According to Global Market Watch, the cardiac monitoring and diagnostic device market is expected to reach $406 million by 2016, supported by the segments of telemetry symptoms, ECG devices and Holter monitors. The healthcare industry has experienced a drastic change regarding new innovation and technology in the past three to five years. Cardiovascular industry growth continues to increase with the presence of a variety of technologies, such as advanced material and software featured in most of these devices.
The market itself is set to expand more than 25 percent in the U.S. by 2016, according to IHS Technology. Healthcare providers are expected to cut expenses by gathering data on patients outside of the expensive hospital environment. The U.S. has long been the world’s largest market for remote cardiac monitoring, with market revenue expected to rise to $867 million in 2016.
“Cardiovascular disease, or CVD, continues to be the world’s leading cause of death among men and women, and cardiac care is placing a major strain on healthcare providers,” according to Nicola Goatman, market analyst for IHS. “With limited physician resources to cover the ever-increasing number of cardiac patients, remote monitoring enables patients to be observed away from the hospital over longer periods of time, providing a much needed cost-saving initiative. Furthermore, remote detection’s early discovery of cardiac disease is vital for reducing costly acute care later down the line.”
In the domestic market, the use of telemetry devices has seen an increase in recent years, and with reimbursement only provided when devices are monitored 24/7, remote cardiac monitoring services is a lucrative and competitive market.
Medicomp Inc. has been providing advanced diagnostic cardiology since 1981. Medicomp develops, manufactures and provides service with the most reliable and sophisticated ambulatory heart-monitoring systems in the world. Since its inception, Medicomp has been at the forefront of the cardiac telemedicine industry – pioneering technology, improving existing technologies and adding new applications.