New York, NY -- (SBWire) -- 05/29/2019 --Market Size – USD 0.52 Billion in 2018, Market Growth - CAGR of 11.5%, Market Trends –Early detection of cardiovascular diseases.
The Global Remote cardiac monitoring services Market is forecast to reach USD 1.25 Billion by 2026, according to a new report by Reports and Data.
The market expansion of remote cardiac monitoring has been boosted due to various driving factors. One of the significant reason for the development of this market is the increase in the rate of obesity, which results in cardiovascular diseases [CVD]. Due to the rise in the rate of occurrence of CVD, remote cardiac monitoring services are becoming increasingly relevant for the healthcare sector, which is turning out to be a significant driving factor for this industry.
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In addition to the fact as mentioned above, a wide range of applicability of the service in detection, monitoring, and treatment of heart activities along with identifying abnormal heart rhythm has also contributed to the growth of this industry. Increase in rate of occurrence of CVD has resulted in creating a burden on the care providing organizations. Such a burden on the care providing organization has resulted in increased public and private investment in this industry. Due to the increase in investments, the industry is coming up with new services, that impacts the growth of the industry positively. Remote cardiac monitoring services have enabled transcending geographic barrier for the care users and care providers that increase the acceptance of the service among end-user and care users. Such an increase in acceptance of the service has also contributed to its growth rate.
In regards to region, North America is leading the market because of the increase in the geriatric population and the rise in healthcare costs in this region, making remote cardiac monitoring service an essential cardiac service. There has also been a rise in investment for R&D in this region, which has resulted in further promoting the market in this region.
Further key findings from the report suggest
- The remote cardiac monitoring services market held a market share of USD 0.52 Billion in the year 2018 and forecasted to grow at a rate of 11.5% during the forecast period.
- With the help of the service, trend analysis on early detection of deteriorating cardiovascular conditions can be conducted, which in turn helps in reducing the rate of mortality associated with CVD. Such advantages related to the service is another major contributing factor for this industry.
- Continuous technological advancement in the healthcare industry also has a positive impact on the growth rate of the industry.
- In context to product type, Cardiac Event Recorder is forecasted to hold the largest market share of 42% of the market by 2026, with a CAGR of 11.8% during the forecast period. Factors like availability and awareness of the product in the market and ease of applicability have contributed to its market dominance.
- In the technology segment, Digital Health Technology is seen to occupy the largest market share, and it is forecasted to hold 27% of the market share by 2026 with a CAGR of 12.0%. Factors like its long incorporation in the healthcare sector as compared to other technologies, makes it easily acceptable, thus contributing to its market share.
- In regards to event monitoring segment, post symptom occupies the largest market share and is forecasted to hold 60% of the market by 2026 with a CAGR of 10.4%. Factors contributing to its market share lack awareness among care users to record and monitor significant vitals in a scheduled manner due to which, the event monitoring is only performed after identification of the symptoms or the condition.
- In the application segment, Coronary Artery disease occupies the largest market share of 45% in 2018 with a CAGR of 11.8%. The fact that it is one of the commonly occurring cardiovascular diseases makes the application of the service in this segment highly relevant.
- Key participants include Preventice Solutions, Honeywell Life Care Solutions, Cardionet, Koninklijke Philips, Medtronic, Boston Scientific Corporation, Biotronik SE & Co. KG, Cardiac Science Corporation, Hill-Rom Holdings, Inc., LivaNova PLC, ReliantHeart Inc., St. Jude Medical, Inc, and Schiller AG.
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For the purpose of this report, according to Product type, Technology, Event monitoring, Application, End-user, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2026)
- Cardiac Event Recorder
- Loop memory Monitor
- Symptom event monitor
- Holter Monitor
- Insertable Cardiac Monitor (ICM)
- Mobile Cardiac Telemetry Devices
Technology Type Outlook (Revenue, USD Billion; 2016-2026)
- Digital Health Technology
- Mobile Cardiac Telemetry Monitoring (MCT/MCOT)
- Artificial Intelligence
- AutoDetect Monitors
- Manual Event Monitor
- Smart Wearable ECG Monitors
Event monitoring Type Outlook (Revenue, USD Billion; 2016-2026)
- Pre-Symptom (Memory Loop)
- Post-Symptom Event Monitor
Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Coronary Artery Disease
- Arrhythmia
- Hypertension
End-user Outlook (Revenue, USD Billion; 2016-2026)
- Diagnostic Centers
- Hospitals
- Ambulatory Surgical Centers
- Academic and Research Institutions
- R&D Centers
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
o U.S.
- Europe
o UK
o France
- Asia Pacific
o China
o India
o Japan
- MEA
- Latin America
o Brazil
Read more at: https://www.reportsanddata.com/report-detail/remote-cardiac-monitoring-services-market
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Remote Cardiac Monitoring Services Market Trends & Analysis by 2026: Top Key Players Are Preventive Solutions, Honeywell Life Care Solutions, Cardionet, Medtronic
Increase in obesity, rate of occurrence of cardiovascular disease, technological advancement in the healthcare sector, and scope of early detection of cardiovascular diseases are the significant factors boosting remote cardiac monitoring services market.