Virtual Cardiology Market Trend – High Usage of Virtual Cardiology During COVID-19 Pandemic

Increasing prevalence of cardiovascular diseases such as congenital heart diseases, cardiac arrhythmia, stroke and cardiac arrest across the globe, high penetration of internet, and rising investments in research and development activities are expected to drive global market revenue growth  

Market Dynamics:

Virtual cardiology, also called telecardiology, is the diagnosis, monitoring, and treatment of cardiovascular diseases such as congenital heart defects, heart failure, and coronary artery diseases by healthcare professionals using advanced telehealth services such as audio and videoconferencing. These solutions enable healthcare providers to offer real-time analysis of the condition remotely and eliminate the need for hospital visits and long waiting hours for patients. Increasing adoption of Virtual Reality (VR), Artificial Intelligence (AI), and the Internet of Things (IoT) in the field of cardiology is steadily changing the dynamics of cardiovascular disease management. In addition, there has been a sudden surge in usage of smartphones and connected devices in advanced cardiac care.

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Factors such as growing awareness about early diagnosis and treatment of cardiovascular diseases, increasing adoption of advanced technologies such as AI, IoT and cloud computing in healthcare industry, rising healthcare spending, and rapid adoption of digital technologies and teleconsultations are expected to drive global market revenue growth. Other factors such as improving healthcare infrastructure, high demand for cardiovascular information systems to store patient data and information, and increasing investments in research and development activities are expected to fuel global market growth going ahead. However, requirement of high initial investment, increasing security concerns, chances of data leakage, and low awareness about advanced solutions and devices in developing and underdeveloped economies are some factors that can hamper revenue growth of the global market during the forecast period.  

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

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IT Services Segment to Account for Significantly Larger Revenue Share:

The IT services segment is expected to account for significantly larger revenue share during the forecast period owing to increasing prevalence of cardiovascular diseases, rapid adoption of advanced connected devices and mobile solutions, and rising investments in the development of more advanced services. 

Diagnosis Segment To Register Robust Revenue CAGR:

The diagnosis segment revenue is expected to expand at a robust CAGR between 2020 and 2027. This can be attributed to factors such as high prevalence of cardiovascular disorders across the globe, increasing awareness about diagnosis and treatment, high internet penetration, and growing preference for telehealth. 

North America to Lead in Terms of Revenue Share:

North America is expected to dominate other regional markets in terms of revenue share over the forecast period owing to increasing prevalence of cardiovascular diseases, rising geriatric population, presence of well-established healthcare infrastructure, and growing adoption of telemedicine and telehealth. In addition, rapid adoption of advanced technologies, presence of leading companies offering virtual cardiology solutions, and increasing investments in developing more advanced products are expected to drive North America market growth during the forecast period. 

Major Companies in the Market Include:

  • ioTelemetry
  • 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

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For the purpose of this report, Emergen Research has segmented the global virtual cardiology in terms of product type application, and region.

Product Type Outlook (Revenue, USD Million; 2017–2027)

  • IT Services
  • Software
  • Hardware
  • Telecom

Application Outlook (Revenue, USD Million; 2017–2027)

  • Health Monitoring
  • Diagnosis

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Regional Outlook (Revenue, USD Million; 2017–2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Turkey
    • Rest of MEA

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