Cardiac Patch Monitor Market Expected to Reach $3126.1 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cardiac Patch Monitor Market," The cardiac patch monitor market size was valued at $504 million in 2022, and is estimated to reach $3126.1 million by 2032, growing at a CAGR of 20% from 2023 to 2032.

A cardiac patch monitor is a type of cardiac event monitor used to monitor and record the electrical activity of the heart continuously or intermittently over an extended period. It is typically employed for patients with known or suspected heart conditions, especially those experiencing intermittent symptoms or arrhythmias that may not be captured during a standard short-term electrocardiogram (ECG). The cardiac patch monitor is equipped with memory storage to store the recorded data, as well as a battery for power. Some advanced models may also have wireless connectivity options, allowing real-time transmission of data to a healthcare provider's system for immediate analysis and monitoring.

An alarming rise in the prevalence of chronic heart diseases such as heart attack, myocardial infarction, stroke, and arrhythmia boosts the demand for cardiac patch monitor and drives the growth of the cardiac patch monitor market size. For instance, according to the Centers for Disease Control and Prevention (CDC) 2022, every year, about 805,000 people in the U.S. have a heart attack. Out of these 805,000 people, 605,000 people have a first heart attack and 200,000 happen to people who have already had a heart attack. Moreover, rise in R&D activities for the development of novel cardiac patch monitor and increase in initiatives taken by various organizations for reducing the burden of the cardiovascular diseases drive the growth during cardiac patch monitor market analysis.

For instance, Million Hearts is a national initiative, co-led by the Centers for Disease Control and Prevention (CDC) and the Centers for Medicare & Medicaid Services (CMS). CDC’s Division for Heart Disease and Stroke Prevention provides leadership and support for the Million Hearts initiative, which began in 2012. Million Hearts exists for the sole purpose of saving more of the lives taken and protecting more of the lives impacted by heart disease and stroke in the U.S.

In addition, cardiac patch monitor market trends such as rise in number of clinical trials of cardiac patch monitor devices in the developing countries such as India and China, rise in R&D investments, significant increase in capital income in developed countries, and adoption of developmental strategies such as product launch, collaboration, merger, acquisition, and agreement by key players to stay competitive in the market, foster the growth of the cardiac patch monitor market. For instance, in February 2021, Royal Philips announced the complete acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. The financial results of BioTelemetry 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.

On the basis of product, the cardiac patch monitor industry 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 the 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 wireless Holter monitors and rise in R&D activities regarding Holter monitors, available in patch form.

On the basis of end user, the cardiac patch monitor market is segregated into hospitals, homecare settings, and others. The hospitals segment dominated the cardiac patch monitor market share 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 in hospitals.

However, 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 the use of cardiac patch monitors for monitoring of heart disease patients for several days to weeks in developing countries such as China and India, drives the growth during the cardiac patch monitor market forecast.

Region-wise, North America hold largest cardiac patch monitor market share in 2022, owing to strong presence of key players, presence of robust healthcare infrastructure, and availability of approved cardiac patch monitor with higher adoption of cardiac patch monitor. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period due to increase in population, surge in healthcare expenditure, increase in the number of cardiac diseases that require cardiac patch monitor, and rise in cases of heart attack.

Key findings of the study

• On the basis of product, the patch recorder segment held the largest share of the cardiac patch monitor industry in 2022.
• On the basis of end user, the hospitals segment dominated the cardiac patch monitor market in 2022.
• Region-wise, Asia-Pacific is expected to witness the highest CAGR during the forecast period.