by The Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn or in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac arrhythmia monitoring devices are medical devices that continuously monitor a patient’s heart rhythm and can detect irregular heartbeats such as bradycardia, tachycardia, and atrial fibrillation. They are used in hospitals and ambulatory settings to diagnose arrhythmias and determine appropriate treatment. Some key products in the market include event monitors, holter monitors, implantable loop recorders, and cardiac output monitoring devices. Growing geriatric population and rising prevalence of cardiovascular diseases are driving the demand for cardiac arrhythmia monitoring devices globally.
Market Dynamics:
The cardiac arrhythmia monitoring devices market is primarily driven by the growing prevalence of cardiovascular diseases. According to World Health Organization (WHO) cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. High blood pressure, tobacco use, unhealthy diet and obesity, physical inactivity and excessive alcohol use are major risk factors. Furthermore, increasing adoption of remote cardiac monitoring devices is expected to drive market growth over the forecast period. These devices allow continuous monitoring of cardiac function outside of a hospital setting and aid early diagnosis of cardiac abnormalities. Growing investments in telehealth and emergence of wearable medical devices are further expected to support the remote cardiac monitoring segment between 2023 – 2030. However, high cost of advanced cardiac monitoring devices is a major challenge, especially in low-income countries.
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Segment Analysis
The cardiac arrhythmia monitoring devices market is dominated by the Event monitors sub-segment which holds around 40% market share. Event monitors are economical, easy to use, and are best suitable for short term arrythmia monitoring in case of infrequent or irregular cardiac symptoms. They are mostly prescribed by physicians to patients for cardiac event monitoring at home over a period of time to detect abnormal heart rhythms.
PEST Analysis
Political: Governments across countries are focusing more on preventive healthcare and are taking initiatives to spread awareness about cardiovascular diseases which is positively influencing the growth of this market.
Economic: Rising disposable incomes have increased healthcare spending especially on chronic disease management devices which is driving demand. The cardiac arrhythmia devices market is projected to grow at a high rate during the forecast period supported by strong economic growth globally.
Social: Growing geriatric population prone to cardiac issues and lifestyle diseases has increased social acceptance of regular health monitoring devices for safety and precaution.
Technological: Advancements in remote monitoring capabilities, miniaturization of devices, improvement in arrhythmia detection algorithms through artificial intelligence is supporting the market growth.
Key Takeaways
The Global Cardiac Arrhythmia Monitoring Devices Market Size is expected to reach US$ 3.8 Bn in 2023 and is anticipated to grow at a CAGR of 8.6% during the forecast period due to increasing prevalence of cardiovascular diseases worldwide. The Americas region currently dominates the market holding over 40% share due to supportive reimbursement policies and higher healthcare expenditure compared to other regions.
Regionally, the Asia Pacific region is witnessing the fastest growth and is expected to exhibit a CAGR of around 10% during the forecast period due to rising healthcare infrastructure, growing medical tourism, and increasing focus of key players to tap latent demand.
Key players operating in the cardiac arrhythmia monitoring devices market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, and BioTelemetry. The top players are focussing on new product launches and geographic expansions to solidify their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
