Cardiac Arrhythmia Monitoring Devices Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Cardiac Arrhythmia Monitoring Devices Market Analysis
The cardiac arrhythmia monitoring devices market is expected to register a CAGR of 5.7% during the forecast period (2022-2027).
The COVID-19 pandemic has significantly impacted the cardiac arrhythmia monitoring market as several inpatient and outpatient cardiac procedures were postponed or delayed. As a result, the diagnosis of patients suffering from arrhythmias was substantially reduced. However, due to the emerging cardiac complications associated with COVID-19, the demand for arrhythmia monitoring devices is set to increase in the future. For instance, as per a July 2020 published article titled "COVID-19 and cardiovascular disease: from basic mechanisms to clinical perspectives", COVID-19 patients with underlying cardiovascular comorbidities have high mortality. The same source also reported that arrhythmias and sudden cardiac arrest are common manifestations of COVID-19. As per a December 2020 published article titled "Incidence rate and clinical impacts of arrhythmia following COVID-19: a systematic review and meta-analysis of 17,435 patients", arrhythmia is a potential cardiovascular complication of COVID-19. As per the study, in one case series of patients hospitalized with COVID-19, 16.7% developed unspecified arrhythmia. Thus, the demand for cardiac arrhythmia monitoring devices is anticipated to increase over the coming years.
Further, the market's growth can be largely attributed to the increasing use of telecardiology, ease of use and portability of cardiac arrhythmia monitoring devices, and the development of smart cardiac monitors.
Increasing usage of telecardiology is a major factor driving the market’s growth. Telecardiology, in general, provides a monitoring device that can be fixed on the chest area of patients suffering from cardiac arrhythmia. Telecardiology is a cost-effective intervention for the elderly population affected by heart failure. Thus, the adoption of telecardiology is increasing. Several companies are launching their telecardiology services, propelling the market’s growth. For instance, in December 2020, Coala Life launched a direct-to-patient telecardiology service. The product is a patch-free, smartphone-powered electrocardiogram (ECG) monitor that provides diagnostic quality and real-time detection of the most common cardiac arrhythmias.
The ease of use and portability of cardiac arrhythmia monitoring devices is one of the major factors driving the market’s growth. For instance, in February 2021, RhythMedix launched its next-generation wearable novel cardiac telemetry monitor with built-in 4G cellular connectivity for arrhythmia detection. Thus, such developments may fuel the development of more types of similar cardiac monitors that are easy to carry and portable, thereby fueling the market’s growth.
Nonetheless, poor adoption of telemetry technology in emerging markets and the high cost of remote cardiac arrhythmia monitoring devices are hindering the market’s growth.
Cardiac Arrhythmia Monitoring Devices Industry Segmentation
As per the scope of the report, cardiac arrhythmia monitoring devices are used for monitoring patients at risk or with heart arrhythmia. These devices detect and alarm irregular heartbeats that are either too slow or too fast. The market is segmented by devices, service providers, and geography. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD million for the above segments.
|Event Monitoring Devices|
|Continuous Rhythm Monitoring Devices|
|Holter Monitoring Devices|
|By Service Providers|
|Mobile Cardiac Telemetry Monitoring Service Providers|
|Independent Diagnostic Testing Facilities/Clinics|
Cardiac Arrhythmia Monitoring Devices Market Trends
This section covers the major market trends shaping the Cardiac Arrhythmia Monitoring Devices Market according to our research experts:
Holter Monitoring Devices is Expected to Dominate the Market
Holter Monitoring Devices Expected to Dominate the Market
The Holter monitoring devices segment is expected to witness significant growth. Holter monitoring devices are dominating the market as they can be used for longer durations in diagnosing sporadic symptoms among patients. They also offer faster and more convenient monitoring to increase patient compliance and enhance treatment outcomes.
The major factors fueling the segment’s growth are the increasing number of people suffering from arrhythmias and several advancements in the cardiac arrhythmia monitoring devices market. For instance, in February 2021, RhythMedix launched a wearable cardiac monitor for arrhythmia detection. RhythMedix stated that the one-piece device is the first wearable multi-modality cardiac monitor offering Holter monitoring and connects patients and clinicians for better patient care.
In addition, common causes of abnormal heart rhythms (arrhythmias) or conditions that can lead to arrhythmias include congenital heart defects, coronary artery disease, high blood pressure, and other types of cardiovascular diseases (CVD). Increasing incidences of these underlying diseases are also anticipated to supplement the segment growth. For instance, as per a September 2021 update by the National Health Service, in the United Kingdom, more than 2 million people experience arrhythmias or heart rhythm problems. Such statistics indicate that the demand for Holter monitoring devices is further anticipated to increase.
Hence, the above-mentioned factors may boost the demand for Holter monitoring devices and positively impact the segment’s growth.
To understand key trends, Download Sample Report
North America is Expected to Dominate the Cardiac Arrhythmia Monitoring Devices Market
Within North America, the US cardiac arrhythmia monitoring devices market is estimated to witness robust growth due to the increasing adoption of advanced cardiovascular solutions and sophisticated healthcare infrastructure.
The Centers for Disease Control and Prevention (CDC) estimates that 12.1 million people in the United States will have atrial fibrillation (AFib) by 2030. As AFib is the most common type of cardiac arrhythmia diagnosed among the patient population, such statistics indicate that the demand for cardiac arrhythmia monitoring devices is likely to increase, thereby contributing to the market’s growth.
Moreover, in the United States, Mobile Cardiac Outpatient Telemetry (MCOT) is witnessing a good adoption rate. For instance, in January 2022, the US FDA granted 510(k) clearance to Biotricity’s Biotres Cardiac Monitoring Device for ECG and arrhythmia monitoring. Biotres Cardiac Monitoring Device offers a wearable Holter patch device to provide continuous three-channel recording of ECG data. This strategy has helped expand the company’s wireless devices market product portfolio within the United States.
Thus, considering such factors, the market is expected to witness high growth over the forecast period.
To understand geography trends, Download Sample Report
Cardiac Arrhythmia Monitoring Devices Industry Overview
The cardiac arrhythmia monitoring market is moderately competitive, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Abbott, GE Healthcare, Medtronic PLC, Koninklijke Philips NV, and ACS Diagnostics.
Cardiac Arrhythmia Monitoring Devices Market Leaders
Koninklijke Philips NV
*Disclaimer: Major Players sorted in no particular order
Cardiac Arrhythmia Monitoring Devices Market News
In November 2021, Philips agreed to acquire Cardiologs, a France-based medical technology company focused on cardiac diagnostics using AI and cloud technology. The acquisition will strengthen Philips’ cardiac monitoring and diagnostics offering with innovative software technology, electrocardiogram (ECG) analysis, and reporting services.
In May 2021, iRhythm Technologies Inc., a leading digital healthcare solutions company focused on the advancement of cardiac care, received two new 510(k) clearances, one for a new and improved design of its flagship monitor, "new Zio monitor", and a second for updated AI capabilities.
Cardiac Arrhythmia Monitoring Devices Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Use of Telecardiology
4.2.2 Ease of Use and Portability of Cardiac Arrhythmia Monitoring Devices
4.2.3 Development of Smart Cardiac Monitors
4.3 Market Restraints
4.3.1 Poor Adoption of Telemetry Technology in Emerging Markets
4.3.2 High Cost of Remote Cardiac Arrhythmia Monitoring
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Devices
5.1.1 Event Monitoring Devices
5.1.2 Continuous Rhythm Monitoring Devices
5.1.3 Holter Monitoring Devices
5.1.4 Other Devices
5.2 By Service Providers
5.2.1 Mobile Cardiac Telemetry Monitoring Service Providers
5.2.2 Independent Diagnostic Testing Facilities/Clinics
5.3 By Geography
5.3.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
5.3.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 AliveCor Inc.
6.1.3 Abbott Laboratories
6.1.5 GE Healthcare
6.1.6 iRhythm Technologies Inc.
6.1.8 Medtronic PLC
6.1.9 Koninklijke Philips NV
6.1.10 Welch Allyn
6.1.11 Spacelabs Healthcare Inc.
6.1.12 Fukuda Denshi
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cardiac Arrhythmia Monitoring Devices Market Research FAQs
What is the study period of this market?
The Cardiac Arrhythmia Monitoring Devices Market is studied from 2018 - 2028.
What is the growth rate of Cardiac Arrhythmia Monitoring Devices Market?
The Cardiac Arrhythmia Monitoring Devices Market is growing at a CAGR of 5.7% over the next 5 years.
Which region has highest growth rate in Cardiac Arrhythmia Monitoring Devices Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Cardiac Arrhythmia Monitoring Devices Market?
North America holds highest share in 2021.
Who are the key players in Cardiac Arrhythmia Monitoring Devices Market?
Abbott, Medtronic PLC, ACSDiangostics, GE Healthcare, Koninklijke Philips NV are the major companies operating in Cardiac Arrhythmia Monitoring Devices Market.
Cardiac Arrhythmia Monitoring Devices Industry Report
Statistics for the 2023 Cardiac Arrhythmia Monitoring Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cardiac Arrhythmia Monitoring Devices analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.