Portland, OR, July 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cardiac Patch Monitor Market by Type (Patch Recorder and Holter Monitors) and End User (Hospitals, Homecare Settings, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032: Global Opportunity Analysis and Industry Forecast, 2023–2032” According to the report, the global cardiac patch monitor industry generated $0.50 billion in 2022 and is anticipated to generate $3.13 billion by 2032, witnessing a CAGR of 20% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of heart diseases, technological advancement in cardiac patch monitors, surge in geriatric population, increase in demand for remote monitoring solutions, and rise in research and development of cardiac patch monitors drive the growth of the global cardiac patch monitor market. However, the high cost of cardiac patch monitors is hampering the cardiac patch monitor market growth. On the contrary, the increase in adoption of key strategies by key players, and the increase in R&D of cardiac patch monitors are expected to offer remunerative opportunities for expansion of the cardiac patch monitor market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $0.50 billion |
| Market Size in 2032 | $3.13 billion |
| CAGR | 20.0% |
| No. of Pages in Report | 177 |
| Segments covered | Product, End User, and Region |
| Drivers | Rise in prevalence of cardiac diseases Rise in geriatric population Technological advancement in cardiac patch monitor |
| Opportunities | Rise in adoption of key strategies Rise in R&D |
| Restraints | High cost of cardiac patch monitor |
Covid-19 Scenario
- Due to the increase in demand for remote monitoring solutions, and the increase in the use of cardiac patch monitors in the diagnosis, evaluation, and treatment of cardiac conditions of COVID-19 patients, the cardiac patch monitor market faced an incline in growth.
- Furthermore, a rise in product approvals and an increase in awareness regarding cardiac patch monitor among the population drive the growth of the cardiac patch monitor market during the forecast period.
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The patch recorder segment to maintain its leadership status throughout the forecast period
Based on product, the patch recorder segment held the highest market share in 2022, accounting for more than 90% of the global cardiac patch monitor market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of patch recorder, and launch of advanced patch recorder. The Holter monitors segment is projected to manifest the highest CAGR of 21.0% from 2023 to 2032, as increase in technological advancement and R&D of Holter monitors.
The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals segment held the highest market share in terms of revenue in 2022, accounting for more than half of the global cardiac patch monitor market revenue and is likely to dominate the market during the forecast period. This is due to the high use of cardiac patch monitor in hospitals, and the high number of people is depending on the hospitals for treatment. The homecare settings segment is expected to witness the fastest CAGR of 20.7% from 2023 to 2032 , owing to the rise in demand of cardiac patch monitors in homecare settings for long-term monitoring.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly three-fourths of the global cardiac patch monitor market revenue and is likely to dominate the market during the forecast period. The growth is attributed to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.1% from 2023 to 2032, owing to a rise in heart disease cases, unmet medical demands, and high population base.
Leading Market Players: -
- Baxter International Inc.
- Cardiac Insight, Inc.
- Hemodynamics Co
- iRhythm Technologies, Inc.
- Koninklijke Philips N.V.
- LifeSignals
- Mawi Inc.
- SmartCardia Inc.
- VitalConnect
- Zywie Inc.
The report provides a detailed analysis of these key players in the global cardiac patch monitor market. These players have adopted different strategies such as agreement, acquisition, product launch, product approval, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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