Global Digital Cardio Therapeutics Market Size (2024 – 2030)

In 2023, the Global Digital Cardio Therapeutics Market was valued at USD 1.52 billion and is projected to reach a market size of USD 14 billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 32%.

Industry Overview

Almost every business, including healthcare, has benefited from digitalization. It has fundamentally changed the way patients and healthcare professionals engage with one another. Monitoring quality treatment, charting the spread of infectious illnesses using digital solutions, and evaluating clinical assistance are all common uses of digital technology in healthcare. Better health tracking, more targeted therapy for patients, and reduced inefficiencies are all benefits of using cardiovascular digital technologies. Healthcare technology has been dramatically revolutionised because of digital solutions such as wearable devices, telemedicine, and virtual reality tools. Cardiovascular digital solutions are classified by service type, with cardiac rehabilitation programmes dominating the market due to the increasing number of heart operations and post-surgeries.

One of the primary reasons driving the growth of the cardiovascular digital solutions market is the rising digitalization of the healthcare industry throughout the world. The rise in the comorbidity of CVD with other health issues and disease conditions, which necessitates multi-parameter monitoring beyond the ECG to make cardiac treatment more focused and efficient, is fuelling the growth of the cardiovascular digital solutions market. The cardiovascular digital solutions market is also influenced by the advent of digital cardiac solutions such as cardiac remote patient monitoring devices and a movement in clinical diagnosis and treatment toward more patient-centric monitoring solutions. Furthermore, an increase in the elderly population, increased public knowledge of illnesses and treatments, increased research and development efforts, improved healthcare infrastructure, and an increase in healthcare expenditure are all beneficial factors.

Impact of Covid-19 on the industry

The global epidemic of COVID-19 has resulted in an ongoing healthcare market decline. COVID-19 was similarly terrible for major international economies, particularly the healthcare industry, aside from communities. Major parties are still adapting their tactics to the quickly shifting scenario. COVID-19 is estimated to have long-term consequences for the healthcare industry. Countries and important actors would have to make significant healthcare adjustments until the crisis passes.

Shortly, healthcare changes are estimated to include technological advancements, cost containment, and expanded access. In the present pandemic, digital health and telemedicine have taken centre stage. The need for remote diagnosis, care, and consultation was stressed again during COVID-19. Regulatory and behavioural hurdles have hampered the spread of telemedicine in recent years. However, the category is estimated to rise over the next two years, since many healthcare providers are now working on video conferencing and telephone conversations. Patients with mild symptoms were required to consult online under the social distancing measures. Furthermore, it alleviated the strain on hospitals already overburdened by COVID-19 patient counts.

Market Drivers

Rapid globalization resulted in rising consumption of junk food which results in cardiovascular problems

Rapid globalisation and technological improvements in the food sector have significantly boosted the consumption of junk and processed foods increased the incidence of cardiovascular ailments, and promoted the development of digital solutions.

Emerging markets will drive the market growth

Digital therapies have a lot of potential in emerging economies like India, China, and the Middle East. Due to a lack of knowledge, the limited availability of these solutions, a lack of IT infrastructure, and financial and societal restraints, the industry is still in its infancy in most geographies. On the other hand, chronic illness is prevalent in most rising economies. According to WHO projections, chronic illnesses are estimated to account for 70% of all fatalities in poor nations by 2020. By 2025, emerging nations will account for 60 % of the global burden of chronic diseases.

Furthermore, the scarcity of qualified medical practitioners in developing countries emphasises the significance of integrated healthcare. Furthermore, emerging nations such as India and China lack sufficient standards and government regulations for digital health solutions, which presents a significant opportunity for providers that cannot fulfil the federal government's demanding criteria. In many areas, the patient-to-doctor ratio is likewise quite high, necessitating alternate healthcare options.

Market Restraints

Patients' apprehension about using digital treatments will act as a market restraint

Digital therapeutics suppliers confront a huge issue in motivating individuals to utilise digital treatments and gaining their trust. While elderly and underprivileged people have the highest illness susceptibility and incidence rates, they are the least likely to employ digital treatments owing to a lack of technological knowledge. Furthermore, the maximum amount of behavioural change that may be detected using digital treatments is currently unknown.

Digital treatments are clinically validated and used on self-selected or volunteer patients, but their impact on patients with resistance is yet unclear. Furthermore, it's unclear if digital treatments can be sustained over time; there's little data on overall patient retention and long-term effects. Many patients still rely on old diagnostic and treatment methods and are hesitant to try new treatments. This is a significant threat to the digital therapies sector.

Concerns about patient data privacy will affect the consumer demand

In many countries, numerous health applications lack the necessary approvals, raising issues about product and data quality, treatment decision dependability, patient privacy, security, and data usage responsibly. Patients' information is accessible by digital therapy providers, who are prohibited from sharing it with anybody who is not involved in the patient's treatment. However, with the use of digital technologies to integrate data, the patient's data may be viewed by any healthcare provider who is not involved in the patient's treatment programme.

Some nations, such as the United States, have legislation addressing data security, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act. However, despite such federal actions, consumers of digital therapies are vulnerable to infringement and data breaches, which may limit the market's growth.

DIGITAL CARDIO THERAPEUTICS MARKET REPORT COVERAGE:

Segmentation Analysis

This research report on the global digital cardio therapeutics market has been segmented and sub-segmented based on Service Type, Components, Geography & region.

Global Digital Cardio Therapeutics Market- By Service Type

• Unobtrusive Testing
• CVD Health Informatics
• Cardiac Rehab Programs
• Others

Despite earlier attempts to avoid cardiovascular disease (CVD), it remains the primary cause of mortality in the majority of countries throughout the world. Around two-thirds of these deaths are caused by acute incidents, which happen quickly and typically kill people before medical help arrives. In order to deliver individualized and widespread healthcare, new ways for screening and early intervention in CVD, in addition to traditional procedures, are required. Selected developing technologies in health informatics for detecting and intervening CVDs are described in this special issue. The cardiac rehab programs are rising in demand as number of chronic heart disease are increasing day by day.

Global Digital Cardio Therapeutics Market- By Components

• Hardware
• Services
• Software

Because of the rising adoption of smartphones and other smart devices, especially in developing nations, the software category was the largest revenue contributor by components and is projected to rise considerably. According to a Pew Research Centre survey report from 2021, the United States had a smartphone adoption rate of 72.7 %. This raises the number of people who utilize this healthcare app.

Global Digital Cardio Therapeutics Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America, Europe, Asia Pacific, and the Rest of the World make up the digital cardiovascular therapies market. North America had the biggest market share in 2021, followed by Europe. North America's market is also predicted to increase at the fastest rate. Market expansion in this area is driven by factors such as the entry of new start-ups, increased investments in digital therapeutics, changes in the reimbursement system for digital therapeutics, and government initiatives to assist technical breakthroughs.

Global Digital Cardio Therapeutics Market- By Companies

1. Philips Healthcare
2. CREALIFE Medical Technology
3. Central Data Network
4. Infinitt Healthcare and Esaote
5. IRhythm Technologies, Inc.
6. Apple Inc.
7. GENERAL ELECTRIC COMPANY
8. Hill-Rom Services Inc.
9. Uber Diagnostics
10. AliveCor, Inc.
11. Verily Life Sciences LLC
12. HeartFlow, Inc.
13. Bardy Diagnostics, Inc.
14. BioTelemetry, Inc.
15. Nanowear, Inc.

NOTABLE HAPPENINGS IN THE GLOBAL DIGITAL CARDIO THERAPEUTICS MARKET IN THE RECENT PAST:

• Business Partnership: - In March 2021, Sprectrum Health Systems teamed with Pear Therapeutics (US) (US). Tufts Health Plan and Spectrum Health Systems have established a partnership with Pear Therapies to test FDA-approved digital therapeutics to aid persons with drug use disorders in their recovery journeys by giving solutions for increased treatment access and care innovation.
• Merger & Acquisition: - In 2021, BioTelemetry acquired Geneva Healthcare in an effort to improve cardiovascular digital solution offerings by integrating the firms' production capabilities, supply chain efficiency, and research insights.
• Product Launch: - In 2021, Proteas Solutions has announced the availability of 31 digital solutions for a variety of medical conditions. This gives their existing and prospective clients more healthcare alternatives than traditional medications.