North America Remote Cardiac Monitoring Market
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.
Strategic insights for the North America Remote Cardiac Monitoring provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,153.06 Million |
| Market Size by 2028 | US$ 7,738.62 Million |
| Global CAGR (2021 - 2028) | 31.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Remote Cardiac Monitoring refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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.
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.
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.
The North America Remote Cardiac Monitoring Market is valued at US$ 1,153.06 Million in 2021, it is projected to reach US$ 7,738.62 Million by 2028.
As per our report North America Remote Cardiac Monitoring Market, the market size is valued at US$ 1,153.06 Million in 2021, projecting it to reach US$ 7,738.62 Million by 2028. This translates to a CAGR of approximately 31.3% during the forecast period.
The North America Remote Cardiac Monitoring Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Remote Cardiac Monitoring Market report:
The North America Remote Cardiac Monitoring Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Remote Cardiac Monitoring Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Remote Cardiac Monitoring Market value chain can benefit from the information contained in a comprehensive market report.
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