New York, March 22, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Cardiovascular Digital Solutions Market Size, Share & Industry Trends Analysis Report By Service Type, By End-use, By Deployment, By Components, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06435168/?utm_source=GNW
In order to develop and offer effective healthcare solutions, digital healthcare solutions are being used. The most frequent cause of morbidity and mortality, cardiovascular (CVD) illnesses, necessitates a comprehensive multi-parameter examination beyond the ECG.
For the early detection, monitoring, and treatment of cardiac problems, digital solutions are crucial. This allows for more specialized and effective cardiac care. One of the main reasons propelling the expansion of the cardiovascular digital solutions market is the rise in the prevalence of cardiovascular disorders worldwide, as well as the quickening pace of healthcare technology internationally.
Inadequate or wrong food intake, inactivity, use of tobacco, and excessive alcohol consumption are the biggest behavioral risk factors for cardiovascular diseases like heart disease and stroke. In addition, raised blood pressure, elevated blood glucose, elevated blood lipids, as well as being overweight, and obesity might be symptoms of behavioral risk factors in people. In primary care settings, these "intermediate risk factors" can be assessed and show a higher risk of complications like heart attack, stroke, and heart failure.
There are other additional underlying causes of CVDs. These reflect the three main forces that are causing social, economic, and cultural change: urbanization, population aging, and globalization. Hereditary factors, stress, and poverty are other CVD predictors. In order to lower cardiovascular risk and stop strokes and heart attacks in persons with these illnesses, the pharmacological treatment for hypertension, diabetes, and excessive blood lipids is also required.
COVID-19 Impact Analysis
Patients with mild symptoms were required to consult online as part of the social distancing procedures. Additionally, it eased the strain on hospitals already overburdened with COVID-19 patient counts. The development of Medical IoT devices also helped patients maximize outpatient care and reduce follow-up visits. These devices could also be employed in an emergency. Additionally, the resource shortage encountered during the pandemic led to the development of value-based and competitive pricing models. Therefore, the pandemic had a favorable impact on the market.
Market Growth Factors
Rising use of cutting-edge treatment methods
New cardiovascular therapy alternatives are being developed, and the MedTech CVD industry is growing, owing to the adoption of cutting-edge treatment technologies like TAVR and 3D printing. Providers are looking for a wide range of therapeutic, diagnostic, and monitoring solutions that they can use to manage the patient journey. These solutions should be empowered by the right technology, backed by research and a compelling value proposition, and made available at the appropriate time. This will propel the growth of the cardiovascular digital solutions market in the coming years.
Shifts in providers and healthcare delivery methods
There is mounting evidence that certain CVD initiatives centered on digital tools have benefited patients and physicians alike. For example, since devices may collect data via remote connectivity, digital health interventions for patients may result in fewer doctor visits. Furthermore, digital solutions can be used as clinical decision-support tools by healthcare professionals who input patient data to produce therapy suggestions. Hence, the changing methods of healthcare delivery and availability of healthcare providers have substantiated the use of technology to cater to more patients in a shorter time, which has also boosted the growth prospects for the market.
Market Restraining Factors
Insufficiently qualified staff for clinical trials
According to the Association of Clinical Research Organizations, there is a particularly great need for clinical trial associates (CTA) and clinical research associates (CRA). Unfortunately, over the past ten years, the problem has worsened because neither manufacturers nor CROs has provided graduates with enough skill training to meet the needs of the industry’s research. This talent gap may hinder the adoption of innovative techniques and technology, which may have an adverse effect on the market for cardiovascular digital solutions in the years to come.
Service Type Outlook
Based on service type, the cardiovascular digital solutions market is categorized into unobtrusive testing, CVD health informatics, cardiac rehab programs, and others. The unobtrusive testing segment garnered the highest revenue share in the cardiovascular digital solutions market in 2021. Unobtrusive monitoring techniques are being deployed to collect physiological signals and characteristics that interfere with a person’s daily life, like heart rate, ECG, blood pressure, and blood glucose. In addition, modern advances in inconspicuous and wireless communication technologies enable real-time on-site physiological data collection from remote sites.
Component Outlook
On the basis of components, the cardiovascular digital solutions market is divided into devices and software. The software segment recorded a significant revenue share in the cardiovascular digital solutions market in 2021. An essential marker of a patient’s progress in recovering from chronic cardiac diseases is cardiovascular health. Therefore, monitoring cardiovascular health has become an integral part of the therapy strategy, which has increased the demand for software solutions. Cardiologists and clinic staff can easily do cardiac testing with patients using technological breakthroughs and the latest software updates.
Deployment Outlook
Based on deployment, the cardiovascular digital solutions market is segmented into cloud-based and on-premise. The cloud-based segment witnessed the maximum revenue share in the cardiovascular digital solutions market in 2021. To stay within budgetary restrictions, the healthcare industry needs to develop efficient ways to enhance its resources and decrease spending. Therefore, the adoption of cloud-based solutions by healthcare organizations and hospitals has increased. Cloud-based solutions have emerged as a substitute for the conventional strategy, in which institutions must buy and own all the technology.
End-Use Outlook
On the basis of end-use, the cardiovascular digital solutions market is segmented into hospitals & clinics, ambulatory care centers, and others. The ambulatory care centers segment acquired a substantial revenue share in the cardiovascular digital solutions market in 2021. Various circumstances call for using ambulatory cardiac monitoring services like MCOT (Mobile Cardiac Outpatient Telemetry). As it continually monitors heart activity and provides essential information, it enables real-time diagnosis of clinically severe arrhythmias that may arise in transcatheter aortic valve replacement (TAVR) patients after discharge.
Regional Outlook
Based on region, the cardiovascular digital solutions market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed a considerable growth rate in the cardiovascular digital solutions market in 2021. The expansion of the regional market is being driven by the rise in the elderly population and the advancement of heart health management systems in Asian nations. However, Asia Pacific presents several difficulties in the prevention and treatment of cardiovascular disease as the region with the biggest density of population and the greatest range of cultures, socioeconomic levels, ethnicities, and healthcare systems.
The major strategies followed by the market participants are Product Launches Based on the Analysis presented in the Cardinal matrix; Apple, Inc. and Verily Life Sciences LLC are the forerunners in the Cardiovascular Digital Solutions Market. Companies such as eviCore Healthcare, Koninklijke Philips N.V. and Bardy Diagnostics, Inc., are some of the key innovators in Cardiovascular Digital Solutions Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., General Electric Company, Koninklijke Philips N.V., Verily Life Sciences LLC (Alphabet, Inc.), iRhythm Technologies, Inc., Bardy Diagnostics, Inc. (Hill-Rom Holdings Inc) (Baxter International Inc.), eviCore Healthcare (Express Scripts Holding Company) (Cigna Corporation), AliveCor, Inc., Cardiotrack, and HeartFlow, Inc.
Recent Strategies Deployed in Cardiovascular Digital Solutions Market
Mergers & Acquisition
Jan-2023: GE HealthCare took over IMACTIS, an innovator in the rapidly growing field of computed tomography (CT) interventional guidance across an array of care areas. Through this acquisition, GE Healthcare would be able to strengthen its recommendation offering for customers and patients.
Nov-2021: Koninklijke Philips N.V. acquired Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. Through his acquisition, Koninklijke Philips N.V. would be able to strengthen its diagnostics offering and cardiac monitoring with electrocardiogram (ECG) analysis, creative software technology, and reporting services.
Feb-2021: Koninklijke Philips N.V. took over BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. Through this acquisition, Koninklijke Philips N.V. would be in a favorable position to enhance patient care across care environments for medical conditions and numerous diseases with the help of the combination of both organization’s portfolio and service platforms.
Product Launch and Product Expansions
Nov-2022: Verily Life Sciences LLC launched Primasun. Primasun is a digital health joint venture between Verily Life Sciences LLC and ResMed Inc. Moreover, Primasun would integrate advanced healthcare research and technology into one complete digital health platform.
Sep-2022: GE Healthcare unveiled Optima IGS 320. The Optima IGS 320 is a made in India’, ‘AI-powered’ Cath lab product. Additionally, the Cath lab advances the GE proprietary AutoRight technology where AutoRight comes with Artificial Intelligence that automatically optimizes dose and image parameters in real-time allowing clinicians to concentrate their expertise and attention on patients.
May-2022: AliveCor unveiled the KardiaComplete. The new product KardiaComplete is a complete heart health industry solution created to lower the cost of cardiac care and improved health outcomes. Additionally, this new product would be open for people diagnosed with arrhythmias and hypertension.
Nov-2021: Koninklijke Philips N.V. unveiled the new AI-enabled innovations in MR imaging. The new MR portfolio of intelligent combined solutions is created to fasten up and streamline workflows, and MR exams, optimize diagnostic quality, and aid secure the sustainability and efficiency of radiology operations.
Jan-2020: Bardy Diagnostics, Inc. unveiled the Carnation Ambulatory Monitor. The Carnation Ambulatory Monitor is the industry’s only P-wave-centric arrhythmia detection device and ambulatory cardiac patch monitor. Additionally, Bardy Diagnostics, Inc. is delighted to create precise and state-of-the-art cardiac monitoring technologies that allow fresh opportunities to redefine and reimagine patient care.
Aug-2018: Koninklijke Philips N.V. unveiled the EPIQ CVx. The EPIQ CVx is the new cardiovascular ultrasound system developed on a strong EPIQ ultrasound platform. Additionally, EPIQ CVx is specially crafted to improve diagnostic confidence and streamline workflow for clinicians.
Partnerships, Collaborations & Agreements
Jan-2023: Koninklijke Philips N.V. expanded its partnership with Masimo, a global medical technology company. Under this partnership, Koninklijke Philips N.V. would boost patient monitoring abilities in-home telehealth applications with the Masimo W1™ advanced health tracking watch. Moreover, the W1 would combine with Philips’s enterprise patient monitoring ecosystem to extend the forefront of telehealth and telemonitoring.
Oct-2022: GE Healthcare came into collaboration with Tribun Health, a pioneer in digital pathology workflow solutions. Under this collaboration, both organizations committed to delivering digital pathology departmental solutions that provide healthcare providers with a more comprehensive idea of patient records. Moreover, GE Healthcare would present a data management solution by combining Tribun’s Health Suite data into GE Healthcare’s solution.
Sep-2022: AliveCor partnered with Biotronik SE & Co KG, a leading medical device company. Under this partnership, AliveCor would integrate its FDA-cleared ECG technology with BIOTRONIK’s implantable devices for cardiac rhythm diagnostics. Moreover, this would further enable a comprehensive picture of the patient’s heart health while delivering essential understandings for physicians.
Mar-2022: GE Healthcare came into partnership with AliveCor, a company that is transforming cardiological care using deep learning. Under this partnership, GE Healthcare’s MUSE Cardiac Management System would be integrated with the AliveCor KardiaMobile 6L ECG device. Moreover, medical-grade six-lead electrocardiograms (ECGs) taken by patients on an AliveCor KardiaMobile 6L ECG device outside of the hospital setting would be transferred to GE Healthcare’s MUSE Cardiac Management System for physicians to view and evaluate.
Jan-2018: GE Healthcare came into collaboration with F. Hoffmann-La Roche AG, a Swiss multinational healthcare company that operates worldwide. Under this collaboration, GE Healthcare would co-market and co-develop digital clinical decision-support solutions to enhance therapy for critical care and oncology patients. Moreover, this collaboration would help GE Healthcare to fasten the delivery of data-driven precision health for patients, customers, and the healthcare industry.
Scope of the Study
Market Segments covered in the Report:
By Service Type
• Unobtrusive Testing
• CVD Health Informatics
• Cardiac Rehab Programs
• Others
By End-use
• Hospitals & Clinics
• Ambulatory Care Centers
• Others
By Deployment
• Cloud-Based
• On-premise
By Components
• Devices
• Software
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Apple, Inc.
• General Electric Company
• Koninklijke Philips N.V.
• Verily Life Sciences LLC (Alphabet, Inc.)
• iRhythm Technologies, Inc.
• Bardy Diagnostics, Inc.(Hill-Rom Holdings Inc)(Baxter International Inc.)
• eviCore Healthcare (Express Scripts Holding Company) (Cigna Corporation)
• AliveCor, Inc.
• Cardiotrack
• HeartFlow, Inc.
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