Cardiac Patch Monitor Market By Product (Patch Recorder, Holter Monitors), By End User (Hospitals, Homecare Settings, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Description

List of Tables

According to a new report published by Allied Market Research, titled, "Cardiac Patch Monitor Market," The cardiac patch monitor market was valued at $504 million in 2022, and is estimated to reach $3126.1 million by 2032, growing at a CAGR of 20% from 2023 to 2032.

The COVID-19 pandemic affected the cardiac patch monitor industry in a positive way, owing to increase in the use of cardiac patch monitor in the diagnosis, evaluation, and treatment of cardiac conditions. With the need to minimize in-person visits and reduce the risk of COVID-19 transmission, there has been an increase in demand for remote monitoring solutions. Therefore, the COVID-19 outbreak had a positive impact on the cardiac patch monitor market.

Market Dynamics

The growth of the cardiac patch monitor market size is driven by rise in prevalence of chronic cardiac diseases such as heart attack, myocardial infarction, and stroke, which further increase the demand for cardiac patch monitor to monitor patients heart health who often experience symptoms related to their heart irregularities, such as palpitations, dizziness, or fainting spells. For instance, according to the Centers for Disease Control and Prevention (CDC) 2022 report, about 20.1 million adults aged 20 and older were suffering from coronary artery disease in 2020.

In addition, as individuals grow old, the electrical system of the heart undergoes natural changes. The conduction system that coordinates the heart's electrical signals may become less efficient, leading to a higher chance of arrhythmias. Therefore, the rise in the aging population, who is more vulnerable to cardiac disease propels the demand for cardiac patch monitors and drives the growth of the cardiac patch monitor market share. For instance, according to the United Nations Report on "World Population Ageing," published in December 2020, globally, there were 727 million people aged 65 years or above in 2020.

Furthermore, technological advancement in cardiac patch monitors propels the growth of the cardiac patch monitor market. For instance, in October 2022, Mawi, creators of AI-powered wearable medical devices for cardiac disease diagnosis and monitoring, announced the official launch of Mawi Heart Patch, the first-ever, single-use 2-lead cardiac monitor to reach the market. A stick-and-go, wireless solution, Mawi Heart Patch improves the detection of cardiovascular diseases, the world's leading cause of death, by 3 times as compared to other cardiac monitor patches. Providing a detailed report within 24 hours after monitoring is complete, the solution reduces time to diagnosis by 97% and ensures patients get timely access to life-saving treatment. Hence, such factors drive the growth of the cardiac patch monitor market.

However, the high cost of cardiac patch monitors and the risk associated with cybersecurity vulnerabilities are expected to hinder the cardiac patch monitor market growth. On the contrary, an increase in the adoption of key strategies such as acquisition, product approval, and agreement by key players, increase in demand for ambulatory heart monitoring devices, and rise in awareness regarding cardiac patch monitors are expected to open new avenues for the growth of the cardiac patch monitor market globally during the forecast period.

Cardiac patch monitors, with their ability to provide continuous and remote monitoring of cardiac activity, have become valuable tools during the pandemic. They allow healthcare providers to monitor patients' heart health remotely, reducing the need for in-person visits and minimizing exposure risks. Thus, the COVID-19 pandemic affected the cardiac patch monitor industry in a positive way. For instance, in May 2020, Bardy Diagnostics, Inc., a leading provider of ambulatory cardiac monitoring technologies announced that it received CE mark certification for the 14-Day version of the Carnation Ambulatory Monitor ("CAM") patch, the industry's only P-wave centric ambulatory cardiac patch monitor and arrhythmia detection device. According to Ken Nelson, Chief Commercial Officer of Bardy Diagnostics, Inc., the CAM patch is currently used in hospital protocols to help physicians better identify and understand arrhythmias that may be related to COVID-19, including in a number of clinical trials of COVID-19 patients at academic centers across the U.S. who are being treated with Hydroxychloroquine, Azithromycin, or both in order to monitor for QT interval prolongation, which may lead to potentially life-threatening cardiac arrhythmias.

In April 2020, LifeSignals Group Inc., announced that the company had fast-tracked the development of a single use, wireless biosensor patch for the early detection and monitoring of coronavirus symptoms. Based on a proven cardiovascular monitoring platform, the Biosensor Patch 1AX, simply affixed on the chest, is expected to record temperature, respiration rate, ECG trace, heart rate, and movement in real time. In addition, the COVID-19 pandemic accelerated the adoption of telemedicine and home-based care. Cardiac patch monitors align with this shift towards remote healthcare delivery, as they enable healthcare providers to monitor patients' cardiac activity from a distance. This facilitated the continuity of care for patients with cardiac conditions, even during lockdowns and restricted access to healthcare facilities.

Furthermore, rise in product approvals and increase in awareness regarding cardiac patch monitor among the population drive the growth of the cardiac patch monitor market during the forecast period. Increase in healthcare expenditure, surge in prevalence of heart diseases, and rise in demand for portable cardiac monitoring devices are expected to drive the growth during the cardiac patch monitor market forecast.

Segmental Overview

The global cardiac patch monitor market is segmented on the basis of product, end user, and region. On the basis of the product, the market is classified into patch recorder and Holter monitors. By end user, it is segregated into hospitals, homecare settings, and others (ambulatory surgical centers, clinics, and cardiac centers). Region-wise, the market is analyzed across North America (the U.S., and Rest of North America), Europe (Germany, the UK, and the Rest of Europe), Asia-Pacific (China, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, and Middle East And Africa).

Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiac patch monitor market analysis from 2022 to 2032 to identify the prevailing cardiac patch monitor market opportunity.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the cardiac patch monitor industry segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global cardiac patch monitor market trends, key players, market segments, application areas, and market growth strategies.

Product Code: A14020

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Rise in geriatric population
  - 3.4.1.2. Rise in prevalence of cardiac diseases
  - 3.4.1.3. Technological advancement in cardiac patch monitor

3.4.2. Restraints
- 3.4.2.1. High cost of cardiac patch monitor

3.4.3. Opportunities
- 3.4.3.1. Rise in adoption of key strategies by key players

3.5. COVID-19 Impact Analysis on the market

CHAPTER 4: CARDIAC PATCH MONITOR MARKET, BY PRODUCT

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Patch Recorder
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Holter Monitors
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country

CHAPTER 5: CARDIAC PATCH MONITOR MARKET, BY END USER

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Hospitals
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Homecare Settings
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: CARDIAC PATCH MONITOR MARKET, BY REGION

6.1. Overview
- 6.1.1. Market size and forecast By Region
6.2. North America
- 6.2.1. Key trends and opportunities
- 6.2.2. Market size and forecast, by Product
- 6.2.3. Market size and forecast, by End User
- 6.2.4. Market size and forecast, by country
  - 6.2.4.1. U.S.
  - 6.2.4.1.1. Key market trends, growth factors and opportunities
  - 6.2.4.1.2. Market size and forecast, by Product
  - 6.2.4.1.3. Market size and forecast, by End User
  - 6.2.4.2. Rest Of North America
  - 6.2.4.2.1. Key market trends, growth factors and opportunities
  - 6.2.4.2.2. Market size and forecast, by Product
  - 6.2.4.2.3. Market size and forecast, by End User
6.3. Europe
- 6.3.1. Key trends and opportunities
- 6.3.2. Market size and forecast, by Product
- 6.3.3. Market size and forecast, by End User
- 6.3.4. Market size and forecast, by country
  - 6.3.4.1. Germany
  - 6.3.4.1.1. Key market trends, growth factors and opportunities
  - 6.3.4.1.2. Market size and forecast, by Product
  - 6.3.4.1.3. Market size and forecast, by End User
  - 6.3.4.2. UK
  - 6.3.4.2.1. Key market trends, growth factors and opportunities
  - 6.3.4.2.2. Market size and forecast, by Product
  - 6.3.4.2.3. Market size and forecast, by End User
  - 6.3.4.3. Rest of Europe
  - 6.3.4.3.1. Key market trends, growth factors and opportunities
  - 6.3.4.3.2. Market size and forecast, by Product
  - 6.3.4.3.3. Market size and forecast, by End User
6.4. Asia-Pacific
- 6.4.1. Key trends and opportunities
- 6.4.2. Market size and forecast, by Product
- 6.4.3. Market size and forecast, by End User
- 6.4.4. Market size and forecast, by country
  - 6.4.4.1. Japan
  - 6.4.4.1.1. Key market trends, growth factors and opportunities
  - 6.4.4.1.2. Market size and forecast, by Product
  - 6.4.4.1.3. Market size and forecast, by End User
  - 6.4.4.2. China
  - 6.4.4.2.1. Key market trends, growth factors and opportunities
  - 6.4.4.2.2. Market size and forecast, by Product
  - 6.4.4.2.3. Market size and forecast, by End User
  - 6.4.4.3. Rest of Asia-Pacific
  - 6.4.4.3.1. Key market trends, growth factors and opportunities
  - 6.4.4.3.2. Market size and forecast, by Product
  - 6.4.4.3.3. Market size and forecast, by End User
6.5. LAMEA
- 6.5.1. Key trends and opportunities
- 6.5.2. Market size and forecast, by Product
- 6.5.3. Market size and forecast, by End User
- 6.5.4. Market size and forecast, by country
  - 6.5.4.1. Latin America
  - 6.5.4.1.1. Key market trends, growth factors and opportunities
  - 6.5.4.1.2. Market size and forecast, by Product
  - 6.5.4.1.3. Market size and forecast, by End User
  - 6.5.4.2. Middle East And Africa
  - 6.5.4.2.1. Key market trends, growth factors and opportunities
  - 6.5.4.2.2. Market size and forecast, by Product
  - 6.5.4.2.3. Market size and forecast, by End User

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Top player positioning, 2022

CHAPTER 8: COMPANY PROFILES

8.1. iRhythm Technologies, Inc.
- 8.1.1. Company overview
- 8.1.2. Key Executives
- 8.1.3. Company snapshot
- 8.1.4. Operating business segments
- 8.1.5. Product portfolio
- 8.1.6. Business performance
- 8.1.7. Key strategic moves and developments
8.2. Cardiac Insight, Inc.
- 8.2.1. Company overview
- 8.2.2. Key Executives
- 8.2.3. Company snapshot
- 8.2.4. Operating business segments
- 8.2.5. Product portfolio
- 8.2.6. Key strategic moves and developments
8.3. VitalConnect
- 8.3.1. Company overview
- 8.3.2. Key Executives
- 8.3.3. Company snapshot
- 8.3.4. Operating business segments
- 8.3.5. Product portfolio
- 8.3.6. Key strategic moves and developments
8.4. Baxter International Inc.
- 8.4.1. Company overview
- 8.4.2. Key Executives
- 8.4.3. Company snapshot
- 8.4.4. Operating business segments
- 8.4.5. Product portfolio
- 8.4.6. Business performance
- 8.4.7. Key strategic moves and developments
8.5. LifeSignals
- 8.5.1. Company overview
- 8.5.2. Key Executives
- 8.5.3. Company snapshot
- 8.5.4. Operating business segments
- 8.5.5. Product portfolio
- 8.5.6. Key strategic moves and developments
8.6. SmartCardia Inc.
- 8.6.1. Company overview
- 8.6.2. Key Executives
- 8.6.3. Company snapshot
- 8.6.4. Operating business segments
- 8.6.5. Product portfolio
- 8.6.6. Key strategic moves and developments
8.7. Koninklijke Philips N.V.
- 8.7.1. Company overview
- 8.7.2. Key Executives
- 8.7.3. Company snapshot
- 8.7.4. Operating business segments
- 8.7.5. Product portfolio
- 8.7.6. Business performance
- 8.7.7. Key strategic moves and developments
8.8. Hemodynamics Co
- 8.8.1. Company overview
- 8.8.2. Key Executives
- 8.8.3. Company snapshot
- 8.8.4. Operating business segments
- 8.8.5. Product portfolio
8.9. Zywie Inc.
- 8.9.1. Company overview
- 8.9.2. Key Executives
- 8.9.3. Company snapshot
- 8.9.4. Operating business segments
- 8.9.5. Product portfolio
- 8.9.6. Key strategic moves and developments
8.10. Mawi Inc
- 8.10.1. Company overview
- 8.10.2. Key Executives
- 8.10.3. Company snapshot
- 8.10.4. Operating business segments
- 8.10.5. Product portfolio
- 8.10.6. Key strategic moves and developments