Cardiac Arrhythmia Monitoring Devices Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Devices (Event Monitoring Devices, Continuous Rhythm Monitoring Devices, Holter Monitoring Devices, Other Devices), Service Providers, Geography

Market Snapshot

Study Period:

2017-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

5.7 %

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Market Overview

In most of the cardiac disorders, continuous cardiac monitoring is required. Although cardiac arrhythmia cannot be cured completely, the best possible way to continuously monitor the patients suffering from cardiac arrhythmia is through remote patient monitoring, by using the cardiac arrhythmia monitoring devices, which is referred to as telecardiology.
Telecardiology, in general, provides a monitoring device that can be fixed on the chest area of the patients suffering from cardiac arrhythmia. Telecardiology is a cost-effective intervention for the elderly population affected by heart failure.
 These devices monitor the rhythm of the heart and record any abnormalities in heart functioning. Most of these devices can be monitored remotely, which makes it possible to effectively and efficiently monitor the patients suffering from cardiac arrhythmia. Since these devices improve the convenience of the patients, telecardiology is becoming extremely popular in comparison to regular patient visits to hospitals, both among the patients and the doctors.
The early application of the telecardiology involves the transfer of EKGs via fax and consultation with specialists by telephone. Recently, things have shifted with the usage of telecardiology in areas, like remote patient monitoring, EKG, echocardiograms, teleconsultation through video, monitoring, and rapid interpretation cardiac diagnostic tests, and teleconferencing for interventional cardiology.
Cardiovascular diseases are the major cause of deaths in North America, which has increased the need for the development of all aspects of telecardiology as it is a necessity.
The telecardiology segment of the market studied is growing at a significant rate, due to the rise in investments in cardiology informatics, connected devices, and mobile solutions for advanced cardiac care. The rising incidence of heart diseases in North America is also influencing the healthcare service providers to implement advanced telehealth services. Hence, the increasing usage of telecardiology is expected to drive the market studied in the future.

Scope of the Report

Cardiac arrhythmia monitoring devices are used for monitoring the patients at risk or with heart arrhythmia. These devices detect and alarm the heartbeats that are irregular being either too slow, or too fast.

In the report, a detailed analysis of the cardiac arrhythmia monitoring devices market is provided. The market is evaluated by collating revenues generated across segments, categorized by Devices, Service Providers, Geography.

By Devices
Event Monitoring Devices
Continuous Rhythm Monitoring Devices
Holter Monitoring Devices
Other Devices
By Service Providers
Mobile Cardiac Telemetry Monitoring Service Providers
Independent Diagnostic Testing Facilities/Clinics
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Holter Monitoring Devices is Expected to Dominate the Market

Holter monitoring devices are found dominating the market as these devices can be used for longer durations for diagnosing sporadic symptoms in suffering patients. They also offer faster and convenient monitoring to increase patient compliance and is also likely to enhance treatment outcome. Furthermore, there are several advancements taking place in the cardiac arrhythmia monitoring devices market and these advances are rapidly increasing, which in turn, is driving the cardiac arrhythmia monitoring devices market.

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). As American Heart Association 2019 data, cardiovascular disease is the leading global cause of death, accounting for more than 17.6 million deaths per year in 2016, a number that is expected to grow to more than 23.6 million by 2030.

Hence, as the morality due to CVD increases, the prevalence of cardiac arrhythmia is also expected to increase. This will increase the demand for Holter monitoring devices, which will positively impact the market growth.

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North America is Expected to Dominate the Cardiac Arrhythmia Monitoring Devices Market

The US cardiac arrhythmia monitoring devices market is estimated to witness growth, due to increasing adoption of advanced cardiovascular solutions and sophisticated healthcare infrastructure.

According to the American Heart Association (AHA), about 8,36,546 individuals die from cardiovascular diseases in the United States each year and nearly 92.1 million Americans are living with some form of a cardiovascular disease. As per the estimates of the CDC, around 2.7-6.1 million people in the United States have Atrial Fibrillation (Afib). These increasing number of individuals are found driving the overall market.

In the United States, Mobile Cardiac Outpatient Telemetry (MCOT) is witnessing a good adoption rate. With the need of further affordable solutions, GE healthcare has launched the portable MAC 800 ECG. In May 2019, AliveCor received the US FDA approval for KardiaMobile 6L, the first six-lead personal ECG device that uses a form factor to gather maximum information. This strategy has helped in expanding the company’s wireless devices market product portfolio.

In October 2017, Abbott had received the US FDA clearance for the Confirm Rx Insertable Cardiac Monitor (ICM). Thus, considering all the above-mentioned factors, the market is expected to witness high growth over the forecast period.

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Competitive Landscape

Majority of the cardiac arrhythmia monitoring devices are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Use of Telecardiology

      2. 4.2.2 Ease of Use and Portability of Cardiac Arrhythmia Monitoring Devices

      3. 4.2.3 Development of Smart Cardiac Monitors

    3. 4.3 Market Restraints

      1. 4.3.1 Poor Adoption of Telemetry Technology in Emerging Markets

      2. 4.3.2 High Cost of Remote Cardiac Arrhythmia Monitoring

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Devices

      1. 5.1.1 Event Monitoring Devices

      2. 5.1.2 Continuous Rhythm Monitoring Devices

      3. 5.1.3 Holter Monitoring Devices

      4. 5.1.4 Other Devices

    2. 5.2 By Service Providers

      1. 5.2.1 Mobile Cardiac Telemetry Monitoring Service Providers

      2. 5.2.2 Independent Diagnostic Testing Facilities/Clinics

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 South Korea

        6. 5.3.3.6 Rest of Asia-Pacific

      4. 5.3.4 Middle-East and Africa

        1. 5.3.4.1 GCC

        2. 5.3.4.2 South Africa

        3. 5.3.4.3 Rest of Middle East and Africa

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil

        2. 5.3.5.2 Argentina

        3. 5.3.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ACSDiagnostics

      2. 6.1.2 AliveCor Inc

      3. 6.1.3 Abbott Laboratories

      4. 6.1.4 Biotronik

      5. 6.1.5 GE Healthcare

      6. 6.1.6 iRhythm Technologies Inc

      7. 6.1.7 Medi-Lynx

      8. 6.1.8 Medtronic PLC

      9. 6.1.9 Koninklijke Philips NV

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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