Increasing prevalence of cardiovascular diseases (CVDs) worldwide and rising demand for virtual cardiology solutions are some key factors expected to drive market revenue growth.
Increasing prevalence of cardiovascular diseases (CVDs) worldwide and rising demand for virtual cardiology solutions are some key factors expected to drive market revenue growth
Market Dynamics:
Key factors providing impetus to the global virtual cardiology market revenue growth are rise in global geriatric population and increasing prevalence of cardiovascular disorders (CVDs) such as coronary artery disease, cardiac arrhythmia, valvular heart disease, congenital heart defects, stroke, and cardiac arrest. Growing trends of telehealth and telemedicine, rapid adoption of virtual cardiology solutions, increasing number of online/virtual doctor visits & consultations, and usage of various advanced mobile and connected devices for cardiac care are some of the other important factors expected to significantly contribute to revenue growth of the global virtual cardiology market.
Virtual cardiology, also known as telecardiology, is revolutionizing the field of cardiology, improving and advancing cardiovascular disease management. Virtual cardiology solutions enable the remote and real-time diagnosis, treatment, and monitoring of several heart conditions, eliminating the need for hospital visits for patients. Market revenue growth is further driven by factors such as rapid integration of technologies such as AI, IoT (Internet of Things), and cloud computing in healthcare, increasing use of cardiovascular information systems (CVIS) by cardiologists for storage of patient data & information, and increasing R&D programs for more advanced virtual cardiology solutions.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
IT Services Segment Accounted for Largest Revenue Share in 2020:
The IT services segment dominated other segments in terms of revenue share in the global market in 2020. Rise of virtual cardiology, increasing investments in development of cardiology informatics, and rapid adoption of connected devices and mobile solutions for cardiovascular care and monitoring are among the key factors driving the revenue growth of this segment.
Diagnosis Segment to Account for Fastest Revenue CAGR:
The diagnosis segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising prevalence of cardiovascular disorders such as coronary artery disease, valvular heart disease, cardiac arrhythmia, and stroke, growing trend of telehealth, increasing virtual doctor visits & consultations, and growing awareness of early cardiovascular disease diagnosis and treatment are among the major factors supporting this segment’s revenue growth.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America virtual cardiology market accounted for the largest revenue share in the global market in 2020. Rising geriatric population, growing prevalence of cardiovascular disorders (such as coronary artery disease, cardiac arrhythmia, valvular heart disease, stroke, and cardiac arrest), growing trends of telehealth and telemedicine, increasing demand for advanced connected devices for cardiac care, emergence of next-generation virtual cardiology solutions, and presence of leading market players in the region, including McKesson Corporation, Honeywell Life Care Solutions, and Cisco Systems, are major factors driving the North America market revenue growth.
Major Companies in the Global Virtual Cardiology Market Include:
- BioTelemetry
- Biotronik
- McKesson Corporation
- Philips Healthcare
- GE Healthcare
- Cisco Systems
- Honeywell Life Care Solutions
- Roche
- CompuMed
- Huawei Technologies
- Meddiff Technologies
- InTouch Technologies
- Siemens Healthcare
- Medtronic Plc
- Polycom
- Vidyo
For the purpose of this report, Emergen Research has segmented the global virtual cardiology market based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- IT Services
- Software
- Hardware
- Telecom
Application Outlook (Revenue, USD Billion; 2018-2028)
- Health Monitoring
- Diagnosis
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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