Global Cardiac Patch Monitor Market is valued at approximately USD 504 million in 2022 and is anticipated to grow with a healthy growth rate of more than 20% over the forecast period 2023-2030. The cardiac patch monitor uses electrodes placed on the patient’s chest to find and capture the electrical impulses the heart produces. The device receives these impulses and transmits them, storing the information for further study by medical personnel. During the monitoring time, a cardiac patch monitor is used to record any abnormal heart rhythms or electrical patterns in a human body . Patients with irregular or sporadic heart-related symptoms, such as palpitations, lightheadedness, or fainting spells, are frequently prescribed this medication. The Cardiac Patch Monitor market is expanding because of factors such as the rise in the prevalence of chronic cardiac diseases, the growing aging population, and technological advancement in cardiac patch monitors.
The prevalence of chronic cardiac diseases like heart attack, myocardial infarction, and stroke is increasing, which is fueling demand for cardiac patch monitors to track patients’ heart health who frequently experience symptoms of heart irregularities such as palpitations, lightheadedness, or fainting spells. For instance, the Centres for Disease Control and Prevention (CDC) 2022 report states that in 2020, 20.1 million persons aged 20 and older had coronary artery disease. Furthermore, the same report stated that every year about 805,000 Americans have a heart attack. Thus, rising chronic cardiac diseases is driving the market growth. Furthermore, The heart’s electrical system also experiences natural changes as people age. Arrhythmias become e likely to due to decline in the efficiency of the conduction system that coordinates the heart’s electrical signals. As a result, the need for cardiac patch monitors is driven by the aging population’s increased vulnerability to cardiac illness. According to World Health Organization. As of the year 2022, the share of the population aged 60 years reached 1.4 billion increase from 1 billion in the year 2020 and it is projected to reach 2.1 billion by the year 2050. In addition, increasing technological advancement and rising healthcare expenditure are creating lucrative opportunities for market growth. However, the high cost of cardiac patch monitoring and the risk associated with cybersecurity vulnerabilities stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Cardiac Patch Monitor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to increasing disease prevalence and rising technological advancement activities and rising research and development activities. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising geriatric and increasing prevalence of diseases, an increase in the number of collaborations and partnerships for product development, and geographic expansion of key players in the market space.
Major market players included in this report are:
Baxter International Inc.
LifeSignals India Pvt Ltd
Cardiac Insight, Inc.
Vital Connect Inc
iRhythm Technologies, Inc.
Recent Developments in the Market:
Ø In April 2023, Cardiac Insight, Inc. announced that it has signed a distribution contract with i.SigNal, Dreamtech’s exclusive brand, and group for digital healthcare. The deal gives i.SigNal master distribution rights for the Cardea SOLO single-use wearable ECG patch and proprietary analysis software system throughout 23 countries across the world
Ø In August 2022, In India, SmartCardia unveiled their 7L patch, a 7-lead cardiac monitoring patch. With the use of remote monitoring, this patch monitor’s wearable medical technology and AI may offer personalized and predicted patient insights.
Global Cardiac Patch Monitor Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End User:
Middle East & Africa
Rest of Middle East & Africa