Cardiac arrhythmia monitoring devices help in monitoring, recording, and detecting abnormal heart rhythms and aid in further diagnosis and treatment of patients. Devices such as event monitors, mobile cardiac telemetry monitoring devices, implantable loop recorders, and Holter monitors help physicians continuously monitor heart rhythm for short as well as long-term and detect conditions such as atrial fibrillation, bradycardia, and tachycardia.
The global Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn 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 key trends:
One of the key trends propelling the growth of the cardiac arrhythmia monitoring devices market is the increasing prevalence of cardiac disorders attributed to changing lifestyle and growing geriatric population. According to the American Heart Association’s Heart Disease and Stroke Statistics for 2020, atrial fibrillation affects over 33.5 million people globally and is projected to increase almost 4 fold by 2050. Moreover, the risk of developing atrial fibrillation increases with age and more than 9 million people over 65 will have atrial fibrillation by 2050. This growing patient pool suffering from cardiac arrhythmias is driving the demand for high-quality and continuous monitoring solutions to aid effective disease diagnosis and management.
SWOT Analysis
Strength: Global Cardiac Arrhythmia Monitoring Devices Market Size offer continuous and remote monitoring of cardiac activities which helps in early detection of arrhythmias. This increases patient safety.
Weakness: High costs associated with advanced cardiac arrhythmia monitoring devices limits their adoption in developing regions. Limited reimbursement coverage for these devices also hinders market growth.
Opportunity: Growing geriatric population susceptible to arrhythmias worldwide offers huge growth potential. New product innovations focusing on miniaturization and increased battery life will drive future demand.
Threats: Presence of alternative technologies like mobile cardiac telemetry monitoring poses competition. Data privacy and security concerns over wireless connectivity restrains market expansion.
Key Takeaways
The global cardiac arrhythmia monitoring devices market is expected to witness high growth.
North America dominates the market currently due to presence of advanced healthcare infrastructure and availability of reimbursement. Asia Pacific is fastest growing region due to growing medical tourism, increasing healthcare spending and massive patient pool.
Key players operating in the cardiac arrhythmia monitoring devices 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, BioTelemetry. These players are focusing on new product launches and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it