The cardiac remote patient monitoring device market is expected to experience significant growth in the coming years due to the increasing prevalence of cardiovascular diseases and the rising demand for remote monitoring solutions. The market is driven by factors such as the need for early detection and prevention of cardiac events, technological advancements in remote patient monitoring devices, and the increasing adoption of telemedicine. Additionally, the COVID-19 pandemic has accelerated the adoption of remote patient monitoring solutions, including cardiac monitoring devices, as patients seek to avoid in-person visits to healthcare facilities. However, factors such as the high cost of devices and concerns regarding data security and privacy may hamper the growth of the market. Overall, the cardiac remote patient monitoring device market is expected to witness significant growth in the coming years, driven by the growing demand for remote patient monitoring solutions and technological advancements in the field.
The Cardiac Remote Patient Monitoring Device is estimated to be valued at US$ 396 Mn in 2021 and is expected to register a CAGR of 7.9% and reach US$ 680 Mn by 2028.
Major Players in the Cardiac Remote Patient Monitoring Devices Industry:
1. A&D Medical
A&D Medical is a company that develops and manufactures a range of medical devices and health management products. It was founded in 1977 and is headquartered in San Jose, California. A&D Medical operates in more than 50 countries around the world, providing products and services to customers in North America, Europe, Asia, and other regions. In November, 2020 A&D Medical, announced a partnership with mmHg Inc., a physician-led digital health company focused on technology assisted, evidence-based management of chronic conditions such as hypertension, diabetes, COPD and obesity.
2. BIOTRONIK SE & Co. KG
BIOTRONIK is a medical device company that develops and manufactures cardiac devices, including pacemakers, implantable defibrillators, and cardiac resynchronization therapy devices. The company was founded in 1963 and is headquartered in Berlin, Germany. BIOTRONIK operates in more than 100 countries, with sales and distribution networks in Europe, Asia, the Americas, and other regions.
3. Boston Scientific
Boston Scientific is a medical technology company that develops and manufactures a range of medical devices, including devices for cardiovascular and neuromodulation therapies, endoscopy, and urology. The company was founded in 1979 and is headquartered in Marlborough, Massachusetts. Boston Scientific operates in more than 100 countries around the world, with sales and distribution networks in North America, Europe, Asia, and other regions.
4. GE Healthcare
GE Healthcare is a subsidiary of General Electric that develops and manufactures medical imaging and information technologies, medical diagnostics, and patient monitoring systems. The company was founded in 1892 and is headquartered in Chicago, Illinois. GE Healthcare operates in more than 160 countries, with sales and distribution networks in North America, Europe, Asia, and other regions. In March 2021, GE Healthcare announced the launch of the new AI-enabled ultrasound system, the LOGIQ E10 Series.
5. Honeywell
Honeywell is a multinational conglomerate that operates in a range of industries, including aerospace, building technologies, and safety and productivity solutions. The company's healthcare division develops and manufactures medical devices, including respiratory and patient monitoring systems. Honeywell was founded in 1906 and is headquartered in Charlotte, North Carolina. The company operates in more than 70 countries around the world. In March, 2023 Honeywell announced a new collaboration with Marriott International to improve in-room comfort and control for guests who stay at hotels across Marriott Bonvoy’s portfolio of extraordinary hotel brands.
6. Medtronic plc
Medtronic is a medical device company that develops and manufactures a range of products for the treatment of cardiovascular, neurological, and musculoskeletal conditions. The company was founded in 1949 and is headquartered in Dublin, Ireland. Medtronic operates in more than 160 countries around the world, with sales and distribution networks in North America, Europe, Asia, and other regions. In November 2021, Medtronic announced the launch of its new Advanced Hemodynamic Monitoring (AHM) system for use during cardiopulmonary bypass procedures.
7. Nihon Kohden
Nihon Kohden is a medical device company that develops and manufactures products for patient monitoring, cardiac care, and neurology. The company was founded in 1951 and is headquartered in Tokyo, Japan. Nihon Kohden operates in more than 120 countries around the world, with sales and distribution networks in North America, Europe, Asia, and other regions.
8. Philips Healthcare
Philips Healthcare is a subsidiary of the Dutch multinational conglomerate Philips that develops and manufactures medical imaging, patient monitoring, and healthcare IT systems. The company was founded in 1891 and is headquartered in Amsterdam, Netherlands. Philips Healthcare operates in more than 100 countries around the world, with sales and distribution networks in North America, Europe, Asia, and other regions.
9. Spacelabs Healthcare
Spacelabs Healthcare is a medical device company that develops and manufactures patient monitoring and diagnostic cardiology products. The company was founded in 1958 and is headquartered in Snoqualmie, Washington. Spacelabs Healthcare operates in more than 100 countries around the world, with sales and distribution networks in North America, Europe, Asia, and other regions.
10. Abbott Laboratories
Abbott Laboratories is a multinational healthcare company that develops and manufactures a range of medical devices, diagnostic products, and pharmaceuticals. In February, 2023 Abbott and Cardiovascular Systems, Inc. (CSI), announced a definitive agreement for Abbott to acquire CSI, a medical device company with an innovative atherectomy system used in treating peripheral and coronary artery disease.
*Definition- Cardiac remote patient monitoring devices are medical devices used to monitor a patient's heart activity and transmit data to healthcare providers in real-time, enabling remote monitoring of cardiac events.
