PUBLISHER: The Business Research Company | PRODUCT CODE: 1409282
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409282
“Cardiovascular Digital Solutions Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiovascular digital solutions market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiovascular digital solutions? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiovascular digital solutions market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cardiovascular digital solutions encompass personalized diagnostic and treatment methods employing technology such as wearables, smartphones, sensors, and AI. These tools aim to encourage adherence to lifestyle changes and empower patients in self-monitoring health interventions.
These solutions offer services such as unobtrusive testing, cardiovascular health informatics, cardiac rehabilitation programs, and more. Unobtrusive testing involves data collection without direct consent or involvement from the data creators. The components typically include devices and software, deployable either through cloud-based systems or on-premise installations. End-users of these solutions span hospitals, clinics, ambulatory care centers, and other healthcare facilities.
The cardiovascular digital solutions market research report is one of a series of new reports from The Business Research Company that provides cardiovascular digital solutions market statistics, including cardiovascular digital solutions industry global market size, regional shares, competitors with a cardiovascular digital solutions market share, detailed cardiovascular digital solutions market segments, market trends and opportunities, and any further data you may need to thrive in the cardiovascular digital solutions industry. This cardiovascular digital solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cardiovascular digital solutions market size has grown rapidly in recent years. It will grow from $91.02 billion in 2023 to $100.81 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed in the historical period can be attributed to several factors including an increased prevalence of cardiovascular diseases, widespread adoption of telemedicine, the utilization of data analytics for risk prediction, initiatives promoting patient engagement, and the implementation of remote patient monitoring.
The cardiovascular digital solutions market size is expected to see rapid growth in the next few years. It will grow to $147.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be associated with the integration of artificial intelligence and machine learning, the increasing prominence of digital biomarkers, the introduction of remote cardiac rehabilitation programs, the enhanced interoperability of healthcare systems, and the emphasis on real-time monitoring and alerts. Major trends expected in the forecast period encompass the utilization of blockchain for secure health data management, the integration of Electronic Health Records (EHRs) with cardiovascular digital solutions, the development of mobile health applications for cardiovascular management, a focus on cardiovascular rehabilitation solutions, and collaborative initiatives between technology companies and healthcare providers.
The anticipated increase in the prevalence of cardiovascular diseases worldwide is poised to drive the growth of the cardiovascular digital solutions market. Cardiovascular diseases (CVDs), encompassing heart and blood vessel problems, are widespread and pose a significant global health challenge. Cardiovascular digital solutions play a crucial role in empowering patients by facilitating self-monitoring of health activities, reducing disease risk factors, and encouraging adherence to lifestyle changes. The utilization of these digital solutions has demonstrated a positive impact on decreasing morbidity and mortality associated with cardiovascular diseases. Notably, a report from the World Heart Federation in 2022 projects a steady rise in the number of deaths due to cardiovascular diseases, reaching over 22.2 million in 2030 and 32.3 million in 2050, compared to an estimated 18.9 million in 2020. This escalation in cardiovascular disease cases is a key driver propelling the cardiovascular digital solutions market.
The surge in telehealth visits is identified as another significant driver propelling the growth of the cardiovascular digital solutions market. Telehealth, involving the use of digital communication technologies for remote healthcare services, has witnessed a substantial increase. Cardiovascular digital solutions play a vital role in enhancing telehealth visits by enabling real-time monitoring and analysis of cardiac health metrics, facilitating comprehensive remote patient care. According to a survey by the American Medical Association in July 2023, tele-visits, including both video and phone visits, surged from 28% in 2019 to 80% in 2022 in the United States. This surge in telehealth visits further drives the adoption and growth of cardiovascular digital solutions, reflecting the evolving landscape of healthcare delivery.
Product innovation stands out as a key trend within the cardiovascular digital solutions market, with major companies actively focusing on developing innovative products to strengthen their market positions. In February 2023, Eko Health, a US-based manufacturer of digital health solutions for heart and lung diseases, introduced the SENSORA Cardiac Disease Detection Platform. SENSORA is a cutting-edge cardiovascular disease detection platform that integrates advanced machine learning with the widely used medical device, the stethoscope. By harnessing AI to reliably recognize structural murmurs indicating heart valve disease, SENSORA offers a comprehensive solution for cardiac disorder detection. This innovation showcases the industry's commitment to leveraging digital technologies for enhanced diagnosis and patient care in the cardiovascular digital solutions market.
Prominent companies in the cardiovascular digital solutions market are strategically focusing on the development of innovative therapeutic solutions, with a particular emphasis on digital therapeutics solutions, to advance cardiac care. Digital therapeutics solutions refer to technology-based interventions or software designed to prevent, manage, or treat specific medical conditions. In January 2023, Lupin Digital Health, an India-based software company, launched LYFE, a digital therapeutics solution specifically tailored for cardiac care and developed in collaboration with Indian cardiologists. LYFE utilizes FDA and CE-approved wearables for real-time vital monitoring, emergency notifications, and medication reminders. The platform incorporates expert intervention through care managers, health coaches, and nutritionists, with the overarching goal of enhancing patient outcomes, improving therapy adherence, and reducing caregiver stress.
In December 2021, Baxter International Inc., a US-based healthcare firm specializing in treating acute and chronic medical issues, including heart disease, acquired Hill-Rom Holdings Inc. for approximately $12.5 billion. Through this strategic acquisition, Baxter International Inc. aims to leverage its substantial global footprint, including commercial and service infrastructure, to expand the reach of Hill-Rom Holdings Inc. and Welch Allyn products into new international markets. This initiative seeks to bring the combined portfolio of goods and services to a broader spectrum of patients and healthcare professionals worldwide. Hill-Rom Holdings Inc., the acquired company, is a US-based entity that offers diagnostic cardiology digital solutions, aligning with the broader industry trend of strategic acquisitions to enhance product portfolios and global market reach in the cardiovascular digital solutions market.
Major companies operating in the cardiovascular digital solutions market report are iRythm Technologies Inc., Apple Inc., General Electric Company, Uber Diagnostics Private Limited, AlivCor Inc., Verily Life Sciences, HeartFlow Inc., Bardy Diagnostics Inc., BioTelemetry Inc., eviCore healthcare, Nanowear Inc, Cardiac Insight Inc., Bay Labs Solutions, Change Healthcare, Medtronic PLC, BenevolentAI Limited, Cardiologs Technologies, Cardiopulmonary Corp., Congenica Ltd., Cyient Limited, Data4Cure Inc., Deep Genomics Incorporated, DNAnexus Inc., Emedgene Technologies Ltd., Fabric Genomics Inc., FDNA Inc., Freenome Holdings Inc., GNS Healthcare, IBM Watson Health, Illumina Inc., Microsoft Corporation, Niramai Health Analytix, NVIDIA Corporation, Omron Healthcare Co. Ltd. .
North America was the largest region in the cardiovascular digital solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cardiovascular digital solutions market report during the forecast period. The regions covered in the cardiovascular digital solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cardiovascular digital solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cardiovascular digital solutions market includes revenues earned by entities by providing services such as sensors and digital technologies, such as decision-making aids, motivating and instructive smartphone platforms, tele monitoring, and tele rehabilitation, remote patient monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The cardiovascular digital solutions market also includes sale of cardiac monitoring patches, heart pumps, artificial valves, artificial implants. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.