Remote Cardiac Monitoring Market Opportunities and Strategies to 2033

This report describes and explains the remote cardiac monitoring market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global remote cardiac monitoring market reached a value of nearly $5.08 billion in 2023, having grown at a compound annual growth rate (CAGR) of 19.38% since 2018. The market is expected to grow from $5.08 billion in 2023 to $14.14 billion in 2028 at a rate of 22.72%. The market is then expected to grow at a CAGR of 21.33% from 2028 and reach $37.19 billion in 2033.

Growth in the historic period resulted from the rise in adoption of remote patient monitoring devices, expansion of telemedicine services, increase in demand for personalized medicine, increased disposable income and increased adoption of home-based monitoring. Factors that negatively affected growth in the historic period include low healthcare access in developing countries.

Going forward, the rising healthcare expenditure globally, increasing aging population worldwide, rising incidence of cardiovascular diseases, favorable government initiatives and increasing awareness of preventive healthcare will drive the market. Factors that could hinder the growth of the remote cardiac monitoring market in the future include a lack of trained healthcare professionals.

The remote cardiac monitoring market is segmented by type into devices, software and services. The devices market was the largest segment of the remote cardiac monitoring market segmented by type, accounting for 61.7% or $3.13 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the remote cardiac monitoring market segmented by type, at a CAGR of 24.61% during 2023-2028.

The remote cardiac monitoring market is segmented by indication into bradycardia, tachycardia, atrial and ventricular fibrillation and other indications. The atrial and ventricular fibrillation market was the largest segment of the remote cardiac monitoring market segmented by indication, accounting for 42.7% or $2.16 billion of the total in 2023. Going forward, the atrial and ventricular fibrillation segment is expected to be the fastest growing segment in the remote cardiac monitoring market segmented by indication, at a CAGR of 24.08% during 2023-2028.

The remote cardiac monitoring market is segmented by end user into hospitals and clinics, emergency settings, homecare settings and other end users. The hospitals and clinics market was the largest segment of the remote cardiac monitoring market segmented by end user, accounting for 48% or $2.43 billion of the total in 2023. Going forward, the emergency settings segment is expected to be the fastest growing segment in the remote cardiac monitoring market segmented by end user, at a CAGR of 24.29% during 2023-2028.

North America was the largest region in the remote cardiac monitoring market, accounting for 40.7% or $2.06 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the remote cardiac monitoring market will be Asia Pacific and Africa where growth will be at CAGRs of 25.80% and 25.54% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 24.97% and 23.84% respectively.

The global remote cardiac monitoring market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 23.66% of the total market in 2023. Koninklijke Philips N.V. was the largest competitor with a 4.40% share of the market, followed by Medtronic Plc with 4.14%, iRhythm Technologies, Inc. with 3.29%, GE HealthCare Technologies, Inc. with 2.25%, Abbott Laboratories with 2.22%, Boston Scientific Corporation with X2.18X%, Biotronik SE with 1.77%, Baxter International Inc. with 1.48%, OSI Systems, Inc. with 1.01% and AMC Health with 0.83%.

The top opportunities in the remote cardiac monitoring market segmented by type will arise in the devices segment, which will gain $5.44 billion of global annual sales by 2028. The top opportunities in the remote cardiac monitoring market segmented by indication will arise in the atrial and ventricular fibrillation segment, which will gain $4.2 billion of global annual sales by 2028. The top opportunities in the remote cardiac monitoring market segmented by end user will arise in the hospitals and clinics segment, which will gain $4.34 billion of global annual sales by 2028. The remote cardiac monitoring market size will gain the most in the USA at $2.79 billion.

Market-trend-based strategies for the remote cardiac monitoring market include integration of remote patient monitoring technologies with advanced arrhythmia detection for effective patient management, use of advanced AI algorithms in remote monitoring platforms to enhance early detection of cardiac diseases, strategic partnerships and collaborations among major players to enhance product offerings, advancements in multi-sensor remote monitoring platforms enhancing contactless vital sign measurement, focus on efficient point-of-care ECG solutions supporting timely detection and management of cardiac conditions and revolutionizing remote patient management with multi-functional smartwatches offering health and safety monitoring.

Player-adopted strategies in the remote cardiac monitoring market include focus on expanding business through new product launches and expanding business capabilities through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the remote cardiac monitoring companies to focus on integrating remote monitoring and arrhythmia detection, focus on AI integration for early cardiac disease detection, focus on enhancing multi-sensor platforms for contactless monitoring, focus on efficient point-of-care ECG solutions, focus on multi-functional smartwatches for enhanced remote patient management, focus on the fast-growing software segment for expansion, focus on atrial and ventricular fibrillation segment for growth, expand in emerging markets, focus on forming strategic partnerships to enhance solutions, provide competitively priced offerings, participate in trade shows and events and focus on homecare settings segment for expansion.