Global Wireless Cardiac Monitoring Systems Market Size study, by Type (Implantable Cardiac Monitors, Patch-Type Monitor, Mobile Cardiac Telemetry System, Others), by End-use and Regional Forecasts 2022-2032

Description

The global wireless cardiac monitoring systems market was valued at USD 2.98 billion in 2023 and is expected to grow at a CAGR of 11.4% from 2024 to 2032. Wireless cardiac monitoring systems, comprising wearable sensors and mobile apps, continuously monitor a patient's heart activity and wirelessly transmit the data to healthcare providers. These systems are pivotal in detecting arrhythmias, managing chronic heart conditions, and monitoring post-surgical recovery, thus improving patient outcomes and minimizing the need for frequent hospital visits.

The market is poised for significant growth due to an aging population susceptible to cardiovascular diseases (CVDs), technological advancements in remote monitoring technologies, and increasing product approvals in developed economies. For instance, the British Heart Foundation reported that the prevalence of heart & circulatory diseases globally was 620 million in 2021, with atrial fibrillation accounting for approximately 10% of these cases. Innovations in remote patient monitoring technology are expected to propel the market forward. Industry players are forming strategic alliances, such as funding and collaborations, to develop vendor-neutral cardiac data management platforms. These platforms enable the monitoring of medical information from implantable cardiac monitors (ICM), wearable devices, consumer ECG devices, and more. Moreover, integrating artificial intelligence (AI) into these platforms, which synchronizes electronic health records and identifies urgent patient reports and critical heart rhythms, is expected to drive market growth. For example, in July 2023, PaceMate, a remote cardiac monitoring service provider, secured investment from Lead Edge Capital to enhance its cardiac solutions and demographic reach.

North America dominated the global wireless cardiac monitoring systems market, accounting for 48.53% of the total market share in 2023. This dominance is attributed to the region's advanced healthcare infrastructure, high prevalence of cardiovascular diseases, rapid technological advancements, substantial healthcare expenditure, and an increasing geriatric population. According to the Rural Health Information Hub, the U.S. geriatric population is expected to rise by 18 million between 2020-2030, with 90% of adults over 65 developing one or more chronic conditions. Moreover, Asia-Pacific is projected to witness the fastest CAGR of 13.5% over the forecast period. The growth is driven by increasing product approvals in countries like China and Japan. For instance, in January 2020, Biotronik SE & Co. KG launched its implantable cardiac monitor (ICM), BioMonitor III, in Japan to help healthcare professionals identify underlying arrhythmias. Similarly, in October 2021, Shanghai Chest Hospital launched an ICM to enhance ECG monitoring & symptom correlation for Chinese patients.

Major market players included in this report are:

Koninklijke Philips N.V.
Abbott
Medtronic
Biotronik SE & Co. KG
Boston Scientific Corporation
Asahi Kasei Corporation
iRhythm Technologies, Inc.
Avertix Medical, Inc.
Baxter International Inc.
OSI Systems, Inc. (Spacelabs Healthcare)

The detailed segments and sub-segment of the market are explained below:

By Type

Implantable Cardiac Monitors (ICM)
Patch-Type Monitor
Mobile Cardiac Telemetry System
Others

By End-use

Hospitals & Clinics
Diagnostic Centers
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows: Historical year - 2022 Base year - 2023 Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Wireless Cardiac Monitoring Systems Market Executive Summary

1.1. Global Wireless Cardiac Monitoring Systems Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By End-use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Wireless Cardiac Monitoring Systems Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Wireless Cardiac Monitoring Systems Market Dynamics

3.1. Market Drivers
- 3.1.1. Growing geriatric population
- 3.1.2. Technological advancements in remote monitoring
- 3.1.3. Increasing product approvals
3.2. Market Challenges
- 3.2.1. High costs associated with advanced systems
- 3.2.2. Data privacy concerns
3.3. Market Opportunities
- 3.3.1. Integration of AI and machine learning
- 3.3.2. Expansion in emerging markets
- 3.3.3. Strategic alliances and partnerships

Chapter 4. Global Wireless Cardiac Monitoring Systems Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Wireless Cardiac Monitoring Systems Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Wireless Cardiac Monitoring Systems Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Implantable Cardiac Monitors (ICM)
- 5.2.2. Patch-Type Monitor
- 5.2.3. Mobile Cardiac Telemetry System
- 5.2.4. Others

Chapter 6. Global Wireless Cardiac Monitoring Systems Market Size & Forecasts by End-use 2022-2032

6.1. Segment Dashboard
6.2. Global Wireless Cardiac Monitoring Systems Market: End-use Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Hospitals & Clinics
- 6.2.2. Diagnostic Centers
- 6.2.3. Others

Chapter 7. Global Wireless Cardiac Monitoring Systems Market Size & Forecasts by Region 2022-2032

7.1. North America Wireless Cardiac Monitoring Systems Market
- 7.1.1. U.S. Wireless Cardiac Monitoring Systems Market
- 7.1.2. Canada Wireless Cardiac Monitoring Systems Market
7.2. Europe Wireless Cardiac Monitoring Systems Market
- 7.2.1. UK Wireless Cardiac Monitoring Systems Market
- 7.2.2. Germany Wireless Cardiac Monitoring Systems Market
- 7.2.3. France Wireless Cardiac Monitoring Systems Market
- 7.2.4. Spain Wireless Cardiac Monitoring Systems Market
- 7.2.5. Italy Wireless Cardiac Monitoring Systems Market
- 7.2.6. Rest of Europe Wireless Cardiac Monitoring Systems Market
7.3. Asia Pacific Wireless Cardiac Monitoring Systems Market
- 7.3.1. China Wireless Cardiac Monitoring Systems Market
- 7.3.2. India Wireless Cardiac Monitoring Systems Market
- 7.3.3. Japan Wireless Cardiac Monitoring Systems Market
- 7.3.4. Australia Wireless Cardiac Monitoring Systems Market
- 7.3.5. South Korea Wireless Cardiac Monitoring Systems Market
- 7.3.6. Rest of Asia Pacific Wireless Cardiac Monitoring Systems Market
7.4. Latin America Wireless Cardiac Monitoring Systems Market
- 7.4.1. Brazil Wireless Cardiac Monitoring Systems Market
- 7.4.2. Mexico Wireless Cardiac Monitoring Systems Market
- 7.4.3. Rest of Latin America Wireless Cardiac Monitoring Systems Market
7.5. Middle East & Africa Wireless Cardiac Monitoring Systems Market
- 7.5.1. Saudi Arabia Wireless Cardiac Monitoring Systems Market
- 7.5.2. South Africa Wireless Cardiac Monitoring Systems Market
- 7.5.3. Rest of Middle East & Africa Wireless Cardiac Monitoring Systems Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Koninklijke Philips N.V.
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Abbott
- 8.3.3. Medtronic
- 8.3.4. Biotronik SE & Co. KG
- 8.3.5. Boston Scientific Corporation
- 8.3.6. Asahi Kasei Corporation
- 8.3.7. iRhythm Technologies, Inc.
- 8.3.8. Avertix Medical, Inc.
- 8.3.9. Baxter International Inc.
- 8.3.10. OSI Systems, Inc. (Spacelabs Healthcare)

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes