Global Cardiac Patch Monitor Market Overview
As per MRFR analysis, the Cardiac Patch Monitor Market Size was estimated at 10.44 (USD Billion) in 2022.
The Cardiac Patch Monitor Market is expected to grow from 11.25 (USD Billion) in 2023 to 22.05 (USD Billion) by 2032. The Cardiac Patch Monitor Market CAGR (growth rate) is expected to be around 7.77% during the forecast period (2024 - 2032).
Key Cardiac Patch Monitor Market Trends Highlighted
The cardiac patch monitor market is being propelled by several key market drivers. The growing prevalence of cardiovascular diseases, increasing geriatric population, and advancements in cardiac monitoring technology are among the primary factors driving the market growth.
The rising incidence of arrhythmias, heart failure, and other cardiac conditions necessitates the use of continuous and reliable cardiac monitoring devices, leading to increased demand for cardiac patch monitors.
Moreover, the technological advancements in cardiac patch monitors, such as miniaturization, wireless connectivity, and improved data analysis capabilities, are further contributing to the market's growth.
Recent trends in the cardiac patch monitor market include the integration of artificial intelligence and machine learning algorithms for improved arrhythmia detection and prediction. These advanced algorithms enable more accurate and timely diagnosis of cardiac events, allowing for prompt intervention and improved patient outcomes.
Additionally, the growing popularity of remote patient monitoring and wearable devices is creating opportunities for remote cardiac monitoring, which is expected to drive the growth of the cardiac patch monitor market in the future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Patch Monitor Market Drivers
Rising Prevalence of Cardiovascular Diseases
Cardiovascular diseases (CVDs) are the leading cause of death globally, and their prevalence is on the rise. This is due to a number of factors, including an aging population, unhealthy lifestyles, and increasing obesity rates.
As the number of people with CVDs increases, so does the demand for cardiac monitoring devices. Cardiac patch monitors are a minimally invasive way to monitor heart rhythm and detect arrhythmias, making them an ideal tool for managing CVDs. The rising prevalence of CVDs is a major driver of growth in the Global Cardiac Patch Monitor Market.
As the number of people with CVDs increases, so too does the demand for cardiac monitoring devices. Cardiac patch monitors are a minimally invasive way to monitor heart rhythm and detect arrhythmias, making them an ideal tool for managing CVDs.
The Cardiac Patch Monitor Market is expected to grow significantly in the coming years. This growth will be driven by the rising prevalence of CVDs, as well as the increasing adoption of cardiac patch monitors as a standard of care for managing CVDs.
Technological Advancements
Technological advancements are another major driver of growth in the Global Cardiac Patch Monitor Market. Cardiac patch monitors have undergone significant technological advancements in recent years, making them more accurate, reliable, and user-friendly. These advancements have made cardiac patch monitors more appealing to both patients and physicians.
Increasing Awareness
Increasing awareness of cardiac patch monitors is also contributing to the growth of the Global Cardiac Patch Monitor Market.
As more people become aware of the benefits of cardiac patch monitors, demand for these devices is likely to increase. This is especially true in emerging markets, where awareness of cardiac patch monitors is still relatively low.
Cardiac Patch Monitor Market Segment Insights:
Cardiac Patch Monitor Market Technology Insights
The Cardiac Patch Monitor Market is segmented based on technology into active patch monitors and passive patch monitors. Active patch monitors are expected to hold a larger market share in the coming years due to their ability to provide real-time monitoring of cardiac activity.
The Cardiac Patch Monitor Market revenue for active patch monitors is projected to reach USD 8.5 billion by 2028, growing at a CAGR of 8.2% during the forecast period. The growth of the active patch monitors segment is attributed to the increasing adoption of these devices in hospitals and clinics for continuous monitoring of patients with cardiac arrhythmias.
Passive patch monitors, on the other hand, are expected to witness a steady growth rate during the forecast period. The Cardiac Patch Monitor Market revenue for passive patch monitors is projected to reach USD 3.6 billion by 2028, growing at a CAGR of 6.5% during the forecast period.
The growth of the passive patch monitors segment is attributed to their lower cost and ease of use, making them suitable for home-based monitoring. The increasing prevalence of cardiovascular diseases and the growing demand for remote patient monitoring are driving the growth of the Global Cardiac Patch Monitor Market.
Technological advancements, such as the development of wireless and wearable devices, are also contributing to the growth of the market. The market is expected to witness significant growth in the coming years due to the increasing adoption of cardiac patch monitors in both clinical and home settings.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Patch Monitor Market Number of Leads Insights
The Cardiac Patch Monitor Market is segmented by Number of Leads into Single-Lead Patch Monitors and Multi-Lead Patch Monitors. Single-Lead Patch Monitors accounted for a larger share of the market in 2023 and are expected to continue to dominate the market throughout the forecast period.
This is primarily due to their lower cost and ease of use compared to Multi-Lead Patch Monitors. Multi-Lead Patch Monitors, on the other hand, are expected to witness a higher growth rate during the forecast period. This is because they provide more accurate and comprehensive data compared to Single-Lead Patch Monitors, which is driving their adoption in hospitals and clinics.
In 2023, the Cardiac Patch Monitor Market for Multi-Lead Patch Monitors was valued at USD 4.56 billion, and is projected to reach USD 7.65 billion by 2032, exhibiting a CAGR of 7.2% during the forecast period.
Cardiac Patch Monitor Market Application Insights
The Cardiac Patch Monitor Market segmentation by Application provides insights into various end-use industries that utilize cardiac patch monitors. Ambulatory monitoring, a key segment, is projected to account for a significant share of the market in 2023, owing to the growing demand for remote monitoring solutions for cardiac patients.
This segment is expected to continue its growth trajectory over the forecast period, driven by technological advancements and the increasing adoption of telemedicine. Inpatient monitoring, another major segment, held a substantial portion of the Cardiac Patch Monitor Market revenue in 2023.
Hospitals and clinics increasingly rely on cardiac patch monitors to continuously monitor patients' heart rhythms and other vital parameters. The rising prevalence of cardiovascular diseases and the need for effective monitoring during hospitalization are expected to fuel the growth of this segment in the coming years.
Cardiac Patch Monitor Market End-User Insights
The Cardiac Patch Monitor Market segmentation by End User includes Hospitals, Clinics, and Home Healthcare. Hospitals account for a significant portion of the market due to the increasing prevalence of cardiac conditions, rising geriatric population, and technological advancements in cardiac care.
Clinics hold a notable market share owing to the growing number of outpatient cardiac procedures and the expansion of specialty clinics. Home Healthcare is anticipated to witness substantial growth, driven by the rising demand for remote patient monitoring, cost-effectiveness, and improved patient convenience.
As per industry estimates, the Cardiac Patch Monitor Market in Hospitals is expected to reach USD 8.54 billion by 2026, experiencing a CAGR of 7.8% during the forecast period. The market growth is attributed to factors such as increasing hospital admissions for cardiac conditions, technological advancements, and supportive government initiatives.
Cardiac Patch Monitor Market Portability Insights
The portability segment of the Cardiac Patch Monitor Market is categorized into wearable patch monitors and non-wearable patch monitors. Wearable patch monitors are gaining popularity due to their portability and convenience, as they can be worn comfortably on the body for extended periods.
The Cardiac Patch Monitor Market revenue for wearable patch monitors is anticipated to reach USD 5.23 billion by 2024, exhibiting a significant market growth.
Non-wearable patch monitors, on the other hand, are typically larger and require more setup, but they offer higher accuracy and are often used in clinical settings.
The Cardiac Patch Monitor Market segmentation data indicates that the non-wearable patch monitors segment is projected to reach USD 3.05 billion by 2024. The market growth for both wearable and non-wearable patch monitors is driven by the increasing prevalence of cardiovascular diseases and the growing demand for remote patient monitoring solutions.
Cardiac Patch Monitor Market Regional Insights
The Cardiac Patch Monitor Market segmentation by region includes North America, Europe, APAC, South America, and MEA. North America is anticipated to dominate the market in 2024, holding around 40% of the market revenue.
This is due to factors such as high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and increasing adoption of advanced medical technologies. Europe is expected to be the second-largest market, followed by APAC, South America, and MEA.
The APAC region is expected to witness a significant growth rate during the forecast period, owing to the rising incidence of heart conditions, increasing healthcare expenditure, and growing awareness about cardiac patch monitors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cardiac Patch Monitor Market Key Players and Competitive Insights:
Major players in the Cardiac Patch Monitor Market are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and forming strategic partnerships. Leading Cardiac Patch Monitor Market players are focusing on developing innovative technologies to enhance the accuracy and reliability of their monitoring devices.
They are also exploring new applications for cardiac patch monitors in the diagnosis and treatment of various cardiac conditions.
The Cardiac Patch Monitor Market development is being driven by the increasing prevalence of cardiovascular diseases, the growing awareness of the importance of early detection and monitoring of heart conditions, and the technological advancements in the field of cardiac monitoring.
One of the leading companies in the Cardiac Patch Monitor Market is BioTelemetry, Inc. Headquartered in Malvern, Pennsylvania, United States, BioTelemetry is a leading provider of remote cardiac monitoring and diagnostic services. The company offers a wide range of cardiac patch monitors, including single-use and multi-use devices.
BioTelemetry's cardiac patch monitors are used by hospitals, clinics, and other healthcare providers to monitor patients with arrhythmias, heart failure, and other cardiac conditions. The company has a strong presence in the United States and is expanding its operations internationally.
Another major player in the Cardiac Patch Monitor Market is Spacelabs Healthcare. Headquartered in Snoqualmie, Washington, United States, Spacelabs Healthcare is a leading manufacturer of medical devices and software solutions for the healthcare industry.
The company's portfolio of cardiac patch monitors includes the LifeVest wearable cardioverter-defibrillator (WCD) and the RhythmView ambulatory cardiac telemetry system.
Spacelabs Healthcare's cardiac patch monitors are used by hospitals, clinics, and other healthcare providers to monitor patients with arrhythmias, heart failure, and other cardiac conditions. The company has a strong presence in the United States and is expanding its operations internationally.
Key Companies in the Cardiac Patch Monitor Market Include:
- Philips Healthcare
- GE Healthcare
- Schiller Americas
- Mortara Instrument
- Fujitsu Healthcare
- BioTelemetry
- Spacelabs Healthcare
- Advanced Medical Device
- Boston Scientific
- Medtronic
- Omnis Health
- Zoll Medical
- Asahi Kasei
- Nihon Kohden
- Abbott Laboratories
Cardiac Patch Monitor Market Developments
The rising prevalence of cardiovascular diseases, increasing demand for minimally invasive procedures, and technological advancements in cardiac monitoring devices are key factors driving market growth.
Recent developments in the market include the introduction of wireless cardiac patch monitors, which offer enhanced patient comfort and mobility. Additionally, the integration of artificial intelligence (AI) and machine learning algorithms is enabling more accurate and personalized monitoring.
The market is also witnessing strategic collaborations and acquisitions among key players to expand product portfolios and geographic reach.
Cardiac Patch Monitor Market Segmentation Insights
Cardiac Patch Monitor Market Technology Outlook
- Active Patch Monitors
- Passive Patch Monitors
Cardiac Patch Monitor Market Number of Leads Outlook
- Single-Lead Patch Monitors
- Multi-Lead Patch Monitors
Cardiac Patch Monitor Market Application Outlook
- Ambulatory Monitoring
- Inpatient Monitoring
Cardiac Patch Monitor Market End-User Outlook
- Hospitals
- Clinics
- Home Healthcare
Cardiac Patch Monitor Market Portability Outlook
- Wearable Patch Monitors
- Non-Wearable Patch Monitors
Cardiac Patch Monitor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
10.44(USD Billion) |
| Market Size 2023 |
11.25(USD Billion) |
| Market Size 2032 |
22.05(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.77% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Philips Healthcare, GE Healthcare, Schiller Americas, Mortara Instrument, Fujitsu Healthcare, BioTelemetry, Spacelabs Healthcare, Advanced Medical Device, Boston Scientific, Medtronic, Omnis Health, Zoll Medical, Asahi Kasei, Nihon Kohden, Abbott Laboratories |
| Segments Covered |
Technology, Number of Leads, Application, End-User, Portability, Regional |
| Key Market Opportunities |
Growth in cardiac arrhythmia incidences Technological advancements Increasing geriatric population Rising healthcare expenditure Growing awareness and adoption of remote monitoring |
| Key Market Dynamics |
Technological advancements Increasing prevalence of cardiovascular diseases Growing adoption of minimally invasive procedures Favorable reimbursement policies and Expanding applications in remote patient monitoring |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Cardiac Patch Monitor Market reached USD 11.25 billion in 2023.
The Cardiac Patch Monitor Market is expected to reach USD 22.05 billion by 2032.
The Cardiac Patch Monitor Market is projected to grow at a CAGR of 7.77% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Cardiac Patch Monitor Market.
Asia Pacific is expected to grow at the highest CAGR in the Global Cardiac Patch Monitor Market.
Key applications of Cardiac Patch Monitors include arrhythmia monitoring, heart failure monitoring, and post-operative monitoring.
Key competitors in the Cardiac Patch Monitor Market include Abbott, Boston Scientific, Medtronic, and Biotronik.
Factors driving the growth of the Cardiac Patch Monitor Market include the increasing prevalence of cardiovascular diseases, technological advancements, and favorable reimbursement policies.
Challenges faced by the Cardiac Patch Monitor Market include the high cost of devices, limited reimbursement in some regions, and competition from traditional monitoring methods.
Key trends expected to shape the future of the Cardiac Patch Monitor Market include the integration of artificial intelligence, the development of wireless and wearable devices, and the increasing adoption of remote monitoring.
