Market Trends of Cardiac Arrhythmia Monitoring Devices Industry
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.
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.
