Cardiac Patch Monitor Market By Product (Patch Recorder, Holter Monitors), By End User (Hospitals, Homecare Settings, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The cardiac patch monitor market was valued at $503,996.78 thousand in 2022 and is estimated to reach $3,126,057.27 thousand by 2032, exhibiting a CAGR of 20% from 2023 to 2032.
A cardiac patch monitor is a medical device designed to monitor and record the electrical activity of the heart over an extended period. It is typically used for patients who have known or suspected heart conditions, such as arrhythmias or heart rhythm abnormalities, and require continuous monitoring outside of the hospital setting. The cardiac patch monitor is a small, portable device that adheres to the patient's chest using adhesive patches. It contains electrodes that detect the electrical signals generated by the heart and records them for analysis. These electrical signals, also known as electrocardiograms (ECGs), provide valuable information about the heart's rhythm and are able to help diagnose various cardiac conditions.
Major factors that drive the growth of the global cardiac patch monitor market include rapid technological advancements in cardiac patch monitor, increase in number of patients suffering from chronic heart diseases, and rise in incidence of heart attack. For instance, according to the Centers for Disease Control and Prevention (CDC) 2022, about 697,000 people in the U.S died from heart disease in 2020.
In addition, according to a National Center for Health Statistics 2022, in every 20 seconds one American suffers from a heart attack, thus, more than 1 million Americans have a heart attack each year. However, the high cost of cardiac patch monitor and the risk associated with cybersecurity vulnerabilities are expected to restrict the growth of the cardiac patch monitor market. On the contrary, surge in healthcare expenditure and unmet medical demands for better treatment options in developing countries are expected to create lucrative opportunities for the expansion of the global market in the future.
The global cardiac patch monitor market is segmented on the basis of product, end user, and region. On the basis of product, the market is classified into patch recorder and Holter monitors. By end user, it is segregated into hospitals, homecare settings, and others (ambulatory surgical centers, clinics, and cardiac centers). Region-wise, the market is analyzed across North America (the U.S., and Rest of North America), Europe (Germany, the UK, and Rest of Europe), Asia-Pacific (China, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East And Africa).
The major players profiled in the report are Baxter International Inc., Cardiac Insight, Inc., Hemodynamics Co; iRhythm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Mawi Inc., SmartCardia Inc., VitalConnect, and Zywie Inc. These major players have adopted product approval, agreement, acquisition, and product launch as key developmental strategies to improve the product portfolio of the cardiac patch monitor market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiac patch monitor market analysis from 2022 to 2032 to identify the prevailing cardiac patch monitor market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cardiac patch monitor market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cardiac patch monitor market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ProductPatch Recorder
Holter Monitors
By End UserHospitals
Homecare Settings
Others
By RegionNorth America
U.S.
Rest Of North America
Europe
Germany
UK
Rest of Europe
Asia-Pacific
Japan
China
Rest of Asia-Pacific
LAMEA
Latin America
Middle East And Africa
Key Market Players
Baxter International Inc.
Cardiac Insight, Inc.
Hemodynamics Co
iRhythm Technologies, Inc.
Koninklijke Philips N.V.
LifeSignals
Mawi Inc
SmartCardia Inc.
VitalConnect
Zywie Inc.
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