Ambulatory diagnostic cardiology market to hit $3.3 billion by 2026

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Kelly Patrick
Published: May 4, 2023 In The News

2nd May 2023 – Contribution by Kelly Partick – Featured in Circle Square Digital Health Trends – April 2023

Market summary: The global ambulatory diagnostic cardiology market was valued at $2.6 billion in 2022 and is forecast to rise to $3.3 billion by 2026.

With a CAGR of 14.4% over the forecast period, the global market for Long-term ECG will be driven by additional demand for remote services as patients are moved toward diagnosis in the ambulatory setting.

North America is, and will remain, the largest sub-regional market over the forecast period, though CAGRs in EMEA and Asia will both be higher, albeit off lower bases, as reimbursement and broader digital health support is gradually introduced.

Future outlook: The shift to value-based care, greater use of virtual and remote care solutions, developments around consumer wearable devices and staffing shortages and patient backlogs are all driving the Ambulatory Diagnostic Cardiology market forward.

However, lack of reimbursement, component shortages, and the demands on existing hospital IT (enormous data creation and interoperability concerns) could all act as brakes on growth.

The increasing proliferation of existing and new ambulatory cardiology devices will impact clinical workflows in a number of ways. Non-diagnostic screening devices will funnel more patients into cardiology pathways, though these same (or similar) devices can create workflow
efficiencies to compensate for increased patient flows.

Signify Research analysts also note that the ambulatory diagnostic cardiology segment will be influenced by trends happening in adjacent markets. AI is being utilized to automate and speed up diagnosis. ECG and PPG enabled consumer wearable devices will likely increase the numbers of patients entering cardiac clinical pathways. Similarly, remote patient monitoring is another growing market that shares many characteristics seen in the ambulatory cardiology market, both driven by the need to improve cost efficiency, by red ucing patient footfall in the higher cost hospital departments. Signify Research has published a comprehensive market report covering this segment that was published in December 2022.

Source: Signify Research