Europe Cardiac Arrhythmia Monitoring Devices Market Size

Europe Cardiac Arrhythmia Monitoring Devices Market Analysis

The Europe Cardiac Arrhythmia Monitoring Devices Market size is estimated at USD 2.41 billion in 2024, and is expected to reach USD 3.45 billion by 2029, growing at a CAGR of 7.44% during the forecast period (2024-2029).

The pandemic affected the market growth. As per the article published in the National Library of Medicine in August 2021, in comparison to the rest of the world, Europe experienced a higher decline in total procedure volumes, with almost all modalities experiencing the highest drops in Southern Europe. Moreover, the global and regional players in the studied market focused more on product development during the pandemic. For instance, BioSig Technologies, Inc. presented data after completing a blinded trial in 2021 for its PURE EP System.

In August 2022, the company extended product commercialization, a computerized system for collecting, digitizing, amplifying, filtering, measuring, and calculating electrocardiographic and intracardiac signals. It also records and stores the signals. Hence, development activities by the major players during the pandemic period fueled the studied market growth during the pandemic phase. Therefore, even though the market growth was hindered during the initial pandemic phase, the market witnessed growth.

The major factors driving the market growth include:

• The increasing use of teleradiology.
• Ease of use.
• Portability of cardiac arrhythmia monitoring devices.

In most cardiac disorders, continuous cardiac monitoring is necessary. Although doctors cannot completely cure cardiac arrhythmia, the best way to continuously monitor the patients suffering from cardiac arrhythmia is by using cardiac arrhythmia monitoring devices, referred to as telecardiology. The UK Factsheet report of the British Heart Foundation, released in July 2021, estimates that 7.6 million people in the UK are affected by heart and circulation disorders.

Additionally, government assistance in the form of grants fosters industry expansion over time. For instance, the development of the CUOREMA project by the UK-based health technology business my mhealth and partners received a USD 2.6 million (EUR 2.5 million) Eurostars Grant in May 2021. Creating a novel, patient-centered cardiac rehabilitation support system is the primary goal of the CUOREMA project. Thus, such initiatives are expected to increase market growth. Additionally, the number of smokers in Spain is on the rise.

World Population Review 2022 data indicates that around 27.90% of Spanish people smoke daily. An increasing number of smokers also leads to increased heart disease, accelerating the demand for cardiovascular monitoring devices, which will boost market growth during the forecast period. A report from the European Society of Cardiology 2021 has indicated that 95% of all COVID-19 deaths in the Europe region had at least one underlying condition, with cardiovascular disease being the leading comorbidity (65%). As a result of COVID-19, people with cardiovascular symptoms were reluctant to call an ambulance or go to the hospital. The pandemic has seen a 50% decrease in people presenting at hospitals and other healthcare facilities with heart attacks or stroke symptoms. Thus, such scenarios will increase the demand for monitoring devices to augment market growth.

However, a lack of awareness will hinder the market growth during the forecast period.