The global cardiac rhythm remote monitoring devices market is expected to garner a market value of USD 4,782.1 million in 2023 and is expected to accumulate a market value of USD 7,985.6 million by registering a CAGR of 5.3% in the forecast period 2023 to 2033.
The growth of the cardiac rhythm remote monitoring devices market can be attributed to the growing prevalence of cardiovascular diseases along with technological advancement in remote monitoring devices. The market for cardiac rhythm remote monitoring devices registered a CAGR of 4.7% in the historical period 2018 to 2022.
| Attributes | Details |
|---|---|
| Cardiac Rhythm Remote Monitoring Devices Market Share (2022) | USD 4,554.5 million |
| Cardiac Rhythm Remote Monitoring Devices Market Share (2023) | USD 4,782.1 million |
| Cardiac Rhythm Remote Monitoring Devices Market Share (2033) | USD 7,985.6 million |
| Cardiac Rhythm Remote Monitoring Devices Market Share (2023 to 2033) | 5.3% |
Cardiac rhythm remote monitoring devices are implanted heart devices that help to detect abnormal heart rhythms of a patient. The cardiac rhythm remote monitoring devices provide easy access to information that allows for managing heart conditions and monitoring implanted heart devices and helps to obtain information from implanted heart devices on an as-needed basis.
The transmitter sends the information related to the heart condition through a secure website to the doctor or physician. The transmission or syncing of the information is transferred at specific dates and times, usually transmitting is completed overnight during sleeping or located near the base unit of the device. When events generate an alert, the notice is automatically sent to the physician via fax, message, website message, or e-mail.
By using a magnetic sensor device, a non-wireless system can transmit pacemaker data to the monitoring device. Some of the newest generations of pacemakers such as ICMs, ICDs, and CRTs are compatible with cardiac rhythm remote monitoring systems.
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The global demand for cardiac rhythm remote monitoring devices is projected to increase at a CAGR of 5.3% during the forecast period between 2023 and 2033, reaching a total of USD 7,985.6 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 4.7%.
The growing prevalence of cardiovascular diseases is becoming a matter of concern for different age groups across the globe. This has led to people exhibiting an inclination toward investing in cardiac monitoring devices. Moreover, the easy availability and awareness regarding the same are creating lucrative opportunities for sales of cardiac monitoring devices.
With research and development for offering precision and accuracy underway, the demand for cardiac monitoring devices is expected to increase. Manufacturers are also looking forward to reducing the price of these devices to make them viable.
Increasing awareness and heart-related diseases accelerating sales
The cardiac rhythm remote monitoring devices are advanced technology that is connected to minicomputers and is able to communicate heart-related critical information to the doctor or to the specialist. It is used to collect data about heart activities such as heart rate or rhythm and as well as the data about the device itself after syncing the transmitter with pacemakers and ICD.
The global market of cardiac rhythm remote monitoring devices is driven by the increasing awareness among the population regarding heart-related problems in adults. The key drivers of the market are the increasing prevalence of cases of heart attack and other heart-related problems.
Technological Advancements Boosting Development of Cardiac Monitoring Devices
The growing advancement technologies and technological developments such as web-based, automated, and remote monitoring systems of devices are the prime factors driving the market growth. Cardiac rhythm remote monitoring devices are used to allow physicians and doctors to monitor more and more patients.
Compliance with follow-up has become easier for patients, the device helps to alleviate the volume of in-office patient follow-ups and it is also able to give early warnings related to cardiac problems patient to the physician. The increasing awareness among the people and the increasing advancement in technologies are expected to drive the market.
Lack of technical knowledge derailing market growth
The lack of experience in using remote monitoring devices, especially at the consumer end is derailing the progress of the market. In addition, the high cost of these devices is acting as a restraint to the market.
In most cases, despite understanding the issues patients do not visit physicians for consultation. This, in turn, creates heart-related problems. Moreover, limited accessibility using the device is hampering the growth of the market.
Easy accessibility and technical guidance help patients rely on hospitals
By end users, hospitals are expected to account for the largest share of the cardiac monitoring & cardiac rhythm management devices market owing to factors such as the increasing prevalence of cardiovascular diseases. In addition, the growing number of patient visits to hospitals for diagnosis is another key factor influencing the growth of the market.
The increasing number of cardiac implant procedures along with the availability of reimbursement for these procedures across developed markets is accelerating the sales of cardiac rhythm remote monitoring devices. Thus, hospitals are expected to hold a 45% market share of the cardiac rhythm remote monitoring devices market in 2023.
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Commercialization of cardiac monitoring devices increasing in popularity
The increasing prevalence of cardiovascular diseases along integration of advanced monitoring techniques will boost market growth, especially in the United States. In addition, the presence of major market players involved in the commercialization of advanced devices is positively influencing the growth of the market.
According to the Centers for Diseases Control and Prevention, heart disease is the leading cause of death of men and women in the United States. This is anticipated to augment the demand for cardiac monitoring devices.
Developed healthcare infrastructure leading to the rising adoption of technologically advanced cardiac arrhythmia monitoring devices is expected to boost the sales of these devices. Thus, due to the reasons mentioned above, North America is expected to hold a 34.7% market share for the cardiac rhythm remote monitoring devices market in 2023.
The accuracy and precision of cardiac monitoring devices favor the growth
Technological advancements in the healthcare systems in Europe are changing the dynamics of the cardiac rhythm remote monitoring devices market. In addition, due to the research and development in the monitoring devices field, the accuracy and precision of monitoring the heart and its functions have increased.This has led to people in the region, especially from the United Kingdom, Germany, and the Netherlands depending on cardiac monitoring devices. Thus, owing to the aforementioned reasons, Europe is expected to possess a 22.7% market share for cardiac rhythm remote monitoring devices in 2023.
Awareness among the younger generation increasing sales of devices
The geriatric population especially in countries such as India and China along with technological development in the healthcare sector is paving the way for the rapid adoption of cardiac rhythm remote monitoring devices in the region. In addition, increasing awareness among the younger population of the region is positively influencing the sales of cardiac rhythm remote monitoring devices.
The commercialization of these devices along with easy availability is another factor accelerating the sales of cardiac rhythm remote monitoring devices. Thus, Asia Pacific is expected to procure a 25% market share for cardiac rhythm remote monitoring devices in 2023.
Some of the key start-up players in the cardiac rhythm remote monitoring devices market are Cardiogram, AliveCor, Utromics, Us2.ai, and Qardio.
AliveCor, a key player in the cardiac rhythm remote monitoring devices market is offering an ECG recorder that can be integrated into a smartphone. The FDA-approved heart monitor can be easily fitted to the backside of mobile phones.
Us2.ai, another key player is using artificial intelligence for heart decision support. Through this, data about the heart can be collected easily to understand its function of the same.
Some of the key players in the cardiac rhythm remote monitoring devices market are Medtronic, GE Healthcare, Boston Scientific Corporation, Philips Healthcare, Abbott, Inc, and others.
Recent Developments Observed by FMI:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Product Type, Modality, End-user, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is valued at USD 4,782.1 million in 2023.
GE Healthcare and Honeywell International are key market players.
The hospitals sector is likely to remain preferred through 2033.
Players opt for product launches, acquisitions, and collaborations.
The United States, China and India dominate the Asian market.
| Market Value for 2024 | USD 1,175.10 million |
|---|---|
| Market Value for 2034 | USD 2,608.30 million |
| Market CAGR from 2024 to 2034 | 8.30% |
| Market Estimated Value (2023) | USD 1.37 billion |
|---|---|
| Market Estimated Value (2033) | USD 2.48 billion |
| Market Value CAGR (2023 to 2033) | 6.1% |
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Cardiac Rhythm Remote Monitoring Devices Market
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