New York, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Remote Cardiac Monitoring Market: Key Insights
According to our new research study on "Remote Cardiac Monitoring Market to 2028 – Global Analysis and Forecast – by Product Type and End User," the Remote Cardiac Monitoring Market is projected to reach US$ 31.67 billion by 2028 from US$ 4.97 billion in 2021; it is estimated to grow at a CAGR of 30.3% from 2021 to 2028. The concerns regarding data privacy and lack of trained professionals hamper the growth of the market.
Remote Cardiac Monitoring Market: Competition Landscape and Key Developments
OSI Systems, Inc.; GE Healthcare; Biotronik Se; Nihon Kohden Corporation; Abbott Laboratories; Boston Scientific Corporation; Koninklijke Philips N.V.; Honeywell International, Inc.; and AMC Health are among the key companies operating in the remote cardiac monitoring market. Leading players focus on expanding as well as diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
In August 2021, Nihon Kohden acquired a vast library of clinical predictive algorithms and a unique software-as-a-service (SaaS) platform of Advanced Medical Predictive Devices, Diagnostics and Displays, Inc. (AMP3D). The CoMET software offered by AMP3D utilizes patients' continuous monitoring data, vital signs, medical records, and laboratory test data of patients to display real-time and continuous risk trajectories.
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In January 2021, Royal Philips acquired Capsule Technologies, Inc., a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.
In January 2021, Boston Scientific acquired Preventice Solutions, a remote cardiac monitoring product developer; it has been a partner and an investor for the later since 2015.
In November 2020, GE Healthcare expanded its AI offerings and Edison ecosystem, and alt the same time introducing breakthrough imaging innovations that would help shape the future of healthcare.
In July 2020, Spacelabs Healthcare acquired an innovative cloud platform developed by BoxView, LLC. BoxView develops software solutions to manage patient monitoring information, coordinate care, and track metrics.
In July 2020, Philips collaborated with BioIntelliSense, a company offering continuous health monitoring and clinical intelligence solutions, to integrate its BioSticker medical device into Philips' remote patient monitoring offerings.
North America is expected to dominate the remote cardiac monitoring market in 2021. The US holds the largest share of the market in this region. According to the American Heart Association, nearly half of adults in the country have some type of cardiovascular disease (CVD), and it is estimated that ~6 million adults are currently suffering from heart failure, and the number is projected to increase by 40% by 2035. More than 130 million adults in the US, i.e., 45.1% of the population, are expected to have some form of CVD by 2035. Remote cardiac monitoring devices can potentially improve outcomes by providing accurate and early detection, and lowering overall mortality and hospital admissions. Cardiologists in the US are increasingly adopting these implantable or wearable devices to provide remote healthcare diagnostics services and solutions. These devices thus contribute to the early detection of critical physiological events, giving patients more time to seek medical attention. Remote monitoring and management techniques can further optimize implantable cardioverter-defibrillator electrodes and reduce the likelihood of an inadequate shock associated with such devices. Further, high per capita healthcare spending and favorable healthcare policies are encouraging the adoption of remote cardiac monitoring devices and other advanced technologies.
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A new era of cardiac management began in 1960 with the creation of the first implantable pacemaker, which has since saved countless lives and transformed the practice of medicine. Furthermore, the implementation of remote patient monitoring (RPM) was a pivotal step in this advancement. In the aftermath of COVID-19, remote monitoring has emerged as a promising solution. India stands second among the countries with the largest population of diabetic patients in the world. A growing number of healthcare providers are using technology-enabled solutions to manage diabetes, improve clinical outcomes, and enhance the patients' quality of life. Amid the COVID-19 pandemic, compelling people to avoid crowds and going out at public places, healthcare providers are emphasizing on providing patient-centered care through virtual medical treatments. Elderly populations suffering from chronic diseases require frequent check-ups and continuous health monitoring. It is time-consuming for them to drive back and forth to visit physicians, and alternatives such as in-house care are unreasonably expensive for many of them. Moreover, they can be at a high risk of COVID-19 infection during hospital visits. These factors have led to the increased adoption of remote patient monitoring.
With the rise in the use of remote patient monitoring during the COVID-19 pandemic, many companies have redirected their focus on mergers and acquisitions. Philips, a Dutch multinational conglomerate corporation, has recently agreed to acquire BioTelemetry, a medical technology company that specializes in cardiac diagnostics and remote patient monitoring services. This deal would allow Philips to expand its remote patient monitoring business beyond hospitals, into patient's homes. Philips is already a major player providing remote patient monitoring devices for the hospitals segment. As telemedicine is becoming an integral part of various national healthcare strategies to combat COVID-19, the demand for remote patient monitoring devices that are interoperable with the service provider's telehealth infrastructure is bound to rise.
Remote Cardiac Monitoring Market: Segmental Overview
Based on product type, the remote cardiac monitoring market is segmented into devices, software and services. The devices segment is expected to hold the largest market share in 2021. Based on end user, the remote cardiac monitoring market is segmented into hospitals and clinics, emergency settings, homecare settings, and others. The hospitals and clinics segment would account for the largest market share in 2021, whereas the emergency settings segment is expected to register the highest CAGR during the forecast period.
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The healthcare sectors from many countries have redirected their focus toward the management of COVID-19; service providers, including doctors/surgeons, discontinued several healthcare services in 2020. The pandemic has disrupted the global supply chain, which has disturbed logistics and production capacities. However, it has also triggered technological transformations of this sector. For example, the use of remote cardiac monitoring devices, enabled with innovative technologies to gather and track patient data outside standard healthcare settings, has increased during this period. The use of such digital devices further guides the patients regarding the need for hospital admissions. In a scheme implemented in northwest London, the use of wearable technology was recommended to receive the vital signs of people quarantining before or after traveling abroad and healthcare staff that couldn't isolate themselves at home. A trained medical team monitored round-the-clock data, and upon the detection of signs of decline, people were transferred to hospitals.
The observation of vital signs is an integral part of the monitoring, prevention, touch recording, and infection control and clinical management. The outbreak has led to an increase in the preference for remote monitoring of patients suffering from cardiac diseases. Various startups, such as iRhythm and AliveCor, have also introduced products that can be used for monitoring cardiac patients. Furthermore, medical device giants such as Medtronic are actively manufacturing heart-monitoring EKG devices for cardiac patients to use at house and for clinicians to use on COVID-19 patients. It is complex and critical for medical and nursing staff to check COVID-19 patients in person, as the infected and symptomatic patients need to be isolated in rooms with negative pressure. The new and advanced devices allow them to monitor such patients more quickly from another room. Multiparametric remote monitoring of cases with heart failure (HF) has the potential to alleviate the health risks of lockdowns for COVID-19.
Patients who have suffered from heart failure or those who have implantable devices are at increased risk of COVID-19 morbidity and mortality. In addition, there is growing evidence that the disease has significant and even long-term effects on the heart. Monitoring based on remote and biosensor devices was quickly introduced and encouraged during the pandemic to allow better assessment of the clinical status of the heart while maintaining social distance by paying virtual visits.
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