Remote Cardiac Monitoring System Market was Estimated to Grow at 21.5% CAGR During the Forecast Period due to Escalating Number of Patients Suffering From Cardiac Diseases Globally: Says Absolute Markets Insights
The primary industry participants include Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc.
PUNE, India, March 11, 2020 /PRNewswire/ -- Remote surveillance systems are projected to play an important role in managing chronic diseases, including an early warning system, a health care system, progress trackers, trust builders and capacity builders. The Remote Cardiac Monitoring System Market is expected to grow with rising geriatric populations and demand for healthier lifestyles, quality care and cost-effective treatments. The government's support programs and innovation are expected to bode well for market growth. It is predicted by the World Health Organization (WHO) that the proportion of the geriatric population in 2050 is expected to reach 16.0 percent. The increasing geriatric population and increased vulnerability to chronic conditions such as diabetes, cardiovascular disease, and sleep disorder are expected to have a positive impact on the demand for the product in the coming years. It is anticipated that efforts by device manufacturers to develop advanced products will further propel the development. Biotronik, for example, conducted a study using its Implantable Cardioverter Defibrillator (ICD) to prove the effectiveness of its TRUST Trial tool. The preliminary findings showed that remote monitoring of patients decreases visits to the clinic by 43 percent. Within the next six years, these technological advances are expected to serve as growth opportunities for this Remote Cardiac Monitoring System Market.
The increasing prevalence of cardiovascular attacks, and their associated risk factors, encourages numerous public and private organizations to undertake campaigns to raise awareness about the condition and lung diseases. This is one of the key drivers that cardiac monitoring organizations such as the Sudden Cardiac Arrest Foundation focus on raising awareness of sudden cardiac arrest (SCA) to minimize SCA mortality and morbidity. In addition, several vendors spread awareness about Cardiovascular Disease CVDs to reduce the burden of curative healthcare. These factors will increase demand for CVD diagnostic and treatment methods, increasing the sales of cardiac monitoring devices.
The detailed research study provides qualitative and quantitative analysis of remote cardiac monitoring system market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The vital sign monitoring systems are commonly used, and the category is expected to see the fastest growth over the forecast period. As heart rate monitor is considered as the dominant sub-segment of the sector due to the increasing prevalence of cardiac disorders globally.
Hospital-based patients were the leading end-use segment in 2018, accounting for 80 percent of the Remote Cardiac Monitoring System Market share due to the prevalence of a significant number of patients with cardiovascular disorders and associated testing facilities in hospitals worldwide.
The global remote cardiac monitoring systems market is expected to dominate North America which is 38.2% of global market share and Europe. Asia Pacific is projected to be a region with huge cardiac monitoring market potential. Primary factors for the same include a growing population with cardiovascular disorders and growing investments towards cardiac care.
The companies showcasing a wide geographical presence have a large share of the overall market. The cardiac monitoring companies concentrate on various growth strategies, such as M&A, acquisitions, alliances, regional extensions, and new product releases to improve their presence in the industry. The primary industry participants include Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc.
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