iRhythm Technologies, Inc. (IRTC) has officially launched its Zio monitor and long-term continuous (LTCM) ECG monitoring service in Austria, the Netherlands, Spain and Switzerland. With CE mark certification under EU’s Medical Device Regulation (MDR), the Zio monitor offers up to 14 days of uninterrupted ECG monitoring.
This launch underscores iRhythm’s commitment to delivering patient-centered digital healthcare solutions globally.
Significance of IRTC’s Zio Monitor
Cardiac arrhythmias involve irregular heartbeats due to abnormal electrical impulses. If untreated, they can harm the heart and other organs, raising the risk of stroke and death. Early detection and treatment are crucial for preventing severe outcomes and improving life quality.
Per iRhythm Technologies, the Zio Cardiac Arrhythmia monitoring system offers extended monitoring capabilities that significantly surpass traditional methods. As the prevalence of cardiac arrhythmias, particularly atrial fibrillation, continues to rise in Europe, the Zio system provides an unparalleled solution. With up to 14 days of continuous monitoring, high patient compliance and AI-driven diagnostics, Zio enables more accurate detection and management of arrhythmias. This improved diagnostic capability enhances patient outcomes, streamlines clinical workflows, reduces the need for retesting, and alleviates the burden on healthcare systems. Zio monitor’s patient-friendly design further contributes to its effectiveness, making it a vital tool for addressing the growing global burden of arrhythmias.
This significant advancement in cardiac arrhythmia detection replaces traditional 24-48-hour Holter monitoring, marking a new era in cardiac care across Europe. The Zio monitor's enhanced design is 23% thinner, 62% lighter and 72% smaller, offering better patient comfort and 99% compliance with wear times. The Zio system is supported by over 100 peer-reviewed clinical studies.
With atrial fibrillation affecting 1.5-2% of European adults and expected to rise, the Zio monitor is poised to make a significant impact on cardiac care in the region.
IRTC’s Zio Rollout in European Markets
iRhythm Technologies is set to begin shipping its Zio monitor in Austria, the Netherlands, Switzerland and Spain starting in September, with widespread availability expected by 2025. The Zio monitor, along with the Zio XT and Zio AT mobile cardiac telemetry services, are already available in the United States. The Zio XT service is available in the UK. This expansion marks a significant step in broadening access to iRhythm’s advanced cardiac monitoring solutions across Europe.
Market Prospects Favoring IRTC
Per a report in Research Nester, the ECG devices market size is estimated to be worth $6.03 billion in 2024. It is anticipated to reach $14.5 billion by 2036, witnessing a CAGR of 7%.
The robust growth will be mainly driven by the rising global geriatric population, increasing demand for ECG devices due to higher rates of heart diseases like rheumatic heart disease, the adoption of at-home resting lead ECG tests, and the surge in healthcare expenditure worldwide, spurred by growing health concerns. Additionally, the increase in ECG device exports reflects the rising demand for accurate cardiac diagnosis.
Recent Related Development at iRhythm Technologies
In January, iRhythm Technologies announced that its next-generation Zio monitor ECG System has received CE mark certification under the EU's MDR. This certification affirms Zio monitor's compliance with EU standards for performance, quality, safety, and efficacy. Building on the success of the Zio XT, the new Zio monitor offers a thinner, lighter, and smaller design, improving patient wearability and compliance. Additionally, it integrates with iRhythm Technologie’s ZEUS AI algorithm for enhanced ECG data capture and analysis, further advancing cardiac arrhythmia detection.
IRTC Stock Price Performance
The company’s shares have, however, plunged 32.3% so far this year compared with the industry’s 11.9% fall. The S&P 500 has witnessed a 17.2% rise in the same time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, iRhythm Technologies carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Universal Health Services UHS, Quest Diagnostics DGX and ABM Industries ABM. While Universal Health Services sports a Zacks Rank #1 (Strong Buy), Quest Diagnostics and ABM Industries carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Universal Health Services has an estimated long-term growth rate of 19%. UHS’ earnings surpassed estimates in each of the trailing four quarters, with the average being 14.58%.
Universal Health Services has gained 41.1% compared with the industry's 34.8% growth so far this year.
Quest Diagnostics has an estimated long-term growth rate of 6.20%. DGX’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.31%.
Quest Diagnostics shares have gained 3.7% so far this year compared with the industry’s 10.2% growth.
ABM Industries’ earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 7.34%.
ABM's shares have risen 24.1% so far this year compared with the industry’s 11.9% growth.
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