Global Cardiac Monitoring Market Size

Cardiac Monitoring Market Analysis

The Global Cardiac Monitoring Market size is estimated at USD 26.35 billion in 2024, and is expected to reach USD 33.81 billion by 2029, growing at a CAGR of 5.11% during the forecast period (2024-2029).

The emergence of the COVID-19 pandemic has had an adverse effect on the cardiac monitoring market in the beginning. As many of the medical procedures were halted and were used only in serious and emergency conditions, in order to minimize the risk of COVID-19 infection. The lockdown all over the world had affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. However, as the COVID-19 cases started to decline, research and development have come into focus. Government agencies and healthcare players came forward to support the development of diagnostics and treatment methods for COVID-19. For instance, in May 2020, the United States Food and Drug Administration (FDA) approved Philips' wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. The Philips patient deterioration detection system has been upgraded with the next-generation wireless wearable biosensor to enable clinicians to identify risk earlier and improve care for patients in lower-acuity care settings. The initial installation of the system was at the OLVG Hospital in the Netherlands, where it was put to use in order to assist with the triage and clinical surveillance of COVID-19 patients. Such initiatives by the key market player in the management of COVID-19 bolstered the market growth during the pandemic.

In addition, growing incidences of cardiovascular diseases, advancements in technology, and demand for home-based, point-of-care, and remote monitoring cardiac systems are actively affecting the growth of the studied market.

According to the Centers for Disease Control and Prevention, June 2022 update about 20.1 million adults age 20 and older had coronary heart disease (CAD) in 2020 in the United States. It also stated that coronary heart disease is the most common type of heart disease in the United States. Such high incidence of cardiovascular disease is likely to increase the demand for cardiac monitoring in the coming years.

Cardiac monitoring is one of the most reliable and efficient options for the monitoring of various cardiac conditions. Various advancements, product approvals and launches, partnerships and acquisitions by the key market players in the cardiac monitoring devices is likely to boost the growth of the studied market over the forecast period. For instance, in February 2021, Remo Care Solutions launched Remo.Cardia which is a remote cardiac monitoring system that uses artificial intelligence to monitor and analyze patients' vitals in real-time. Remo Care Solutions created the software, and a United States based company created the hardware. Such product launches are anticipated for the growth of the market.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the risk of infection due to implantable monitoring devices and unfavorable reimbursement policies is likely to impede the market growth.