PUBLISHER: The Business Research Company | PRODUCT CODE: 1563226
PUBLISHER: The Business Research Company | PRODUCT CODE: 1563226
Remote cardiac monitoring refers to the continuous or intermittent observation of a patient's heart activity using advanced technologies that allow data transmission from a patient's location to healthcare providers.
The remote cardiac monitoring market consists of sales, by entities (organizations, sole traders and partnerships), of remote cardiac monitoring solutions that are critical for diagnosing and managing chronic cardiac conditions, preventing potential cardiac events and ensuring timely intervention when abnormalities are detected. The market encompasses a range of devices, software and services that together create a comprehensive solution for cardiac care.
The global remote cardiac monitoring market was valued at $2,096.31 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 19.0%.
Rise In Adoption Of Remote Patient Monitoring Devices
The rise in adoption of remote patient monitoring devices boosted the growth of the remote cardiac monitoring market during the historic period. The adoption of remote monitoring technology by healthcare systems has enabled continuous, real-time monitoring of patients with cardiovascular conditions at home. This reduced hospital visits and allowed for timely interventions, improving both patient outcomes and chronic cardiac care. The widespread use of these devices, providing accurate and continuous health data, has driven rapid industry growth by enabling early detection and treatment of heart issues. For instance, in October 2022, Manipal Hospitals, an India-based for-profit private hospital network, announced a collaboration with Isansys Lifecare India Pvt. Ltd., an India-based medical technology manufacturing company, to implement the Isansys Patient Status Engine (PSE) for tracking high-risk and vulnerable patients. The PSE wirelessly and remotely monitors patients who require constant health updates, providing real-time Early Warning Scores (EWS) that are streamed to the central monitoring station and caregivers' mobile phones. The device also enables continuous tracking of vital signs, including heart rate, temperature, oxygen saturation, blood pressure and electrocardiogram (ECG), enhancing patient care and enabling timely medical interventions. Additionally, in March 2022, the Trauma and Emergency Care Centre of Victoria Hospital, an India-based government-run hospital, adopted remote patient monitoring solutions. The center is utilizing these solutions to monitor over 3,500 patients from cardiology, pulmonology and surgical intensive care unit (ICU) departments who were previously checked manually every few hours. This shift enhances patient care by allowing continuous, real-time monitoring, enabling quicker responses to changes in patients' conditions and reducing the burden on healthcare staff, ultimately improving outcomes and efficiency in patient management. Therefore, the rise in adoption of remote patient monitoring devices contributed to the growth of the remote cardiac monitoring market.
Integration Of Remote Patient Monitoring Technologies With Advanced Arrhythmia Detection For Effective Patient Management
Major companies in the remote cardiac monitoring market are integrating remote patient monitoring with advanced arrhythmia detection to improve cardiovascular management. This approach provides continuous, real-time cardiac data, enhancing arrhythmia detection accuracy and enabling prompt interventions. It supports effective management of cardiovascular conditions, reduces in-person visits
and lowers healthcare costs, meeting the demand for efficient and cost-effective cardiovascular care solutions. For example, in May 2024, Vivalink, a US-based digital health technology solution for remote data capture in healthcare and clinical trials, introduced a comprehensive technology solution for Mobile Cardiac Telemetry (MCT) and Holter monitoring, addressing the global need for efficient cardiovascular care. This solution integrates remote patient monitoring technologies with advanced arrhythmia detection algorithms, streamlining deployment and improving patient management. By consolidating MCT and Holter monitoring into a single technology platform, Vivalink aims to enhance the efficiency of ambulatory electrocardiogram (ECG) monitoring and reduce service costs, meeting the rising demand for effective cardiac monitoring solutions.
The global remote cardiac monitoring market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 23.66% of the total market in 2023.
Remote Cardiac Monitoring Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global remote cardiac monitoring market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for remote cardiac monitoring? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The remote cardiac monitoring market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider remote cardiac monitoring market; and compares it with other markets.