Circle Square – Leaders & Disrupters in Digital Health Condition Management – August 2023

Ellie Baker headshot
Ellie Baker
Published: September 22, 2023 In The News

14th September 2023 – Contribution by Kelly Patrick and Gareth Jones – Featured in Circle Square – Leaders & Disrupters in Digital Health Condition Management – August 2023

The global ambulatory diagnostic cardiology market is evolving quickly

The overall market will grow from $2.5 billion in 2021, to $3.3 billion by
2026, with long-term ECG and, to a lesser extent, mobile cardiac telemetry (MCT), being the principal engines of growth, shaking up the large incumbents.

Philips has expanded their portfolio through M&A more than other vendors. Its acquisitions of BioTelemetry and Cardiologs, in 2020 and 2021 respectively, have given it the broadest footprint across the ambulatory diagnostic cardiology landscape.

Other notable M&A deals include Boston Scientific’s $925 million acquisition of long-term ECG and MCT vendor, Preventive Solutions, and Baxter’s $10.5 billion deal for Hillrom, both in 2021.

Partnerships are more common than M&A in the emerging fields of
handheld and consumer wearable-based ECG devices. AliveCor has been especially aggressive in this regard (see chart at right).

Other companies in the segment include multinational tech firms Huawei and Samsung, GPS technology company Garmin, and French connected health company Withings.

Editorial: Kelly Patrick, analyst for Signify Research, says that Philips, despite recent travails in its wider business, has the most comprehensive ambulatory diagnostic cardiology solutions offering, though newly independent GE Healthcare has already signaled its intentions to expand into ambulatory and remote care. Baxter, post its Hillrom acquisition, has also established a presence, though it is yet to achieve substantial market share. Of the major implantable cardiac monitor (ICM) vendors, only Boston Scientific and Biotronik have made significant recent moves. Medtronic, large ICM incumbent, is in the midst of a major restructuring, including the spinoff of its patient monitoring and respiratory interventions businesses.

Source: Signify Research