Wireless Cardiac Monitoring Systems Market To Reach $7.12 Billion By 2030

Wireless Cardiac Monitoring Systems Market Growth & Trends

The global wireless cardiac monitoring systems market is expected to reach USD 7.12 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030. The growth of the market is attributed to the growing cases of cardiovascular diseases (CVD) such as ischemic stroke, and heart failure, advancements in remote patient monitoring techniques, and increasing strategic collaborations amongst players. Moreover, the growing geriatric population globally propels the demand for wireless cardiac monitoring systems. According to OECD’s report in 2021, the life expectancy in lower-and-middle income Asian countries has increased by six years from 2000, while upper-middle-income countries have recorded a growth of four years in life expectancy. In addition, NCBI estimated that more than half of CVD cases are recorded in the Asia-Pacific region. 

The pandemic positively impacted the wireless cardiac monitoring systems industry. Various hospitals started to utilize mobile-based electrocardiogram (ECG) devices to identify cardiac complications and ECG alterations. According to an article by the European Society of Cardiology, patch-based cardiac telemetry offered equivalent benefits for patients in inpatient and outpatient facilities. In addition, NCBI had stated a high prevalence of arrhythmia in those affected by the Sars-Cov-2 virus. 

In addition, the market is aided by various strategic initiatives, such as collaboration. For instance, in June 2023, AliveCor, Inc. announced a collaboration with Lusii, a European remote patient monitoring provider. Both companies are expected to launch virtual heart clinic box, enabling cardiac care for a range of patients.

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Wireless Cardiac Monitoring Systems Market Report Highlights

• The global market in the healthcare market size was estimated at USD 2.98 billion in 2022 and is expected to reach USD 7.12 billion in 2030.

• The market is expected to grow at a compound annual growth rate of 11.4% from 2023 to 2030.

• In 2022, North America dominated the market in terms of the revenue share of 48.53%. This growth can be attributed to the presence of significant players, advanced reimbursement scenario, and growing number of critically ill patients.

• The mobile cardiac telemetry segment dominated the revenue share in 2022 and accounted for 35.78% in 2022 of the market.

• Hospitals dominated the market with a revenue share of 45.81% in 2022 due to the availability of advanced infrastructure and industrial partnership with leading healthcare companies. In addition, these facilities provide both monitoring and diagnostic capabilities, that aid the market growth.

Wireless Cardiac Monitoring Systems Market Segmentation

Grand View Research has segmented the segmented the global wireless cardiac monitoring systems market on the basis of type, end-use, and region

Wireless Cardiac Monitoring Systems Type (Revenue in USD Billion, 2018 - 2030)

• Implantable Cardiac Monitors (ICM)

• Patch-Type Monitor

• Mobile Cardiac Telemetry System

• Others

Wireless Cardiac Monitoring Systems End-use (Revenue in USD Billion, 2018 - 2030)

• Hospitals & Clinics

• Diagnostic Centers

• Others

Wireless Cardiac Monitoring Systems Regional Outlook (Revenue in USD Billion 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • Saudi Arabia

  • South Africa

  • UAE

  • Kuwait

List of Key Players in the Wireless Cardiac Monitoring Systems Market

• Koninklijke Philips N.V.

• Abbott

• Medtronic

• Biotronik SE & Co. KG

• Boston Scientific Corporation

• Asahi Kasei Corporation.

• iRhythm Technologies, Inc.

• Avertix Medical, Inc.

• Baxter International Inc.

• OSI Systems, Inc. (Spacelabs Healthcare)