SEATTLE, Feb. 08, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global cardiac remote patient monitoring device market is estimated to be valued at US$ 396 Mn in 2021 and is expected to increase to US$ 680 Mn by 2028, witnessing a CAGR of 7.9% during the forecast period.
Key Trends and Analysis of the Global Cardiac Remote Patient Monitoring Device Market:
Key trends in the market are increasing applications of cardiac monitors, investments in R&D of heart diseases detection and increasing collaborations, partnerships, agreements, mergers, and acquisitions among key players.
For instance, in September 2021, Philips, which operates in the areas of Imaging Systems, Patient Care & Clinical Informatics, Home Healthcare and Customer Services, signed an agreement to acquire Cardiologs, a France-based medical technology company. As per the agreement, the Cardiologs will be further strengthening the Philips cardiac monitoring and diagnostics offering with innovative software technology.
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Furthermore, key players operating in the cardiac remote patient monitoring device market are focusing on adoption of inorganic growth strategies such as approvals, acquisitions, mergers, partnerships, and collaborations, in order to strengthen their market presence in the global market. For instance, in July 2021, Medtronic plc, a global leader in medical technology, announced the U.S. Food and Drug Administration clearance for two AccuRhythm Al algorithms for use with LINQ ll insertable cardiac monitor. It improves the information which physicians receives and according to that the physician diagnose and treat abnormal heart rhythms.
Key Market Takeaways:
Global Cardiac remote patient monitoring device market is expected to exhibit a CAGR of XX% over the forecast period, owing to rising product launches and approvals. For instance, in April 2019, Current Health, a healthcare company, received Class II clearance for an artificial intelligence (AI)-based wearable remote patient monitoring platform (RPM), from the U.S. Food and Drug Administration (FDA) for post-acute care. It can be used in both hospital setting and home care setting.
Among product type, cardiac monitors is expected to account for largest market share during the forecast period. For instance, according to the National Broadband Plan drafted, the Federal Communications Commission (FCC), the use of remote patient monitoring technology in conjunction with electronic health records (EHR) could save the health care industry US$ 700 Bn over the following 15 to 20 years.
Competitive Landscape:
Major players operating in the global cardiac remote patient monitoring device market include A & D Medical, BIOTRONIK SE & Co. KG, Boston Scientific, GE Healthcare, Honeywell, Medtronic plc, Nihon Khoden, Philips Healthcare, Spacelabs Healthcare, Abbott Laboratories, St. Jude Medical, VitalConnect Inc., OSYPKA, MeTrax GmbH, and Lepu Medical Technology.
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Market Segmentation:
- Global Cardiac Remote Patient Monitoring Device Market, By Application:
- Cardiac Arrhythmia
- Ischemic Diseases
- Hypertension
- Global Cardiac Remote Patient Monitoring Device Market, By End Users:
-
- Hospitals
- Cardiac Clinics
- Ambulatory Surgery Centers
- Global Cardiac Remote Patient Monitoring Device Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- South Africa
- Central Africa
- North Africa
- North America
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