Wireless Cardiac Monitoring Systems Market, By Product Type, By End user, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Wireless Cardiac Monitoring Systems Market size was valued at USD 3,120 Million in 2022, expanding at a CAGR of 13.2% from 2023 to 2030.
Wireless Cardiac Monitoring Systems represent medical devices engineered to remotely track and transmit a patient's cardiac activity. These systems typically comprise compact, portable monitors equipped with sensors capturing electrocardiogram (ECG) data, detecting irregular heart rhythms or potential issues. Employing wireless technology, they securely transmit real-time data to healthcare providers, allowing continuous monitoring outside clinical settings. Patients experience increased mobility and comfort while being monitored for conditions such as arrhythmias, heart attacks, or post-operative recovery. These systems play a crucial role in timely detecting cardiac irregularities, aiding in early intervention, personalized treatment, and ultimately enhancing patient care while potentially saving lives.
Wireless Cardiac Monitoring Systems Market- Market Dynamics
Expanding elderly population prone to cardiovascular diseases (CVDs), advancements in remote monitoring technologies, and increased approvals for products in developed economies to propel market demand
The market for wireless cardiac monitoring systems is poised for growth due to expanding elderly population prone to cardiovascular diseases (CVDs), advancements in remote monitoring technologies, and increased approvals for products in developed economies. The prevalence of heart and circulatory diseases globally reached 620 million in 2021, with atrial fibrillation accounting for approximately 10%, as reported by the British Heart Foundation. Technological progress in remote patient monitoring is anticipated to drive market growth. Numerous industry players are forging strategic alliances, securing funding and partnerships to develop vendor-neutral platforms for cardiac data management. These platforms enable monitoring of medical information from implantable cardiac monitors (ICM), wearable devices, consumer ECG devices, among others. The increasing prevalence of cardiovascular diseases, coupled with the expanding geriatric population vulnerable to such conditions, is anticipated to propel market growth. In 2020, the American Heart Association reported an age-adjusted prevalence of cardiovascular disease (CVD) of 7,354.1 per 100,000 population worldwide. Furthermore, statistics indicate that over two-thirds of the geriatric population are susceptible to developing cardiovascular disease. Studies published by Frontiers Media S.A. indicate that the prevalence of atrial fibrillation (AFib) rises with age, estimating a prevalence of 0.12% to 0.16% in individuals aged 49 or below, compared to 3.7% to 4.2% in those aged 60 or above.
Wireless Cardiac Monitoring Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.2% over the forecast period (2023-2030)
Based on product type segmentation, mobile cardiac telemetry systems was predicted to show maximum market share in the year 2022
Based on end user segmentation, hospitals & clinics was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
Wireless Cardiac Monitoring Systems Market- Segmentation Analysis:
The Global Wireless Cardiac Monitoring Systems Market is segmented on the basis of Product Type, End user, and Region.
The market is divided into four categories based on product type: cardiac monitors (ICM), patch-type monitors, mobile cardiac telemetry systems, and other categories. Among these, mobile cardiac telemetry systems held the largest market share in 2022. These systems provide continuous cardiac activity monitoring, enhancing diagnostic capabilities and patient adherence. Additionally, healthcare practitioners are increasingly integrating telemedicine into their practices, enabling comprehensive analysis of long-term patient heart rhythms and delivering personalized solutions through mobile cardiac telemetry.
The market is divided into three categories based on end user: hospitals & clinics, diagnostic centers, and other sectors. Hospitals & clinics emerged as the dominant segment in 2022, contributing significantly to the market share. This prevalence is attributed to hospitals' and clinics' ability to manage patients requiring ongoing cardiac monitoring due to critical conditions. Furthermore, these healthcare facilities are well-equipped with sophisticated medical tools and specialized personnel, facilitating the effective utilization and diagnosis of wireless cardiac monitoring systems.
Wireless Cardiac Monitoring Systems Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Wireless Cardiac Monitoring Systems Market- Competitive Landscape:
In the market for Wireless Cardiac Monitoring Systems, companies employ diverse strategies to maintain a competitive edge. Their primary focus lies in advancing technology, aiming to create smaller, more efficient devices that offer enhanced connectivity and longer battery life. Moreover, these firms actively pursue strategic partnerships and collaborations with healthcare providers, seeking to integrate their systems seamlessly into existing healthcare networks for streamlined data transmission and analysis. Marketing initiatives are also directed toward educating healthcare professionals and patients about the advantages of continuous cardiac monitoring, intending to expand market penetration. Furthermore, some companies prioritize strict adherence to regulatory standards and compliance with healthcare industry requirements, bolstering trust and reliability among users.
Recent Developments:
In May 2023, VivaLNK, Inc. introduced an updated multi-parameter wearable ECG patch. This product aims to provide continuous live stream capabilities for up to 14 days, enhancing patient comfort and reducing administrative tasks in clinical settings.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL WIRELESS CARDIAC MONITORING SYSTEMS MARKET KEY PLAYERS
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)
Others
GLOBAL WIRELESS CARDIAC MONITORING SYSTEMS MARKET, BY PRODUCT TYPE
Implantable Cardiac Monitors (ICM)
Patch-Type Monitor
Mobile Cardiac Telemetry System
Others
GLOBAL WIRELESS CARDIAC MONITORING SYSTEMS MARKET, BY END USER
Hospitals & Clinics
Diagnostic Centers
Others
GLOBAL WIRELESS CARDIAC MONITORING SYSTEMS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Wireless Cardiac Monitoring Systems Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Wireless Cardiac Monitoring Systems Market Snippet by Product Type
2.1.2. Wireless Cardiac Monitoring Systems Market Snippet by End User
2.1.3. Wireless Cardiac Monitoring Systems Market Snippet by Country
2.1.4. Wireless Cardiac Monitoring Systems Market Snippet by Region
2.2. Competitive Insights
3. Wireless Cardiac Monitoring Systems Key Market Trends
3.1. Wireless Cardiac Monitoring Systems Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Wireless Cardiac Monitoring Systems Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Wireless Cardiac Monitoring Systems Market Opportunities
3.4. Wireless Cardiac Monitoring Systems Market Future Trends
4. Wireless Cardiac Monitoring Systems Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Wireless Cardiac Monitoring Systems Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Wireless Cardiac Monitoring Systems Market Landscape
6.1. Wireless Cardiac Monitoring Systems Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Wireless Cardiac Monitoring Systems Market - By Product Type