When the heart beats unevenly, it is said to have an arrhythmia characterize by abnormal cardiac activity. The heart’s activity is monitor by cardiac arrhythmia monitoring equipment, which also helps report any deviations from the regular rhythm. Mobile cardiac telemetry, resting ECG, Holter monitors, event monitors, and implantable cardioverter monitors are a few cardiac arrhythmia monitoring tools.Â
The market for cardiac arrhythmia monitoring devices in 2021 was USD 24.01 billion and will reach USD 35.41 in 2030, growing at a 4.41% CAGR.
The increased prevalence of cardiovascular diseases and demographic and lifestyle changes are responsible for. The rising demand for cardiac arrhythmia monitoring devices among patients and healthcare organizations. However, the market for cardiac arrhythmia monitoring devices is being restrain by the increase prevalence of cardiovascular illnesses and global spending on cardiac health.
The adoption of cardiac arrhythmia monitoring devices in 2020 was moderately influence favorably by the COVID-19 pandemic. The demand for the product has also been impact by the decrease number of COVID-19 patients and the continued provision of comprehensive healthcare services. In order to provide medical assistance while monitoring patients’ progress, several healthcare companies are collaborating to increase. The manufacturing capacity of cardiac arrhythmia monitoring devices like Holter monitors, patches, and wearable ECGs, among others. Thus, the market will see tremendous growth shortly due to the population’s declining COVID-19 infection rate.
Technological advancements and innovative devices will boost market growth.
The development of technologically improved monitoring tools, such as wireless monitors that benefit from early detection, will accelerate industry growth. Due to longer life expectancies and ongoing technological improvements that have increased their capabilities and use. Cardiac rhythm monitoring devices have considerably increased in recent years. The rate of product acceptance in developed countries is increasing due. To recent advancements in CRM devices, which will further boost industry growth potential.
For instance, Medtronic has gotten permission for its specialize CareLink SmartSync Device Manager, which helps medical professionals manage and program data from its implanted CRM device with BlueSync.Â
Restraining Factors
Security flaws in medical devices, particularly cardiac implanted electronic devices, worry medical professionals and patients (CIED). According to a 2019 survey, up to 750,000 cardiac devices made by Medtronic PLC have a significant cybersecurity flaw. That could allow an attacker with insider knowledge to harm the patient by changing the programming of an advanced implantable defibrillator.
Market Segmentation
On the basis of product, the market for cardiac arrhythmia monitoring devices is segment into Holter monitors, ECG devices, COM or Cardiac output monitoring, MCT or Mobile cardiac telemetry, event monitor, implantable loop recorders, and highly advanced ECG monitors.Â
With approximately $2.93 billion in 2021, the Holter monitor sector leads the market. This is primarily due to the rising prevalence of diseases brought. On by increased consumption of unhealthy foods and unbalanced lifestyles, which negatively affect cardiac health and lead to various types of coronary artery blockages and cardiac arrests.
On the basis of type, the market for cardiac arrhythmia monitoring devices is segment into defibrillators and pacemakers.Â
In 2020, the market for cardiac arrhythmia monitoring devices was dominate by defibrillators. Things like technological advancements in defibrillators and an increase in the prevalence of CVD fuel the growth of this industry. Atrial fibrillation (AFib), the most common kind of heart arrhythmia found in patients. Will affect 12.1 million Americans by 2030, predicts the CDC (Centers for Disease Control and Prevention).
On the basis of end-user, the market for cardiac arrhythmia monitoring devices is segment into clinics, hospitals, hospitals, cardiac centers, ambulatory surgery centers, and others.
The hospital segment ruled the overall market. This market is growing due to factors such as the increased prevalence of cardiovascular illness. Cardiac implant procedures, and patient visits to hospitals for diagnostics.
Regionally, the market is segment into Europe, North America, Asia Pacific, and LAMEA.
In 2021, North America recorded the largest market share of 35% regionally. The prevalence of cardiovascular disorders is rising, and people are becoming more aware of modern monitoring techniques. Which will help the regional market expand. The existence of significant market participants interested in marketing cutting-edge products will also aid the expansion of the regional market. Furthermore, a developed healthcare infrastructure will encourage the use of technologically advanced cardiac arrhythmia monitoring devices in the region.
Key Players Analysis
Applied Cardiac Systems, GE Healthcare, iRhythm Technologies, AliveCor, Biotronik, Biotricity, Koninklijke Philips N.V St. Jude Medical (Abbott Laboratories). Spacelabs Healthcare (OSI Systems, Inc.), Medtronic plc, Nihon Kohden Corporation, and Welch Allyn (Hillrom Services, Inc.) are a few of the well-known market players.
