Global Wireless Cardiac Monitoring Systems Market Size study, by Type (Implantable Cardiac Monitors (ICM), Patch-Type Monitor, Mobile Cardiac Telemetry System, Others), by End-use (Hospitals & Clinics, Diagnostic Centers, Others) and Regional Forecasts 20

Global Wireless Cardiac Monitoring Systems Market Size study, by Type (Implantable Cardiac Monitors (ICM), Patch-Type Monitor, Mobile Cardiac Telemetry System, Others), by End-use (Hospitals & Clinics, Diagnostic Centers, Others) and Regional Forecasts 2022-2032

The global wireless cardiac monitoring systems market was valued at USD 2.98 billion in 2023 and is expected to grow at a CAGR of 11.4% from 2024 to 2032. Wireless cardiac monitoring systems, comprising wearable sensors and mobile apps, continuously monitor a patient’s heart activity and wirelessly transmit the data to healthcare providers. These systems are pivotal in detecting arrhythmias, managing chronic heart conditions, and monitoring post-surgical recovery, thus improving patient outcomes and minimizing the need for frequent hospital visits.

The market is poised for significant growth due to an aging population susceptible to cardiovascular diseases (CVDs), technological advancements in remote monitoring technologies, and increasing product approvals in developed economies. For instance, the British Heart Foundation reported that the prevalence of heart & circulatory diseases globally was 620 million in 2021, with atrial fibrillation accounting for approximately 10% of these cases. Innovations in remote patient monitoring technology are expected to propel the market forward. Industry players are forming strategic alliances, such as funding and collaborations, to develop vendor-neutral cardiac data management platforms. These platforms enable the monitoring of medical information from implantable cardiac monitors (ICM), wearable devices, consumer ECG devices, and more. Moreover, integrating artificial intelligence (AI) into these platforms, which synchronizes electronic health records and identifies urgent patient reports and critical heart rhythms, is expected to drive market growth. For example, in July 2023, PaceMate, a remote cardiac monitoring service provider, secured investment from Lead Edge Capital to enhance its cardiac solutions and demographic reach.

North America dominated the global wireless cardiac monitoring systems market, accounting for 48.53% of the total market share in 2023. This dominance is attributed to the region's advanced healthcare infrastructure, high prevalence of cardiovascular diseases, rapid technological advancements, substantial healthcare expenditure, and an increasing geriatric population. According to the Rural Health Information Hub, the U.S. geriatric population is expected to rise by 18 million between 2020-2030, with 90% of adults over 65 developing one or more chronic conditions. Moreover, Asia-Pacific is projected to witness the fastest CAGR of 13.5% over the forecast period. The growth is driven by increasing product approvals in countries like China and Japan. For instance, in January 2020, Biotronik SE & Co. KG launched its implantable cardiac monitor (ICM), BioMonitor III, in Japan to help healthcare professionals identify underlying arrhythmias. Similarly, in October 2021, Shanghai Chest Hospital launched an ICM to enhance ECG monitoring & symptom correlation for Chinese patients.

Major market players included in this report are:

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)

The detailed segments and sub-segment of the market are explained below:

By Type
• Implantable Cardiac Monitors (ICM)
• Patch-Type Monitor
• Mobile Cardiac Telemetry System
• Others

By End-use
• Hospitals & Clinics
• Diagnostic Centers
• Others

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America
• Brazil
• Mexico

Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows: Historical year – 2022 Base year – 2023 Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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