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North America Remote Cardiac Monitoring Market

2021

North America Remote Cardiac Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Devices, Software, and Services) and End User (Hospitals and Clinics, Emergency Settings, Homecare Settings, and Others)

Publication Month: Nov 2021 | Report Code: TIPRE00025822 | No. of Pages: 149 | Category: Medical Device | Status: Published

Market Insights

North America Remote Cardiac Monitoring Market to Grow at a CAGR of 31.3% to reach US$ 7,738.62 million Million from 2021 to 2028

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The remote cardiac monitoring market in North America is expected to grow from US$ 1,153.06 million in 2021 to US$ 7,738.62 million by 2028; it is estimated to grow at a CAGR of 31.3% from 2021 to 2028.


The US, Canada, and Mexico are major economies in North America. Continuous developments in telemedicine approach is the major factor driving the growth of the North America remote cardiac monitoring market. More than 85 million Americans, ~26% of the US population, suffer from CVDs, and ~7 million, i.e., 2.2% of the population, survive stroke. CVDs and stroke cost the US healthcare system more than US$ 320 billion and US$ 33 billion, respectively, each year. By 2030, the annual costs of CVDs and stroke are projected to balloon to nearly US$ 1 trillion. Thus, there is an urge to design strategies to increase the value of health care by enhancing the quality of care and lowering costs; offering patients better access to care, via telehealth, can help address this need. As defined by Office for the Advancement of Telehealth, telehealth comprises the use of telecommunications and information technologies to share information as well as to remotely provide clinical care, health education, public health, and administrative services. It has the potential to help transform healthcare systems, simultaneously reducing costs as well as boosting quality, patient-centeredness, and patient satisfaction. To successfully treat heart-related diseases, including CVDs, health professionals encourage patients to make lifestyle changes, continue a regular course of medication, and rigorously follow the follow-up schedule. However, despite the potential health benefits of regular doctor appointments and tests, clinic visits may act as an imposition on patients’ daily lives. As a result, disruptions in follow-up have become a common issue. Further, this situation has worsened with the pandemic. Clinic visits and elective procedures were suspended, and patients avoided visiting clinics due to the fear of SARS-CoV-2 infection. As per the American College of Cardiology, the pandemic has disrupted every aspect of cardiovascular care delivery, and the adverse effects on the same would be last long if health systems fail to adapt to the changes quickly and efficiently. Telehealth helps health systems in overcoming a few of the systemic barriers in monitoring heart diseases and CVDs. Technological solutions address the challenges posed by physical distance and facilitate personal interactions between doctors and patients. The doctors can remotely monitor conditions that contribute to heart attack and stroke, providing an opportunity to implement primary and secondary cardiovascular prevention without asking patients to visit the clinics. Patients can get any tests done before the appointment at a lab close to their home; they can also measure their blood pressure with an automatic blood pressure cuff at home, local pharmacies, or senior centers. Telehealth appointments are more convenient than in-person clinic visits for both doctors and patients. The introduction of remote monitoring of health data using wireless devices that measure weight, blood pressure, blood sugar, pulse, and heart rhythm could further advance telehealth services. Moreover, the telemedicine approach uses remote patient monitoring systems or devices to keep a check on the health status of patients. Along with cardiac monitors, companies are also working on developing monitoring devices for hematology, including blood glucose monitors, and for respiratory diseases, including sleep apnea and respiratory rate monitors, which is further anticipated to drive the Remote Cardiac Monitoring market in North America.

Since the COVID-19 pandemic, the US has suspended all the non-urgent scheduled visits and hospital stays. They have transitioned to virtual health platforms, using wearable sensors at unprecedented rates to reduce virus exposure and the use of limited stocks of personal protective equipment. The FDA has also issued emergency clearance for multiple RPM devices to enable further physiological data collection in this age of social distancing. The COVID-19 pandemic has ushered in a new era of heart management with remote cardiac monitoring. These remote cardiac device monitors changed the game's rules during the COVID-19 pandemic by redefining how patients use the devices to interact with their caregivers. By recording the device and physiological data timely and then sending that data securely over the internet to a patient's health team, countless patients have been able to leave the emergency room, avoid in-person clinic visits, and thus reduce exposure to the novel coronavirus. The ability to remotely monitor cardiac devices has given patients confidence in an already stressful time. It has helped nurses free up more hospital beds, at the same time reducing the need for expensive and sometimes scarce protective equipment.The response to COVID-19 across Canada has resulted in physical distancing protocols in hospitals, and equipment clinics have responded with increased remote monitoring. There is a need to assess how changes in the health landscape due to COVID-19 have affected cardiovascular implantable electronic device (CIED) follow-up care for patients and device clinics in Canada and investigate whether changes are temporary or permanent. The lack of a unified, process-specific, and guideline-based approach to post-implantation care of cardiovascular implantable electronic devices (CIEDs) and inconsistent funding guidelines in all jurisdictions for hospital and remote visits are significant obstacles to the use of remote patient management strategies in Canada.

Remote Cardiac Monitoring market

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North America Remote Cardiac Monitoring Market Segmentation

North America Remote Cardiac Monitoring Market – By Product Type

  • Devices
    • Vital Signs Monitors
    • Heart Rate Monitors
    • Blood Pressure Monitors
    • Breath Monitors
    • Holter Monitors
    • Others
  • Software
    • Cloud Based Software
    • On-Premise Software
  • Services

North America Remote Cardiac Monitoring Market – By End User

  • Hospitals and Clinics
  • Emergency Settings
  • Homecare Settings
  • Others

North America Remote Cardiac Monitoring Market– By Country

  • US
  • Canada
  • Mexico

North America Remote Cardiac Monitoring Market-Companies Mentioned

  • Abbott
  • AMC Health
  • Biotronik, Inc.
  • Boston Scientific Corporation
  • GE Healthcare
  • Honeywell International Inc.
  • Koninklijke Philips N.V.
  • Medtronic
  • Nihon Kohden Corporation
  • OSI Systems, Inc.

TABLE OF CONTENTS

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 North America Remote Cardiac Monitoring Market – By Product Type

1.3.2 North America Remote Cardiac Monitoring Market – By End User

1.3.3 North America Remote Cardiac Monitoring Market – By Country

2. North America Remote Cardiac Monitoring Market – Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. North America Remote Cardiac Monitoring Market – Market Landscape

4.1 Overview

4.1 PEST Analysis

4.1.1 North America – PEST Analysis

4.2 Expert Opinions

5. North America Remote Cardiac Monitoring Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Increase in Incidence of Cardiovascular Diseases

5.1.2 Continuous Developments in Telemedicine Approach

5.2 Market Restraints

5.2.1 Concerns Regarding Data Privacy

5.3 Market Opportunities

5.3.1 Surge in Preference for Remote Patient Monitoring During COVID-19 Pandemic

5.4 Future Trends

5.4.1 Strategic Initiatives by Market Players

5.5 Impact analysis

6. Remote Cardiac Monitoring Market – North America Analysis

6.1 North America Remote Cardiac Monitoring Market Revenue Forecast and Analysis

7. North America Remote Cardiac Monitoring Market Analysis and forecasts to 2028 – by Product Type

7.1 Overview

7.2 North America Remote Cardiac Monitoring Market Share by Product Type 2021 & 2028 (%)

7.3 Devices

7.3.1 Overview

7.3.2 Devices: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.1 Vital Signs Monitor

7.3.2.1.1 Overview

7.3.2.1.2 Vital Signs Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.2 Holter Monitor

7.3.2.2.1 Overview

7.3.2.2.2 Holter Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.3 Blood Pressure Monitor

7.3.2.3.1 Overview

7.3.2.3.2 Blood Pressure Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.4 Heart Rate Monitors

7.3.2.4.1 Overview

7.3.2.4.2 Heart Rate Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.5 Breath Monitors

7.3.2.5.1 Overview

7.3.2.5.2 Breath Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.3.2.6 Others

7.3.2.6.1 Overview

7.3.2.6.2 Others: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.4 Software

7.4.1 Overview

7.4.2 Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.4.2.1 Cloud Based Software

7.4.2.1.1 Overview

7.4.2.1.2 Cloud Based Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.4.2.2 On-Premise Software

7.4.2.2.1 Overview

7.4.2.2.2 On-Premise Software: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

7.5 Service

7.5.1 Overview

7.5.2 Service: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

8. North America Remote Cardiac Monitoring Market Analysis and Forecasts to 2028 – by End User

8.1 Overview

8.2 North America Remote Cardiac Monitoring Market Share by End User 2021 & 2028 (%)

8.3 Hospitals and Clinics

8.3.1 Overview

8.3.2 Hospitals and Clinics: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

8.4 Emergency Settings

8.4.1 Overview

8.4.2 Emergency Settings: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

8.5 Homecare Settings

8.5.1 Overview

8.5.2 Homecare Settings: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

8.6 Others

8.6.1 Overview

8.6.2 Others: North America Remote Cardiac Monitoring Market Revenue and Forecast to 2028 (US$ Mn)

9. North America Remote Cardiac Monitoring Market – Country Analysis

9.1 North America: Remote Cardiac Monitoring Market

9.1.1 Overview

9.1.2 North America: Remote Cardiac Monitoring Market, by Country, 2021 & 2028 (%)

9.1.2.1 US: Remote Cardiac Monitoring Market– Revenue and Forecast to 2028 (USD Million)

9.1.2.1.1 US: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

9.1.2.1.2 US: Remote Cardiac Monitoring Market, by Product Type, 2019–2028 (USD Million)

9.1.2.1.2.1 US: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)

9.1.2.1.2.2 US: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)

9.1.2.1.3 US: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)

9.1.2.2 Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

9.1.2.2.1 Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

9.1.2.2.2 Canada: Remote Cardiac Monitoring Market, by Product Type, 2019–2028 (USD Million)

9.1.2.2.2.1 Canada: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)

9.1.2.2.2.2 Canada: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)

9.1.2.2.3 Canada: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)

9.1.2.3 Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

9.1.2.3.1 Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

9.1.2.3.2 Mexico: Remote Cardiac Monitoring Market, by Product Type – 2019–2028 (USD Million)

9.1.2.3.2.1 Mexico: Remote Cardiac Monitoring Market, by Software, 2019–2028 (USD Million)

9.1.2.3.2.2 Mexico: Remote Cardiac Monitoring Market, by Devices, 2019–2028 (USD Million)

9.1.2.3.3 Mexico: Remote Cardiac Monitoring Market, by End User, 2019–2028 (USD Million)

10. Impact of COVID-19 Pandemic on North America Remote Cardiac Monitoring Market

10.1 North America: Impact Assessment of COVID-19 Pandemic

11. North America Remote Cardiac Monitoring Market– Industry Landscape

11.1 Overview

11.2 Growth Strategies Done by the Companies in the Market, (%)

11.3 Organic Developments

11.3.1 Overview

11.4 Inorganic Developments

11.4.1 Overview

12. Company Profiles

12.1 OSI Systems, Inc.

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 GE Healthcare

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Biotronik, Inc.

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Nihon Kohden Corporation

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Boston Scientific Corporation

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Koninklijke Philips N.V.

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Honeywell International Inc.

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 AMC Health

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 Abbott

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

12.10 Medtronic

12.10.1 Key Facts

12.10.2 Business Description

12.10.3 Products and Services

12.10.4 Financial Overview

12.10.5 SWOT Analysis

12.10.6 Key Developments

13. Appendix

13.1 About the Insight Partners

13.2 Glossary of Terms

LIST OF TABLES

Table 1. North America Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (US$ Million)

Table 2. US Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)

Table 3. US Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 4. US Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)

Table 5. US Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)

Table 6. Canada Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)

Table 7. Canada Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 8. Canada Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)

Table 9. Canada Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)

Table 10. Mexico Remote Cardiac Monitoring Market, by Product Type – Revenue and Forecast to 2028 (USD Million)

Table 11. Mexico Remote Cardiac Monitoring Market, by Software – Revenue and Forecast to 2028 (USD Million)

Table 12. Mexico Remote Cardiac Monitoring Market, by Devices – Revenue and Forecast to 2028 (USD Million)

Table 13. Mexico Remote Cardiac Monitoring Market, by End User – Revenue and Forecast to 2028 (USD Million)

Table 14. Organic Developments Done By Companies

Table 15. Inorganic Developments Done By Companies

Table 16. Glossary of Terms, Remote Cardiac Monitoring Market

LIST OF FIGURES

Figure 1. North America Remote Cardiac Monitoring Market Segmentation

Figure 2. North America Remote Cardiac Monitoring Market Segmentation, By Country

Figure 3. North America Remote Cardiac Monitoring Market Overview

Figure 4. Devices Segment Held Largest Share of North America Remote Cardiac Monitoring Market

Figure 5. US to Show Significant Growth During Forecast Period

Figure 6. North America PEST Analysis

Figure 7. North America Remote Cardiac Monitoring Market Impact Analysis of Driver and Restraints

Figure 8. North America Remote Cardiac Monitoring Market – Revenue Forecast and Analysis – 2020- 2028

Figure 9. North America Remote Cardiac Monitoring Market Share by Product Type 2021 & 2028 (%)

Figure 10. Devices: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 11. Vital Signs Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 12. Holter Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 13. Blood Pressure Monitor: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 14. Heart Rate Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 15. Breath Monitors: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 16. Others: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 17. Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 18. Cloud Based Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 19. On-Premise Software: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 20. Service: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 21. North America Remote Cardiac Monitoring Market Share by End User 2021 & 2028 (%)

Figure 22. Hospitals and Clinics: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 23. Emergency Settings: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 24. Homecare Settings: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 25. Others: North America Remote Cardiac Monitoring Market Revenue and Forecasts to 2028 (US$ Mn)

Figure 26. North America: Remote Cardiac Monitoring Market, by Key Country – Revenue (2021) (USD Million)

Figure 27. North America: Remote Cardiac Monitoring Market, by Country, 2021 & 2028 (%)

Figure 28. US: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

Figure 29. Canada: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

Figure 30. Mexico: Remote Cardiac Monitoring Market – Revenue and Forecast to 2028 (USD Million)

Figure 31. Impact of COVID-19 Pandemic in North American Country Markets

Figure 32. Growth Strategies Done by the Companies in the Market, (%)

  1. Abbott
  2. AMC Health
  3. Biotronik, Inc.
  4. Boston Scientific Corporation
  5. GE Healthcare
  6. Honeywell International Inc.
  7. Koninklijke Philips N.V.
  8. Medtronic
  9. Nihon Kohden Corporation
  10. OSI Systems, Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Remote Cardiac Monitoring Market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America Remote Cardiac Monitoring Market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the Remote Cardiac Monitoring Market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution 
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