Global Wireless Cardiac Monitoring Systems Market 2024-2031

Description

List of Tables

Wireless Cardiac Monitoring Systems Market Size, Share & Trends Analysis Report by Type (Implantable Cardiac Monitors (ICM), Patch-Type Monitor, Mobile Cardiac Telemetry System, and Others), and by End-User (Hospitals & Clinics, Home Healthcare, Diagnostic Centers, Ambulatory Surgical Centers (ASCs), and Others) Forecast Period (2024-2031)

Wireless cardiac monitoring systems market is anticipated to grow at a CAGR of 12.1% during the forecast period (2024-2031). The increasing prevalence of cardiovascular diseases, advancements in technology, the adoption of remote patient monitoring, and a shift towards telemedicine are the major factors driving the global wireless cardiac monitoring systems. Additionally, government initiatives, the integration of wearable health technologies, and the expansion of home healthcare services have contributed to the rising demand for wireless monitoring systems for managing cardiac conditions remotely.

Market Dynamics

Increasing Prevalence of Cardiovascular Diseases

The growing prevalence of cardiovascular diseases seeks the development and implementation of advanced monitoring technologies to enhance early detection, diagnosis, and management of these conditions. According to the World Heart Federation, in 2023, cardiovascular diseases continue to have a significant influence on global health, resulting in approximately 20.5 million mortalities in 2021, accounting for nearly one-third of all global mortalities. It is estimated that up to 80.0% of premature heart attacks and strokes can be prevented with the available tools and knowledge in cardiovascular medicine. However, there is a concerning disparity in access to these tools, as low- and middle-income countries bear the brunt of around 4 out of 5 CVD deaths, highlighting the urgent need to address this health inequity.

Technological Advancements

Technological advancements in remote patient monitoring and arrhythmia detection algorithms are driving market growth by enhancing the accuracy, efficiency, and accessibility of cardiac monitoring solutions. For instance, in May 2024, Vivalink launched a comprehensive technology solution for Mobile Cardiac Telemetry (MCT) and Holter monitoring, integrating remote patient monitoring technologies and advanced arrhythmia detection algorithms. The solution streamlines deployment and enhances patient care, reducing costs and enhancing patient care. The key features include a reusable ECG patch, a mobile gateway, an advanced arrhythmia detection algorithm, a clinician portal, and customizable final ECG report generation.

Market Segmentation

Based on type, the market is segmented into implantable cardiac monitors (ICM), patch-type monitors, mobile cardiac telemetry systems, and others (wearable devices, diagnostic and imaging equipment).
Based on the end-user, the market is segmented into hospitals & clinics, home healthcare, diagnostic centers, ambulatory surgical centers (ASCs), and others (academic and research institutes, fitness and sports centers).

Implantable Cardiac Monitors (ICM) Sub-segment to Hold a Considerable Market Share

The increasing preference for high-accuracy devices in healthcare to reduce false positives in cardiac monitoring systems for improved patient outcomes has contributed to the high adoption of ICMs. In June 2023, BIOTRONIK announced the first global implantation of BIOMONITOR IV ICM, marking a significant advancement in cardiac monitoring technology. The advanced ICM, which uses SmartECG technology and artificial intelligence, reduces false positives by 86.0% and distinguishes between premature atrial and ventricular contractions, providing better risk stratification and diagnosis tools. The advances in ICM are further aiding the growth of this market segment.

Regional Outlook

The wireless cardiac monitoring systems market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Growing Healthcare Industry In Asia-Pacific Region

Wireless cardiac monitoring systems are being increasingly used in preventive healthcare to monitor and manage the growing elderly population prone to age-related cardiovascular conditions. According to the India Ageing Report by the United Nations Population Fund, India (UNFPA), in 2023, the elderly population of India is expected to grow at a rate of 41.0% per decade. By 2050, it is projected that the percentage of the elderly population in the country will double, reaching over 20.0% of the total population. The report also suggests that by 2046, the population of the elderly may exceed the population of children aged 0 to 15 years.

Market Players Outlook

The major companies serving the wireless cardiac monitoring systems market include Abbott Laboratories, GE Healthcare, Medtronic, Plc, Koninklijke Philips N.V., and OMRON Healthcare, Inc. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in March 2024, Wellysis launched a remote cardiac monitoring service in the US in partnership with Artella Solutions. The service, which includes the FDA-cleared S-Patch ExL device, allows extended testing periods of 14 days on a single coin battery. The partnership aims to provide an end-to-end cardiac monitoring service, starting in Texas and integrates Samsung smartphones and smartwatches.

Product Code: OMR2028781

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Abbott Laboratories
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. GE Healthcare
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. Medtronic, Plc
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation

4.1. Global Wireless Cardiac Monitoring Systems Market by Type
- 4.1.1. Implantable Cardiac Monitors (ICM)
- 4.1.2. Patch-Type Monitor
- 4.1.3. Mobile Cardiac Telemetry System
- 4.1.4. Others (Wearable Devices, Diagnostic and Imaging Equipment)
4.2. Global Wireless Cardiac Monitoring Systems Market by End-User
- 4.2.1. Hospitals & Clinics
- 4.2.2. Home Healthcare
- 4.2.3. Diagnostic Centers
- 4.2.4. Ambulatory Surgical Centers (ASCs)
- 4.2.5. Others (Academic and Research Institutes, Fitness and Sports Centers)

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
- 5.4.1. Latin America
- 5.4.2. Middle East and Africa

6. Company Profiles

6.1. Asahi Kasei Corp.
6.2. Avertix Medical, Inc.
6.3. Bardy Diagnostics, Inc.
6.4. Baxter International, Inc.
6.5. BIOTRONIK SE & Co KG
6.6. Boston Scientific Corp.
6.7. Empatica Inc.
6.8. GarminAlmirall, S.A.
6.9. Hexoskin (Carre Technologies Inc.)
6.10. iRhythm Technologies, Inc.
6.11. Koninklijke Philips N.V.
6.12. LivaNova Deutschland GmbH
6.13. Medical Corp.
6.14. OMRON Healthcare, Inc.
6.15. OSI Systems, Inc.
6.16. Spacelabs Healthcare, Inc.
6.17. Tenovi