardiac Monitoring Market Size 2024 to 2033

The remote cardiac monitoring market has witnessed significant growth in recent years due to advancements in telemedicine and remote patient monitoring technologies. Remote cardiac monitoring involves the use of wearable devices and telecommunication technologies to track and transmit cardiac data in real-time from patients located at a distance. This market is driven by the increasing prevalence of cardiovascular diseases, rising adoption of digital health solutions, and the growing need for continuous monitoring of high-risk cardiac patients outside of traditional healthcare settings.

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Growth Factors

Several factors contribute to the growth of the remote cardiac monitoring market. One key driver is the aging population worldwide, leading to a higher incidence of cardiovascular diseases and the need for continuous monitoring. Moreover, technological advancements such as miniaturization of devices, improved connectivity, and the integration of artificial intelligence have enhanced the effectiveness and accuracy of remote cardiac monitoring systems. Additionally, the shift towards value-based healthcare models and the increasing demand for cost-effective healthcare solutions are fueling the adoption of remote cardiac monitoring services.

Region Insights

The adoption of remote cardiac monitoring varies across regions. Developed regions like North America and Europe are early adopters of these technologies due to well-established healthcare infrastructure and favorable reimbursement policies. Asia Pacific is expected to witness rapid growth driven by increasing healthcare expenditure, rising awareness about preventive healthcare, and improving access to healthcare services in emerging economies.

Remote Cardiac Monitoring Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 11.04%
Remote Cardiac Monitoring Market Size in 2023 USD 3.42 Billion
Remote Cardiac Monitoring Market Size in 2024 USD 3.80 Billion
Remote Cardiac Monitoring Market Size by 2033 USD 9.75 Billion
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product and By End-user
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Remote Cardiac Monitoring Market Dynamics

Drivers

Key drivers of the remote cardiac monitoring market include the growing prevalence of cardiovascular diseases globally, advancements in wireless technologies enabling real-time data transmission, and the rising trend of remote patient monitoring to reduce hospital readmissions and healthcare costs. Additionally, the COVID-19 pandemic has accelerated the adoption of telemedicine and remote monitoring solutions, further driving market growth.

Opportunities

The remote cardiac monitoring market presents several opportunities for growth and innovation. Expansion into untapped markets, such as developing regions with growing healthcare infrastructure, offers significant growth potential. Moreover, the development of advanced analytics and machine learning algorithms to interpret cardiac data and predict cardiac events opens avenues for personalized and proactive healthcare management.

Challenges

Despite the promising growth prospects, the remote cardiac monitoring market faces challenges such as data security concerns, interoperability issues with existing healthcare systems, and regulatory complexities across different regions. Ensuring the reliability and accuracy of remote monitoring devices and addressing reimbursement challenges also pose obstacles to market expansion.

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Remote Cardiac Monitoring Market Recent Developments

  • In April 2023, GE HealthCare introduced a new asset management and network supervision solution, ReadySee. ReadySee is designed to transform data into actionable insights about devices and infrastructure and, provide risk scoring, and help protect sensitive patient health information (PHI). In addition, ReadySee profiles behaviors and risks for networked & non-networked devices so they can be found and investigated without disrupting the patient care experience.
  • In April 2023, the Portrait Mobile Monitoring Solution was launched by GE Healthcare, which addresses the needs of wireless and wearable monitoring with a state-of-the-art platform that leverages innovative technologies that are easily deployed on a hospital’s IT infrastructure. By utilizing the medical body area network (MBAN) architecture and the proprietary protocol, designed so the wireless signal is as reliable as a wired connection, Portrait Mobile patients have the autonomy to recover without the burden of being wired to a traditional monitoring device.

Remote Cardiac Monitoring Market Companies

  • OSI Systems, Inc.
  • GE Healthcare
  • Biotronik se
  • Nihon kohden  corp.
  • Abbott laboratories
  • Boston Scientific
  • Koninlijke Philips N.V
  • Honeywell International, Inc
  • AMC Health

Segments Covered in the Report

By Product

  • Devices
  • Software
  • Services

By End user

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

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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