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The quickening pulse of the ambulatory diagnostic cardiology market

February 22, 2023
By Kelly Patrick

The Global Ambulatory Diagnostic Cardiology Market is evolving at a rapid pace, driven by technological developments, and shifting models of healthcare service delivery, and funding. 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. Unsurprisingly, these two markets are garnering serious attention from large incumbent vendors in the more established Implantable Cardiac Monitor (ICM) and traditional diagnostic cardiology markets.

Expanding old horizons through M&A
As health systems around the world seek to relocate more healthcare provision from acute to ambulatory settings, traditional health technology vendors risk being left behind in the old paradigms of care. In response, many have sought to reposition themselves via strategic mergers and acquisitions (M&A).

Philips has gone further than most in this regard. Its acquisitions of BioTelemetry and Cardiologs, in 2020 and 2021 respectively, have given it the broadest footprint across the Ambulatory Diagnostic Cardiology landscape, complementing its existing strength in the hospital-oriented Resting and Stress ECG, and ECG management services markets. BioTelemetry also gives Philips exposure to the complementary Remote Patient Monitoring (RPM) market, while Cardiologs AI platform presents an opportunity for future integrations with ICMs (the one market Philips is not in), and the rapidly expanding consumer wearables space.

Other high-profile cases of portfolio expansion via M&A include Boston Scientific’s $925 million acquisition of Long-Term ECG and MCT vendor, Preventive Solutions, and Baxter’s $10.5 billion deal for Hill-rom, both in 2021. The Preventice transaction was part of a rapid ascent for Boston Scientific in the Ambulatory Diagnostic Cardiology market, having quickly grown its share of the ICM market since it received regulatory clearance for its first ICM device in 2020. Baxter also entered new territory in its acquisition of Hill-rom. Previously being a large player in the short-term ECG market, Hill-rom expanded its own solutions portfolio into Long-Term ECG by acquiring BardyDx in early 2021.

Blurring the boundaries – partnerships and emerging technologies in cardiac care
A flurry of recently announced partnerships, some in combination with funding, also hold the potential to dramatically alter Ambulatory Diagnostic Cardiology. Perhaps reflecting an earlier stage of market development, and recent tightening in financial markets, partnerships appear more common than M&A in the emerging fields of hand-held and consumer wearable-based ECG devices.

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