Report: Remote cardiac monitoring to expand by 2016
LONDON – The U.S. market for remote cardiac monitoring devices is projected to increase by 25% from 2011 to 2016, according to a report from IHS, a market research firm. The report, titled “World Market for Diagnostic Cardiology Devices and Remote Cardiac Monitoring Services,” attributes the increase to a greater emphasis among healthcare providers to cut expenses by gathering data on patients outside hospitals. In the U.S., by far the world’s leading region for remote cardiac monitoring, market revenue is expected to rise to $867 million in 2016, up 27% from $686 million in 2011, the report states. “Cardiovascular disease (CVD) continues to be the world’s leading cause of death, and cardiac care is placing a major strain on healthcare providers,” stated Nicola Goatman, market analyst at IHS. Goatman noted that remote cardiac monitoring devices are improving rapidly from a technological standpoint, and were recognized under their own billing codes for reimbursement by insurance companies and Medicare in 2009. Despite advances in technology, tightening reimbursements represent a potential impediment to growth in the market.