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.
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 Stakeholders
- This 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 Segments
By Product
- Patch Recorder
- Holter Monitors
By End User
- Hospitals
- Homecare Settings
- Others
By Region
- North 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.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CARDIAC PATCH MONITOR MARKET, BY PRODUCT
CHAPTER 5: CARDIAC PATCH MONITOR MARKET, BY END USER
CHAPTER 6: CARDIAC PATCH MONITOR MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Cardiac Patch Monitor Market,' The cardiac patch monitor market was valued at $504 million in 2022, and is estimated to reach $3126.1 million by 2032, growing at a CAGR of 20% from 2023 to 2032.The cardiac patch monitor market is likely to experience a significant growth rate of 20.0% from 2023-2032 owing to increasing market demand from healthcare sector.
A cardiac patch monitor is a small, portable device that is 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.
Key factors driving the growth of the cardiac patch monitor market include a surge in cases of heart diseases such as heart attack, myocardial infarction, arrhythmia and stroke, which propels the demand for cardiac patch monitors to assist in the diagnosis of certain cardiac conditions. For instance, according to Health Hearty 2020 report, the incidence rate of heart attacks per 10,000 people is around 190 in people who are over 85 years of age, and around 117 for those between 75-84 years of age.
In addition, advancements in data analysis and interpretation techniques have significantly enhanced the diagnostic capabilities of cardiac patch monitors. Algorithms and software applications can now process the collected data more efficiently, enabling healthcare professionals to quickly identify and diagnose various cardiac conditions. This has improved the accuracy of diagnosis, resulting in better patient management and treatment decisions, which further drives the growth of cardiac patch monitor. For instance, in October 2022, Mawi, creators of AI-powered wearable medical devices for cardiac disease diagnostic and monitoring, announced the official launch of Mawi Heart Patch, the first-ever, single-use 2-lead cardiac monitor to reach the market. A stick-and-go, wireless solution, Mawi Heart Patch improves the detection of cardiovascular diseases, the world’s leading cause of death by 3 times, as compared to other cardiac monitor patches. Mawi Heart Patch provides a detailed report within 24 hours after monitoring is complete, the solution reduces time to diagnosis by 97% and ensures patients get timely access to life-saving treatment.
Furthermore, the rise in awareness regarding the use of cardiac patch monitors in developing countries to monitor patients who experience infrequent or intermittent symptoms related to their heart, such as palpitations, dizziness, or fainting spells, increasing demand for ambulatory heart monitoring devices, and increase in U.S. FDA (Food and Drug Administration) approval for cardiac patch monitors boost the growth of the cardiac patch monitor market.
The market offers growth opportunities to the key players in the market including rise in awareness regarding the potential benefits of cardiac patch monitor, rise in adoption of key strategies such as acquisition. And the rise in demand for cardiac patch monitor across the globe also provides growth opportunity for the market. As a result, the key players engaged in the cardiac patch monitor industry have invested in R&D, and increasing their production are expected to gain high traction and provide lucrative opportunity for the growth of the cardiac patch monitor market.
The global cardiac patch monitor market is segmented on the basis of product, end user, and region. On the basis of the 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 key players profiled in the study include Baxter International Inc., Cardiac Insight, Inc., Hemodynamics Co; iRhythm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Mawi Inc., SmartCardia Inc., VitalConnect, and Zywie Inc. The players in the market such as iRhythm Technologies, Inc. Koninklijke Philips N.V., SmartCardia Inc., VitalConnect and Zywie Inc. have been actively engaged in the adoption of various strategies such as agreement, acquisition, collaboration product approval, and product launch to remain competitive and gain an advantage over the competitors in the market.
For instance, in May 2021, VitalConnect, Inc. announced that it has launched its VitalPatch RTM mobile cardiac telemetry (MCT) solution. The launch of the MCT platform puts VitalConnect in a category by themselves, offering the only cardiac monitoring solution available with a flexible, programmable platform, covering multiple cardiac monitoring needs. Uniquely, and only available from VitalConnect, the platform allows for continuous, real-time cardiac arrhythmia detection while simultaneously measuring patient physiological parameters.
Key Market Insights
- By product, the patch recorder segment was the highest revenue contributor to the market in 2022 and is estimated to reach 2,825,219.74 thousand by 2032. The Holter monitors segment is expected to be the fastest-growing segment with a CAGR of 21.0% during the forecast period.
- Based on end user, the hospitals segment was the highest revenue contributor to the market in 2022. However, the homecare settings segment is estimated to be the fastest-growing segment with a CAGR of 20.7% during the forecast period.
- Based on region, North America accounted for a major share of the cardiac patch monitor market in 2022 and is expected to maintain its dominance during the forecast period. Asia-Pacific is expected to witness the highest CAGR of 21.1% during the forecast period.
Companies Mentioned
- Baxter International Inc.
- Cardiac Insight, Inc.
- Hemodynamics Co
- iRhythm Technologies, Inc.
- Koninklijke Philips N.V.
- LifeSignals
- Mawi Inc
- SmartCardia Inc.
- VitalConnect
- Zywie Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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