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2023

Cardiac Patch Monitor Market

Cardiac Patch Monitor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

LS : Medical Devices & Supplies

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Author's: Monika Darandale| Kunal Sahu | Roshan Deshmukh
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Cardiac Patch Monitor Market Research, 2032

The global cardiac patch monitor market size was valued at $504 million in 2022, and is projected to reach $3126.1 million by 2032, growing at a CAGR of 20% from 2023 to 2032. A cardiac patch monitor is a medical device used to continuously monitor and record the electrical activity of the heart over an extended period. It is a small, portable device that is worn by the patient on their chest.

The cardiac patch monitor consists of electrodes that are attached to the patient's chest to detect and record the electrical signals produced by the heart. These signals are then transmitted to the device, which stores the data for later analysis by healthcare professionals. The purpose of a cardiac patch monitor is to capture any abnormal heart rhythms or electrical patterns that may occur during the monitoring period. It is typically used for patients who experience infrequent or intermittent symptoms related to their heart, such as palpitations, dizziness, or fainting spells.

Cardiac Patch Monitor Market

Market Dynamics 

The growth of the cardiac patch monitor market size is driven by rise in prevalence of chronic cardiac diseases such as heart attack, myocardial infarction, and stroke, which further increase the demand for cardiac patch monitor to monitor patients heart health who often experience symptoms related to their heart irregularities, such as palpitations, dizziness, or fainting spells. For instance, according to the Centers for Disease Control and Prevention (CDC) 2022 report, about 20.1 million adults aged 20 and older were suffering from coronary artery disease in 2020. 

In addition, as individuals grow old, the electrical system of the heart undergoes natural changes. The conduction system that coordinates the heart's electrical signals may become less efficient, leading to a higher chance of arrhythmias. Therefore, the rise in the aging population, who is more vulnerable to cardiac disease propels the demand for cardiac patch monitors and drives the growth of the cardiac patch monitor market share. For instance, according to the United Nations Report on “World Population Ageing,” published in December 2020, globally, there were 727 million people aged 65 years or above in 2020. 

Furthermore, technological advancement in cardiac patch monitors propels the growth of the cardiac patch monitor market. For instance, in October 2022, Mawi, creators of AI-powered wearable medical devices for cardiac disease diagnosis and monitoring, announced the official launch of Mawi Heart Patch, the first-ever, single-use 2-lead cardiac monitor to reach the market. A stick-and-go, wireless solution, Mawi Heart Patch improves the detection of cardiovascular diseases, the world’s leading cause of death, by 3 times as compared to other cardiac monitor patches. Providing a detailed report within 24 hours after monitoring is complete, the solution reduces time to diagnosis by 97% and ensures patients get timely access to life-saving treatment. Hence, such factors drive the growth of the cardiac patch monitor market. 

However, the high cost of cardiac patch monitors and the risk associated with cybersecurity vulnerabilities are expected to hinder the cardiac patch monitor market growth. On the contrary, an increase in the adoption of key strategies such as acquisition, product approval, and agreement by key players, increase in demand for ambulatory heart monitoring devices, and rise in awareness regarding cardiac patch monitors are expected to open new avenues for the growth of the cardiac patch monitor market globally during the forecast period.  

Cardiac patch monitors, with their ability to provide continuous and remote monitoring of cardiac activity, have become valuable tools during the pandemic. They allow healthcare providers to monitor patients' heart health remotely, reducing the need for in-person visits and minimizing exposure risks. Thus, the COVID-19 pandemic affected the cardiac patch monitor industry in a positive way. For instance, in May 2020, Bardy Diagnostics, Inc., a leading provider of ambulatory cardiac monitoring technologies announced that it received CE mark certification for the 14-Day version of the Carnation Ambulatory Monitor ("CAM") patch, the industry's only P-wave centric ambulatory cardiac patch monitor and arrhythmia detection device. According to Ken Nelson, Chief Commercial Officer of Bardy Diagnostics, Inc., the CAM patch is currently used in hospital protocols to help physicians better identify and understand arrhythmias that may be related to COVID-19, including in a number of clinical trials of COVID-19 patients at academic centers across the U.S. who are being treated with Hydroxychloroquine, Azithromycin, or both in order to monitor for QT interval prolongation, which may lead to potentially life-threatening cardiac arrhythmias.  

In April 2020, LifeSignals Group Inc., announced that the company had fast-tracked the development of a single use, wireless biosensor patch for the early detection and monitoring of coronavirus symptoms. Based on a proven cardiovascular monitoring platform, the Biosensor Patch 1AX, simply affixed on the chest, is expected to record temperature, respiration rate, ECG trace, heart rate, and movement in real time. In addition, the COVID-19 pandemic accelerated the adoption of telemedicine and home-based care. Cardiac patch monitors align with this shift towards remote healthcare delivery, as they enable healthcare providers to monitor patients' cardiac activity from a distance. This facilitated the continuity of care for patients with cardiac conditions, even during lockdowns and restricted access to healthcare facilities. 

Furthermore, rise in product approvals and increase in awareness regarding cardiac patch monitor among the population drive the growth of the cardiac patch monitor market during the forecast period. Increase in healthcare expenditure, surge in prevalence of heart diseases, and rise in demand for portable cardiac monitoring devices are expected to drive the growth during the cardiac patch monitor market forecast. 

Segmental Overview 

The global cardiac patch monitor market is segmented on the basis of product, end user, and region. On the basis of the product, the market is classified into patch recorder and Holter monitors. By end user, it is segregated into hospitals, homecare settings, and others (ambulatory surgical centers, clinics, and cardiac centers). Region-wise, the market is analyzed across North America (the U.S., and Rest of North America), Europe (Germany, the UK, and the Rest of Europe), Asia-Pacific (China, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, and Middle East And Africa). 

By Product 

The cardiac patch monitor market is segmented into patch recorder and Holter monitors. The patch recorder segment generated maximum revenue in 2022, owing to high adoption of patch recorder and technological advancement in patch recorder.  

The Holter monitors segment is expected to witness the highest CAGR during the forecast period, owing to rise in demand for Holter monitors and rise in R&D activities regarding Holter monitors, which are available in patch form.  

Cardiac Patch Monitor Market by Product

By End User 

The cardiac patch monitor market is segregated into hospitals, homecare settings, and others. The hospitals segment dominated the market in 2022, owing to high demand for cardiac patch monitor in hospitals and high number of cardiac surgeries performed in hospitals, which further increase the demand for cardiac patch monitor to assess their heart rhythm and detect any arrhythmias or abnormalities that may arise during the recovery period.

The homecare settings segment is expected to witness the highest CAGR during the forecast period, owing to increase in demand of cardiac patch monitor in homecare settings for long-term monitoring of patients in the comfort of their own homes. In addition, increase in awareness regarding use of cardiac patch monitors for monitoring of heart disease patients for several days to weeks in developing countries such as China, and India is expected to drive the growth of the homecare settings segment during the forecast period. 

Cardiac Patch Monitor Market by End User

By Region  

North America accounted for a major cardiac patch monitor market share in 2022 and is expected to maintain its dominance during the forecast period. The presence of several major players, such as Baxter International Inc. (Illinois), iRhythm Technologies, Inc. (California), AliveCor, Inc. (California), VitalConnect (California), LifeSignals (California), OSI Systems, Inc. (California), LLC, Mawi Inc (Delaware), Zywie Inc. (Georgia), Cardiac Insight, Inc. (Washington), and Hemodynamics Co (Texas), rise in the number of R&D activities, availability of advanced healthcare facilities, and high healthcare expenditure from the government organizations in the region drive the growth of the market.  

In addition, the U.S. is anticipated to contribute to a major share of the regional market and is expected to drive the growth of the cardiac patch monitor market during the forecast period, owing to presence of key players, high number of patient suffering from heart disease, high purchasing power, rise in the adoption rate of cardiac patch monitor products, and significant increase in capital income in developed countries. 

Asia-Pacific is expected to grow at the highest rate during the forecast period. This is attributable to the rise in cases of heart attack, which further increase the demand of cardiac patch monitor to monitor for patients who experience infrequent or intermittent symptoms related to their heart, such as palpitations, dizziness, or fainting spells. In addition, increase in awareness regarding the use of cardiac patch monitor and increase in purchasing power of populated countries, such as China and India, drive the growth of the market in Asia-Pacific. 

Cardiac Patch Monitor Market by Region

COMPETITION ANALYSIS 

Competitive analysis and profiles of the major players in the cardiac patch monitor market, such as Baxter International Inc., Cardiac Insight, Inc., Hemodynamics Co., iRhythm Technologies, Inc., Koninklijke Philips N.V., LifeSignals, Mawi Inc., SmartCardia Inc., VitalConnect, and Zywie Inc., are provided in the report. Important players in the market such as Koninklijke Philips N.V., LifeSignals, iRhythm Technologies, SmartCardia Inc., Baxter International Inc., and Mawi Inc. have adopted agreement, acquisition, product approval, and product launch as key developmental strategies to improve product portfolio.  

Recent Acquisition in the Cardiac Patch Monitor Market 

In February 2021, Royal Philips announced that it has completed the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. BioTelemetry’s financial results are expected to be consolidated as part of Philips’ Connected Care business segment. The acquisition of BioTelemetry is a strong fit with Philips’ cardiac care portfolio, and its strategy to transform the delivery of care along the health continuum with integrated solutions. 

Recent Agreement in the Cardiac Patch Monitor Market

  • In April 2023, Cardiac Insight, Inc. announced that it has entered into a distribution agreement with i.SigNal, Dreamtech’s dedicated brand and organization for digital healthcare. The agreement grants i.SigNal master distribution rights for Cardiac Insight’s Cardea SOLO single-use wearable ECG patch and proprietary analysis software system throughout 23 countries in the Asia-Pacific region, including Korea, Singapore, India, Japan, and Australia.  
  • In November 2021, Royal Philips announced that it has signed an agreement to acquire Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. Cardiologs is further expected to strengthen Philips’ cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis, and reporting services. 

Recent Product Approval in the Cardiac Patch Monitor Market 

  • In May 2021, iRhythm Technologies, Inc. announced two new 510K clearances, one for a new and improved design of its flagship monitor and a second for updated artificial intelligence (AI) capabilities. The new Zio monitor is designed to significantly improve patient comfort while the advancements to its AI capabilities will further improve rhythm and beat diagnostic accuracy. 
  • In May 2020,    LifeSignals announced the awarding of the CE (Conformité Européene) Mark for their LifeSignals ECG Remote Monitoring Patch, a disposable wireless remote monitoring system, intended for use by healthcare professionals for continuous collection of electrocardiography (ECG) and heart rate monitoring in ambulatory, hospital, healthcare, and homecare settings.   

Recent Product Launch in the Cardiac Patch Monitor Market     

  • In August 2022, SmartCardia launched a 7L patch, its 7-lead Cardiac Monitoring Patch in India. This patch monitor combines medical wearable technology with AI to provide predictive and personalized patient insights through remote monitoring. 
  • In May 2021, VitalConnect, Inc. announced that it has launched its VitalPatch RTM mobile cardiac telemetry (MCT) solution. The launch of the MCT platform puts VitalConnect in a category by themselves, offering the only cardiac monitoring solution available with a flexible, programmable platform, covering multiple cardiac monitoring needs. Uniquely, and only available from VitalConnect, the platform allows for continuous, real-time cardiac arrhythmia detection while simultaneously measuring patient physiological parameters. 
  • In November 2020, VitalConnect, Inc. announced that it has launched its VitalPatch RTM cardiac monitoring solution for patients who require extended Holter monitoring. VitalPatch RTM monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution and captures data on four key vital signs, providing a more complete view of a patient’s condition. 

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardiac patch monitor market analysis from 2022 to 2032 to identify the prevailing cardiac patch monitor market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the cardiac patch monitor industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global cardiac patch monitor market trends, key players, market segments, application areas, and market growth strategies.

Cardiac Patch Monitor Market Report Highlights

Aspects Details
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Market Size By 2032

USD 3126.1 million

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Growth Rate

CAGR of 20%

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Forecast period

2022 - 2032

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Report Pages

177

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By Product
  • Patch Recorder
  • Holter Monitors
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By End User
  • Hospitals
  • Homecare Settings
  • Others
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By Region
  • North America  (U.S., Rest Of North America)
  • Europe  (Germany, UK, Rest of Europe)
  • Asia-Pacific  (Japan, China, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East And Africa)
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Key Market Players

SmartCardia Inc. , Koninklijke Philips N.V., Hemodynamics Co, Zywie Inc., LifeSignals, Cardiac Insight, Inc., iRhythm Technologies, Inc., VitalConnect, Baxter International Inc., Mawi Inc

Analyst Review

The cardiac patch monitor market is poised to grow at a notable pace due to rise in prevalence of chronic heart diseases such as heart attack, myocardial infarction, and stroke, which further increase the demand of cardiac patch monitor to monitor for patients who experience infrequent or intermittent symptoms related to their heart, such as palpitations, dizziness, or fainting spells.

Technological advancements in cardiac patch monitor and increase in number of heart attack cases, further drive the demand for cardiac patch monitor. The CXOs further added that the demand for cardiac patch monitor option is on continuous rise, owing to rise in cases of arrhythmia, which further increase the risk of heart attack and propels the growth of the cardiac patch monitor market. Moreover, emerging markets gain importance for the majority of cardiac patch monitor manufacturers and distributors, as they focus on unmet demand for treating heart diseases. 
Hence, many companies are introducing technologically advanced products to cater to the needs of a growing population, especially in developing economies. Furthermore, surge in the number of aged individuals who are highly susceptible to heart diseases, drives the demand for cardiac patch monitors and thus, positively affects the cardiac patch monitor market growth.

North America garnered the highest market share in 2022 and is expected to maintain its lead during the forecast period, in terms of revenue, owing to high adoption of cardiac patch monitor, availability of robust healthcare infrastructure, strong presence of key players, and rise in healthcare expenditure. However, Asia-Pacific is anticipated to witness notable growth owing to increase in arrythmia cases, high unmet medical demands, presence of high population base, and increase in public–private investments in the healthcare sector.
 

Author Name(s) : Monika Darandale| Kunal Sahu | Roshan Deshmukh
Frequently Asked Questions?

A cardiac patch monitor is a medical device used to continuously monitor and record the electrical activity of the heart over an extended period. It is a small, portable device that is worn by the patient on their chest.

The major factor that fuels the growth of the cardiac patch monitor market are increase in prevalence of cardiac diseases, rise in geriatric population, and rise in demand for ambulatory heart monitoring devices.

Top companies such as iRhythm Technologies, Inc., Koninklijke Philips N.V., Baxter International Inc., VitalConnect, and Zywie Inc. held a high market position in 2022. These key players held a high market postion owing to the strong geographical foothold in North America, Europe, Asia-Pacific, and LAMEA.

The patch recorder segment is the most influencing segment in the cardiac patch monitor market, owing to the high adoption of patch recorders and technological advancement in patch recorder.

The base year is 2022 in cardiac patch monitor market.

The market value of cardiac patch monitor market in 2032 is $3,126,057.27 thousand.

The forecast period for cardiac patch monitor market is 2023 to 2032

The total market value of the cardiac patch monitor market is $503,996.78 thousand in 2022.

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Cardiac Patch Monitor Market

Global Opportunity Analysis and Industry Forecast, 2023-2032