The Global Market For Cardiac Remote Patient Monitoring Devices Would Exceed US$ 680 Million By 2028, As Per CMI
Remote patient monitoring serves as a warning for early or harmful health decline. These gadgets can now be used remotely to monitor a patient’s physiological characteristics thanks to improvements in wireless technology.
As per Coherent Market Insights, the international market for cardiac remote patient monitoring device is projected to be worth US$ 396 million in the year 2021 and US$ 680 million by 2028, growing at a CAGR of 7.9% over the forecasted period.
International Market For Cardiac Remote Patient Monitoring Devices: Fundamental Trends and Assessment
Increased R&D investments for heart disease detection, applications of cardiac monitors, and increased agreements, acquisitions, collaborations, partnerships, and mergers among key competitors are a few of the market’s significant trends.
For example, Philips, a business specializing in clinical informatics, home healthcare, imaging systems, customer services, and patient care, agreed to buy Cardiology, a medical technology firm based in France, in September last year.
According to the partnership, Cardiology will provide revolutionary software technologies to Philips’ cardiac diagnostics and monitoring offerings.
To enhance their market position in the worldwide industry, prominent cardiac remote patient monitoring device players focus on exogenous growth methods such as permits, acquisitions, mergers, collaborations, and partnerships.
For example, in July last year, Medtronic plc, a worldwide medical technology leader, stated that two AccuRhythm Al algorithms had been cleared for use with the LINQ ll insertable cardiac monitors by the US Food and Drug Administration.
It enhances the information that clinicians receive, helping them in diagnosing and treating aberrant heart rhythms more effectively.
Takeaways from the market
Due to increased product launches and approvals, the market of global cardiac remote patient monitoring devices is estimated to grow substantially over the entire forecast period.
For example, the US Food and Drug Administration (FDA) granted a healthcare business, Current Health, Class II clearance for a wearable remote patient monitoring platform (RPM) based on artificial intelligence for post-acute supervision in April 2019.
Customers can use it in hospital as well as at home.
Cardiac monitors are expected to have the most significant market share among product types during the projected period.
As per the Federal Communications Commission’s (FCC) National Broadband Plan, the adoption of remote patient monitoring technologies in combination with electronic health records (EHR) could save the healthcare industry US$ 700 billion over the next 15 to 20 years.
An Increasingly Competitive Environment
Major players working in the market of global cardiac remote patient monitoring devices include OSYPKA, A & D Medical, Boston Scientific, Honeywell, Philips, Abbott Laboratories, Lepu Medical Technology, VitalConnect Inc., MeTrax GmbH, and St. Jude Medical, among others.
Over the last decade, interest in cardiac remote patient monitoring has progressively increased, and with the outbreak of Covid-19, adoption has quickened.
Though technology is still vital in providing remote treatment, the patient experience is essential.
Remote patient monitoring is an excellent way to get into the healthcare system.
These services allow physicians to act and prevent patients’ conditions from deteriorating rather than patients rushing straight from their homes to the emergency unit.
However, for clinicians to make the most of cardiac remote patient monitoring, the infrastructure surrounding it, significantly how compensation is structured must alter.