The global cardiac rhythm remote monitoring devices market demand is slated to exceed a valuation of US$ 4,782.1 million in 2023 and is poised to attain a valuation of US$ 7,985.6 million by 2033. The cardiac rhythm remote monitoring devices industry share is estimated to thrive at a CAGR of 5.3% from 2023 to 2033.
In recent years, the use of telehealth and telemedicine services has increased. In order to enable telehealth services, remote monitoring devices are essential. These devices allow healthcare professionals to remotely monitor patients’ heart conditions, provide prompt consultations, and modify treatment plans as necessary. The adoption of remote monitoring devices is being driven by the accessibility and convenience of telehealth services.
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The surging integration with EHRs significantly promotes market growth. Electronic Health Records (EHRs) and remote monitoring data may now be seamlessly integrated, giving healthcare professionals immediate access to thorough patient data. Better patient outcomes are produced by this integrated strategy, which also improves decision-making and promotes data-driven treatment strategies.
The growing wearable technology demand and rising IoT integration create lucrative growth prospects for the market. Wearable technology has become increasingly popular, including fitness trackers and smartwatches. Now that many of these gadgets have cardiac rhythm monitoring capabilities, users may continually check their heart health. The practicality of these devices is further increased by their integration with the Internet of Things (IoT) ecosystem since they can easily exchange data with healthcare practitioners, improving patient care in general.
The incorporation of AI and data analytics is another prominent growth driver for the market. Advanced capabilities for remote monitoring are provided by the integration of artificial intelligence (AI) and data analytics. Based on the gathered data, AI algorithms are being utilized to identify patterns, forecast cardiac events, and offer customized insights. The effectiveness and accuracy of remote monitoring systems are improved by this integration.
Key Takeaways from Cardiac rhythm remote monitoring devices industry Report:
- In 2018, the global market size stood at US$ 3,618.7 million.
- The market expanded at a CAGR of 4.7% from 2018 to 2022.
- In 2022, the global market size stood at US$ 4,554.5 million.
- The non-portable modality segment captured 63.8% of global market shares in 2022.
- The hospital end-user segment acquired 57.8% of global market shares in 2022.
- India captured 4.9% of global market shares in 2022.
- The United States captured 32.9% of global market shares in 2022.
- China captured 6.3% of global market shares in 2022.
- The United Kingdom captured 4.4% of global market shares in 2022.
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Recent Developments Observed by FMI:
- Medtronic announced the regulatory clearance and launch of the Micra AV Transcatheter Pacing System in Japan in January 2022. It is the first leadless peacemaker ever, the Micra TPS.
- In November 2021, India Medtronic Private Limited unveiled a cryoballoon catheter that has been approved by CDSCO for the treatment of atrial fibrillation (AF) in India.
- In February 2021, Siemens Healthineers introduced the Corindus CorPath GRX Robotic System in India for use in coronary and peripheral vascular treatments.
- To change cardiac diagnostics utilizing cloud computing and artificial intelligence (AI), Cardiology, a medical technology startup, inked a contract to be acquired by Philips Healthcare in November 2021. It is anticipated that the company’s product line of cardiac monitoring and diagnostics devices would expand as a result of this acquisition.
Key Players in the Global Market:
- Medtronic Plc.
- GE Healthcare
- Boston Scientific Corporation
- Philips Healthcare
- St. Jude Medical Inc.
- BIOTRONIK SE & Co. KG
- Nihon Koden
- OSYPKA
- Honeywell International
- Abbott Laboratories
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Cardiac Rhythm Remote Monitoring Devices Industry Segmentation:
By Product Type:
- Implantable Cardioverter Defibrillator (ICD) Devices
- Implantable Defibrillator, External Defibrillator
- Manual External Defibrillator
- Automated External Defibrillator
- Cardiac Resynchronization Therapy (CRT) Devices
- Implantable Cardiac Monitors (ICMs)
- Implanted Hemodynamic Monitor
By Modality:
- Portable Devices
- Non-portable Devices
By End-user:
- Long-term Care Centers
- Specialized Clinics
- Hospitals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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