Cardiovascular Digital Solutions Market Trends

Growth Drivers

• Rising prevalence of cardiovascular diseases: Cardiovascular disease tops the medical priorities list as several causes have been identified and related to driving the increasing incidence of CVD. Moreover, increasing population age also greatly contributes to the growing number of cardiovascular cases. This has resulted in rising product launches and technological advancements. For instance, in May 2022, AliveCor announced the launch of KardiaComplete, a complete heart health enterprise solution to enhance health outcomes and reduce overall costs of cardiac care and in September 2022, Wipro GE Healthcare announced the launch of its first “Made in India AI-powered cardiovascular lab- Optima IGS 320 to advance cardiac care in India.
• Government initiatives and collaborations: Government efforts and partnerships to prevent, diagnose, and treat several cardiovascular diseases is a key factor boosting cardiovascular digital solutions market growth. The alliances between the public sector, academic institutions, and private companies are also driving innovations as the health-based institutions are partnering with major companies such as Apple, Google, and Fitbit to make mobile and wearables integrated for self-continual monitoring of heart health with improved AI-based system platforms that process real-time data and identify anomalies to predict cardiovascular events. The cardiovascular digital health landscape will be viewed as further developments in real-time data sharing, interoperability across different devices and systems, and regulatory frameworks that support faster adoption. This will fuel innovation and a step towards greater access to advanced cardiovascular care.

Challenges

• Cost and reimbursement issues: Such digital solutions are associated with large investments in terms of infrastructure, technology, regulatory compliance, as well as clinical validation. In several countries, healthcare systems and insurers have not yet evolved with favorable reimbursement pathways for digital health tools, which hampers companies' recovery of their investments. In exchange, these solutions face a challenge in their adoption by healthcare providers and patients since most of these services are not reimbursed. This limits their adoption and slows cardiovascular digital solutions market growth.
• Data security and cybersecurity risks: Data security and cybersecurity threats are the biggest issues in the market as the patient information and data collected through these tools is very sensitive. Stricter regulatory standards such as HIPAA and GDPR compliance impose strict security but are insufficient to fight back against these advanced cyber threats. Such a breach would compromise patient privacy and, with it, undermine trust in digital solutions. This can hamper the overall cardiovascular digital solutions market growth to some extent during the forecast period.