North America Remote Cardiac Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Devices, Software, and Services) and End User (Hospitals and Clinics, Emergency Settings, Homecare Settings, and Others)
Market Introduction
The North America remote cardiac monitoring market is analyzed on the basis of three countries: the US, Canada, and Mexico. The US holds the largest size of the remote cardiac monitoring market owing to factors such as the rising investments in cardiology informatics, connected devices, and mobile solutions for advanced cardiac care, increasing product launches, and R&D activities to develop advanced remote cardiac monitoring. Remote cardiac monitoring devices empower patients to manage their health in a better way and proactively participate in personal healthcare. When used by clinicians, these devices can provide a more holistic view of a patient's health over time, increase the transparency of patient compliance, and enable timely intervention before a costly treatment episode. The technology also provides the ability to identify serious problems before a major clinical event. Some studies have shown that mortality from arrhythmias and congestive heart failure with the usage of these technologies has decreased by 50% compared to those who received standard in-person follow-ups. Cardiologists in the United States are increasingly adopting this technology to provide remote healthcare-based solutions and diagnostics, which are made possible by implantable or wearable devices. These devices enable the early detection of critical physiological events, giving patients more time to seek medical attention. Remote monitoring and management techniques can further optimize implantable cardioverter-defibrillator electrodes and reduce the likelihood of an inadequate shock associated with such devices. According to the American Heart Association, nearly half of adults in the United States have some type of cardiovascular disease (CVD) and it is estimated that nearly 6 million adults are currently suffering from heart failure, a number that is projected to increase by 2035 by 40%. By 2035, more than 130 million adults, or 45.1% of the US population, are expected to have some form of cardiovascular disease (CVD). Remote cardiac monitoring devices have the potential to improve outcomes by providing accurate and early detection and lowering overall mortality and hospital admissions. In 2018, BIOTRONIK became one of the exclusive US distributors for the MoMe Kardia external cardiac diagnostic monitor by InfoBionic. This has helped the company expand its portfolio of cardiovascular solutions to help clinicians deliver the best care as quickly and efficiently as possible.
Since the COVID-19 pandemic, the US has suspended all the non-urgent scheduled visits and hospital stays. They have transitioned to virtual health platforms, using wearable sensors at unprecedented rates to reduce virus exposure and the use of limited stocks of personal protective equipment. The FDA has also issued emergency clearance for multiple RPM devices to enable further physiological data collection in this age of social distancing. The COVID-19 pandemic has ushered in a new era of heart management with remote cardiac monitoring. These remote cardiac device monitors changed the game's rules during the COVID-19 pandemic by redefining how patients use the devices to interact with their caregivers. By recording the device and physiological data timely and then sending that data securely over the internet to a patient's health team, countless patients have been able to leave the emergency room, avoid in-person clinic visits, and thus reduce exposure to the novel coronavirus. The ability to remotely monitor cardiac devices has given patients confidence in an already stressful time. It has helped nurses free up more hospital beds, at the same time reducing the need for expensive and sometimes scarce protective equipment. The response to COVID-19 across Canada has resulted in physical distancing protocols in hospitals, and equipment clinics have responded with increased remote monitoring. There is a need to assess how changes in the health landscape due to COVID-19 have affected cardiovascular implantable electronic device (CIED) follow-up care for patients and device clinics in Canada and investigate whether changes are temporary or permanent. The lack of a unified, process-specific, and guideline-based approach to post-implantation care of cardiovascular implantable electronic devices (CIEDs) and inconsistent funding guidelines in all jurisdictions for hospital and remote visits are significant obstacles to the use of remote patient management strategies in Canada.
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Market Overview and Dynamics
The remote cardiac monitoring market in North America is expected to grow from US$ 1,153.06 million in 2021 to US$ 7,738.62 million by 2028; it is estimated to grow at a CAGR of 31.3% from 2021 to 2028. Surge in preference for remote patient monitoring during COVID-19 pandemic; new era of cardiac management began in 1960 with the creation of the first implantable pacemaker, which has since saved countless lives and transformed the practice of medicine. Furthermore, the implementation of remote patient monitoring (RPM) was a pivotal step in this advancement. In the aftermath of COVID-19, remote monitoring has emerged as a promising solution. A growing number of healthcare providers are using technology-enabled solutions to manage diabetes, improve clinical outcomes, and enhance the patients’ quality of life. Amid the COVID-19 pandemic, compelling people to avoid crowds and going out at public places, healthcare providers are emphasizing providing patient-centered care through virtual medical treatments. Elderly populations suffering chronic diseases, among other people, require frequent check-ups and continuous health monitoring. It is time-consuming for them to drive back and forth to visit physicians, and alternatives such as in-house care are unreasonably expensive for the majority of them. Moreover, they can be at a high risk of COVID-19 infection during hospital visits. These factors have led to the increased adoption of remote patient monitoring. With the rise in the use of remote patient monitoring during the COVID-19 pandemic, many companies have redirected their focus on mergers and acquisitions. Philips has recently agreed to acquire BioTelemetry, a medical technology company that specializes in cardiac diagnostics and remote patient monitoring services. This deal would allow Philips to expand its remote patient monitoring business beyond hospitals and into patients' homes. Philips is already a major player providing remote patient monitoring devices for the hospitals segment. As telemedicine is becoming an integral part of various national healthcare strategies to combat COVID-19, the demand for remote patient monitoring devices that are interoperable with the service provider's telehealth infrastructure is bound to rise. This is bolstering the growth of the remote cardiac monitoring market.
Key Market Segments
Based on product type, the market is segmented into devices, software, and services. In 2021, the devices segment held the largest share North America remote cardiac monitoring market. Based on devices the market is divided into vital signs monitors, heart rate monitors, blood pressure monitors, breath monitors, holter monitors, and others. Vital signs monitors is expected to the fastest growing segment over the forecast period. Based on software the market is divided into cloud based software and on-premise software. The cloud based software segment accounts for largest market share in the 2021. Similarly, based on end user, the market is segmented into hospitals and clinics, emergency settings, homecare settings and others. In 2021, the hospitals and clinics segment held the largest share of the market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the remote cardiac monitoring market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Abbott; AMC Health; Biotronik, Inc.; Boston Scientific Corporation; GE Healthcare; Honeywell International Inc.; Koninklijke Philips N.V.; Medtronic; Nihon Kohden Corporation; and OSI Systems, Inc. among others.
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- To understand the North America remote cardiac monitoring market landscape and identify market segments that are most likely to guarantee a strong return
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- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA REMOTE CARDIAC MONITORING MARKET SEGMENTATION
By Product Type
- Devices
- Vital Signs Monitors
- Heart Rate Monitors
- Blood Pressure Monitors
- Breath Monitors
- Holter Monitors
- Others
- Software
- Cloud Based Software
- On-Premise Software
- Services
By End User
- Hospitals and Clinics
- Emergency Settings
- Homecare Settings
- Others
By Country
- US
- Canada
- Mexico
Company Profiles
- Abbott
- AMC Health
- Biotronik, Inc.
- Boston Scientific Corporation
- GE Healthcare
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Medtronic
- Nihon Kohden Corporation
- OSI Systems, Inc.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Remote Cardiac Monitoring Market – By Product Type
1.3.2 North America Remote Cardiac Monitoring Market – By End User
1.3.3 North America Remote Cardiac Monitoring Market – By Country
2. North America Remote Cardiac Monitoring Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Remote Cardiac Monitoring Market – Market Landscape
4.1 Overview
4.1 PEST Analysis
4.1.1 North America – PEST Analysis
4.2 Expert Opinions
5. North America Remote Cardiac Monitoring Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Incidence of Cardiovascular Diseases
5.1.2 Continuous Developments in Telemedicine Approach
5.2 Market Restraints
5.2.1 Concerns Regarding Data Privacy
5.3 Market Opportunities
5.3.1 Surge in Preference for Remote Patient Monitoring During COVID-19 Pandemic
5.4 Future Trends
5.4.1 Strategic Initiatives by Market Players
5.5 Impact analysis
6. Remote Cardiac Monitoring Market – North America Analysis
6.1 North America Remote Cardiac Monitoring Market Revenue Forecast and Analysis
7. North America Remote Cardiac Monitoring Market Analysis and forecasts to 2028 – by Product Type
7.1 Overview
7.2 North America Remote Cardiac Monitoring Market Share by Product Type 2021 & 2028 (%)
7.3 Devices
7.3.1 Overview
7.3.2 Devices: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.1 Vital Signs Monitor
7.3.2.1.1 Overview
7.3.2.1.2 Vital Signs Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.2 Holter Monitor
7.3.2.2.1 Overview
7.3.2.2.2 Holter Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.3 Blood Pressure Monitor
7.3.2.3.1 Overview
7.3.2.3.2 Blood Pressure Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.4 Heart Rate Monitors
7.3.2.4.1 Overview
7.3.2.4.2 Heart Rate Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.5 Breath Monitors
7.3.2.5.1 Overview
7.3.2.5.2 Breath Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.3.2.6 Others
7.3.2.6.1 Overview
7.3.2.6.2 Others: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.4 Software
7.4.1 Overview
7.4.2 Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.4.2.1 Cloud Based Software
7.4.2.1.1 Overview
7.4.2.1.2 Cloud Based Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.4.2.2 On-Premise Software
7.4.2.2.1 Overview
7.4.2.2.2 On-Premise Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
7.5 Service
7.5.1 Overview
7.5.2 Service: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
8. North America Remote Cardiac Monitoring Market Analysis and Forecasts to 2028 – by End User
8.1 Overview
8.2 North America Remote Cardiac Monitoring Market Share by End User 2021 & 2028 (%)
8.3 Hospitals and Clinics
8.3.1 Overview
8.3.2 Hospitals and Clinics: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
8.4 Emergency Settings
8.4.1 Overview
8.4.2 Emergency Settings: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
8.5 Homecare Settings
8.5.1 Overview
8.5.2 Homecare Settings: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
8.6 Others
8.6.1 Overview
8.6.2 Others: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)
9. North America Remote Cardiac Monitoring Market – Country Analysis
9.1 North America: Remote Cardiac Monitoring Market
9.1.1 Overview
9.1.2 North America: Remote Cardiac Monitoring Market, by Country, 2021 & 2028 (%)
9.1.2.1 US: Remote Cardiac Monitoring Market– Revenue and Forecast to 2028 (USD Million)
9.1.2.1.1 US: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
9.1.2.1.2 US: Remote Cardiac Monitoring Market, by Product Type, 2019–2028 (USD Million)
9.1.2.1.2.1 US: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)
9.1.2.1.2.2 US: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)
9.1.2.1.3 US: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)
9.1.2.2 Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
9.1.2.2.1 Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
9.1.2.2.2 Canada: Remote Cardiac Monitoring Market, by Product Type, 2019–2028 (USD Million)
9.1.2.2.2.1 Canada: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)
9.1.2.2.2.2 Canada: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)
9.1.2.2.3 Canada: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)
9.1.2.3 Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
9.1.2.3.1 Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
9.1.2.3.2 Mexico: Remote Cardiac Monitoring Market, by Product Type – 2019–2028 (USD Million)
9.1.2.3.2.1 Mexico: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)
9.1.2.3.2.2 Mexico: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)
9.1.2.3.3 Mexico: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)
10. Impact of COVID-19 Pandemic on North America Remote Cardiac Monitoring Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
11. North America Remote Cardiac Monitoring Market– Industry Landscape
11.1 Overview
11.2 Growth Strategies Done by the Companies in the Market, (%)
11.3 Organic Developments
11.3.1 Overview
11.4 Inorganic Developments
11.4.1 Overview
12. Company Profiles
12.1 OSI Systems, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 GE Healthcare
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Biotronik, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Nihon Kohden Corporation
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Boston Scientific Corporation
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Koninklijke Philips N.V.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Honeywell International Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 AMC Health
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Abbott
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Medtronic
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About the Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. US Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)
Table 3. US Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 4. US Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 5. US Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 6. Canada Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Canada Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 8. Canada Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 9. Canada Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 10. Mexico Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)
Table 11. Mexico Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)
Table 12. Mexico Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)
Table 13. Mexico Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)
Table 14. Organic Developments Done By Companies
Table 15. Inorganic Developments Done By Companies
Table 16. Glossary of Terms, Remote Cardiac Monitoring Market
LIST OF FIGURES
Figure 1. North America Remote Cardiac Monitoring Market Segmentation
Figure 2. North America Remote Cardiac Monitoring Market Segmentation, By Country
Figure 3. North America Remote Cardiac Monitoring Market Overview
Figure 4. Devices Segment Held Largest Share of North America Remote Cardiac Monitoring Market
Figure 5. US to Show Significant Growth During Forecast Period
Figure 6. North America PEST Analysis
Figure 7. North America Remote Cardiac Monitoring Market Impact Analysis of Driver and Restraints
Figure 8. North America Remote Cardiac Monitoring Market – Revenue Forecast and Analysis – 2020- 2028
Figure 9. North America Remote Cardiac Monitoring Market Share by Product Type 2021 & 2028 (%)
Figure 10. Devices: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 11. Vital Signs Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 12. Holter Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 13. Blood Pressure Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 14. Heart Rate Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 15. Breath Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 16. Others: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 17. Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 18. Cloud Based Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 19. On-Premise Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 20. Service: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 21. North America Remote Cardiac Monitoring Market Share by End User 2021 & 2028 (%)
Figure 22. Hospitals and Clinics: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 23. Emergency Settings: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 24. Homecare Settings: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 25. Others: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 26. North America: Remote Cardiac Monitoring Market, by Key Country – Revenue (2021) (USD Million)
Figure 27. North America: Remote Cardiac Monitoring Market, by Country, 2021 & 2028 (%)
Figure 28. US: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
Figure 29. Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
Figure 30. Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)
Figure 31. Impact of COVID-19 Pandemic in North American Country Markets
Figure 32. Growth Strategies Done by the Companies in the Market, (%)
- Abbott
- AMC Health
- Biotronik, Inc.
- Boston Scientific Corporation
- GE Healthcare
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Medtronic
- Nihon Kohden Corporation
- OSI Systems, Inc.
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