According to Future Market Insights, the anticipated size of the multi-channel remote ECG monitors market in 2022 was USD 187.8 million and is estimated reach USD 196.2 million in 2023. Sales of multi-channel remote ECG monitors are likely to expand at a CAGR of 4.8% between 2023 to 2033, reaching USD 313.7 million.
Leading players are mainly focusing on expansion as well as diversification of their market presence and acquiring a new customer base, by tapping on the prevailing business opportunities. The ability to recognize abnormality to avoid delay in the treatment process increases demand for multi-channel remote ECG monitors.
The multi-channel remote ECG monitors market size has expanded due to the introduction of 501(k) clearance from the United States Food and Drug Administration (FDA). Transforming patient care improves via the wireless adoption of multi-channel remote ECG monitors. Giving continuous information to healthcare professionals and patients surges demand for multi-channel remote ECG monitors. Sales of multi-channel remote ECG monitors advances due to the halted use of Holter monitors.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 187.8 million |
| Projected Forecast Value (2023) | USD 196.2 million |
| Projected Forecast Value (2033) | USD 313.7 million |
| Growth rate | 4.8% CAGR |
| Forecast period | 2023 to 2033 |
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Global multi-channel remote ECG monitors market grew at a CAGR of 4.5% between 2017 to 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 4.8% between 2023 to 2033.
According to the American Heart Association, it is mentioned that nearly half of the adults in the country have some type of cardiovascular disease (CVD), which estimates that ~6 million adults currently suffer from heart failure, and the number is projected to rise by 40% by. More than 130 million adults in the United States, i.e., 45.1% of the population, are anticipated for having some form of CVD.
Remote cardiac monitoring devices help in potentially improving outcomes by provision of accurate and early detection and lowering overall mortality and hospital admissions. Cardiologists in the United States are increasingly on the verge of the adoption of these implantable or wearable devices for providing remote healthcare diagnostics services and solutions.
Increase in Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases increases the demand for multi-channel remote ECG monitors. Growing awareness to monitor health propels the growth of the multi-channel remote ECG monitors market share. Changing lifestyle choices causing various illnesses drive the sales of multi-channel remote ECG monitors.
Technological Developments in ECG Monitoring Devices
Technological developments in ECG monitoring devices expand the multi-channel remote ECG monitors market size. Governments collaborating with manufacturers to strengthen the health of the population globally secures the adoption of multi-channel remote ECG monitors.
Reducing hospital administrative tasks raises demand for multi-channel remote ECG monitors. Applying information technologies in medicine and manufacturing medical devices escalates sales of multi-channel remote ECG monitors. Global business prospects and competitive conditions bolster demand for multi-channel remote ECG monitors.
Delaying emergency room visits and hospitalization using the telemedicine app to digitize and automate critical tasks grows the multi-channel remote ECG monitors market size. Patients suffering from chronic diseases consider the adoption of multi-channel remote ECG monitors to avoid hospital visits to refrain from getting infected.
New Emergence of Start-ups and Collaborations
New emerging start-ups collaborating, acquiring, and partnering to make investments in developing remote patient monitoring systems broaden the multi-channel remote ECG monitors market size.
The adoption of multi-channel remote ECG monitors is increasing owing to greater access and reimbursements. Multi-channel remote ECG monitors market share excels considering the ability to monitor chronic conditions, including tracking Covid-19 symptoms.
Bridging the gap and growing communication, between doctors and patients to be monitored in real-time increases the sales of multi-channel remote ECG monitors. Cost-efficiency of wireless technologies is increasing the growth of the multi-channel remote ECG monitors market size.
Availability of Alternate ECG Monitors in the Market
Uncertain reimbursement scenario hinders the demand for multi-channel remote ECG monitors. The availability of alternate ECG monitors in the market hampers the sales of multi-channel remote ECG monitors. Adoption of multi-channel remote ECG monitors reduces due to cybersecurity vulnerabilities in medical devices.
Rising Incidences of Cardiovascular Diseases
Sales of multi-channel remote ECG monitors increase via the collaboration, acquisition, and merger by various manufacturers to advance their technology.
Rising incidences of cardiovascular diseases compel companies to gain insights into the diagnosis and monitoring of cardiac patients through the adoption of multi-channel remote ECG monitors.
Multi-channel remote ECG monitors market share shows growth owing to efforts from device manufacturers to develop advanced products.
Increase in Research and Development activities
Increasing incidence of cardiac conditions globally increases demand for multi-channel remote ECG monitors.
Popularity of remote monitors surges the integration of more than one vital single system increasing the sales of multi-channel remote ECG monitors.
Increasing Research and Development activities to design novel sensor-based patient monitoring systems bolsters the multi-channel remote ECG monitors market size.
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Increasing Demand for Wireless and Portable Systems
North America is expected to dominate the multi-channel remote ECG monitors, with an expected market share of 39.4%. Within North America, the United States is expected to hold a market share of 36.6%.
Increasing incidence of chronic diseases, demand for wireless and portable systems escalates the sales of multi-channel remote ECG monitors, in this region. Presence of sophisticated reimbursement structures aimed at reducing expensive expenditure propels the growth of the multi-channel remote ECG monitors market size.
Rise in Mortality Rates and Demand for Inexpensive Treatment
Europe is the succeeding dominating market with a share of 28.1%, with the United Kingdom considered to expand at a CAGR of 3.0%. High mortality rates and rising demand for inexpensive treatment in several Western European countries contribute to market growth.
In-house monitoring, supportive central data management systems, and rising accuracy and efficiency of remote patient monitoring further fuel market growth.
High Mortality Rate Raises the Demand of the Market
Asia is expected to witness significant growth due to the presence of untapped markets and opportunities, especially in India expanding at a CAGR of 4.2%, and China expanding at a CAGR of 5.1%.
Owing to Japan’s high mortality rate and wide old age population (65+), the region is anticipated to be a jet revenue generator with a value share of 7.5%.
Wireless Product is the Most Preferred Product Type
Growth of the market is helped by the rise in the number of older people, with the surge in the high number of people with cardiovascular diseases, and the regular release of new products by key market players. Wireless products thus, hold a market share of 66.8%.
Hospitals Hold a Dominant Position in this Market
Hospitals are accounted for 48.5% of the total market share and the trend is expected to continue over the forecast period. High admission rates of patients for proper treatment within hospital settings across the globe will continue pushing sales in this segment over the forecast period.
Some of the key participants of the multi-channel remote ECG monitors market are:
They assist significantly in the manufacturing, and distribution of multi-channel remote ECG monitors, as well as spread awareness of its key features, which eventually expands the market size. Some of the recent developments in the multi-channel remote ECG monitors market are:
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.8% from 2023 to 2033 |
| Expected Value in 2023 | USD 196.2 million |
| Projected Value in 2033 | USD 313.7 million |
| Base Year for Estimation | 2022 |
| Historical Data Available For | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Shenzhen Mindray Bio-Medical Electronics Co. Ltd.; Nihon Kohden Corporation; Omron Corporation; OSI Systems Inc.; Koninklijke Philips N.V.; F. Hoffmann-La Roche Ltd.; Welch Allyn; Smiths Medical; Abbott; Boston Scientific Corporation; Dräger Medical; GE Healthcare; Honeywell International; Johnson & Johnson; LifeWatch; Medtronic; Masimo; Vitls Inc.; CareValidate; Biotronik; American Telecare; ZOLL Medical Corporation; Minerva Imaging; Baylis Medical Company; Altaris Capital Partners LLC.; Itamar Medical Ltd.; Asahi Kasei Company; BK Medical; Peerbridge Health; Alivecor; VivaLnk |
| Customization & Pricing | Available upon Request |
The hospital sector holds high revenue potential.
The United States, the United Kingdom, and Germany are estimated to dominate the global market.
The market is forecast to register a CAGR of 4.8% through 2033.
During 2018 to 2022, the market registered a CAGR of 4.5%.
The growing number of patients enhance treatment processes disrupts the current market trends.
| Estimated Market Size (2024E) | USD 24.7 billion |
|---|---|
| Projected Market Value (2034F) | USD 36.7 billion |
| Value-based CAGR (2024 to 2034) | 4% |
| Market Estimated Size in 2023 | USD 1,950 million |
|---|---|
| Projected Market Value in 2033 | USD 3,206.73 million |
| Value-based CAGR from 2023 to 2033 | 5.1% |
| Market Estimated Value (2023) | USD 1.37 billion |
|---|---|
| Market Estimated Value (2033) | USD 2.48 billion |
| Market Value CAGR (2023 to 2033) | 6.1% |
| Market Value (2023) | USD 7.4 billion |
|---|---|
| Market Forecast Value (2033) | USD 16 billion |
| Market Expected CAGR (2023 to 2033) | 8% |
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Multi-channel Remote ECG Monitors Market
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