According to The Insight Partners latest study on “Remote Cardiac Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and End User,” the market is projected to reach US$ 31,671.69 million by 2028 from US$ 4,976.40 million in 2021; it is estimated to grow at a CAGR of 30.3% from 2021 to 2028.
The report highlights the key factors governing the market growth and prominent players with their developments in the market. The growth of the remote cardiac monitoring market is primarily attributed to increase in the incidence of cardiovascular diseases (CVDs) and continuous developments in the telemedicine approach. However, concerns regarding data privacy hamper the growth of the market.
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OSI Systems, Inc.; GE Healthcare; Biotronik Se; Nihon Kohden Corporation; Abbott Laboratories; Boston Scientific Corporation; Koninklijke Philips N.V.; Honeywell International, Inc.; and AMC Health are a few of the leading companies operating in the remote cardiac monitoring market.
Based on product type, the remote cardiac monitoring market is further segmented into devices, software and services. The devices segment held the largest market share in 2021. The growth of the market for this segment is attributed to increase in the incidence of cardiovascular diseases, which is the leading cause of death worldwide.
Remote cardiac monitoring devices enable a continuous monitoring of electrical activities of heart away from hospitals. They also allow the at-home electrocardiographic (ECG) monitoring of patients with suspected cardiac arrhythmias or at risk for developing arrhythmias. The monitoring can also be performed when patients are engulfed in their day-to-day activities. Thus, one of the most important benefits of remote cardiac device monitoring is it decreases the need for routine doctor visits. Devices such as pacemakers and implantable cardioverter-defibrillator are implanted in the heart of the patients through minimally invasive procedures. A transmitter that works in sync with the device undertakes the transmission of data.
Remote patient monitoring (RPM) allows patients to manage their health better by increasing their involvement in their health care. The American Heart Association supports initiatives to incentivize the design and use of evidence-based remote patient monitoring technologies. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are among the leading causes of death worldwide, and ~30 million people experience a stroke each year. According to the American Heart Association, almost half of all adults in the US have a type of CVD. Furthermore, more than 130 million people, i.e., 45.1% of the US population, are projected to have a type of CVD by 2035. According to reports by the European Society of Cardiology, CVDs cause 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). Moreover, they account for 45% of all deaths in Europe and 37% of total deaths in the EU. Mortalities caused by CVDs in the Asia-Pacific countries range from less than 20% in countries such as Thailand, the Philippines, and Indonesia to 20–30% in urban China, Hong Kong, Japan, Korea, and Malaysia. Furthermore, New Zealand, Australia, and Singapore, among others, have relatively high rates of 30–35%.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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Hypertension is a significant risk factor for CVDs. The age-adjusted prevalence of hypertension among adults in the US is ~35%, equaling the population of ~85 million. By 2035, ~42% of adults from the country, i.e., an additional 27 million, would have this condition. The cost burden of hypertension on economies is also rising, and the costs are likely to soar from ~US$ 70 billion in 2015 to ~US$ 150 billion by 2035. Remote patient monitoring may serve as a vital conduit for improving hypertension control and reducing the economic burden stemming from prolonged or frequent hospital stays that result from acute hypertension-related events. Research has shown that (Remote Patient Monitoring) RPM can significantly lower systolic blood pressure (SBP) and diastolic blood pressure (DBP) compared to usual care and self-monitoring alone. According to a few non-randomized trials, RPM devices can improve outcomes by enabling accurate and early detection as well as decreasing all-cause mortality rates and hospitalizations. Recent clinical guidelines strongly recommend the use of RPM for atrial fibrillation (AF) detection in both stroke and non-stroke patients.
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