Need a report that reflects how COVID-19 has impacted this market and its growth?
The North American Cardiac Monitoring market is expected to register a CAGR of nearly 4.5% during the forecast period, 2022-2027.
The COVID-19 pandemic slowed the growth of the cardiac monitoring market. Due to the high rate of infection and the lack of treatment, many countries had previously shut down and stopped trading with other countries due to travel restrictions, leading to a slowdown for large companies worldwide. Also, according to a research article titled "Management of Pacemaker Implantation during COVID-19 Infection" published in Case Reports in Cardiology in October 2020, temporary patients undergoing pacemaker transfusion were 2.5 times more likely to acquire COVID-19 infection before the first pacemaker (PPM) injection. The research study suggested that the selection of temporary cardiac care providers increased the risk of long-term associated complications and transmission of infection to healthcare workers. Therefore, the market was adversely impacted during COVID-19.
In addition, the rising burden of cardiovascular diseases, advancements in technology, and demand for home-based, point of care, and remote monitoring cardiac systems are actively affecting the growth of the studied market. As per the Statistics Canada, 2021 census, in Canada there are around 7,021,430 people aged 65 years or above, out of which 3,224,680 are males and 3,796,750 are female in 2021. As geriatric population is at high risk of cardiovascular diseases, the increasing geraitric population in region is also boosting the growth of the market.
The technological advancements in the cardiac monitoring devices, product launches, partnerships and acquisitions are projected to boost the market growth. For instance, in January 2021, Boston Scientific Corporation acquired Preventice Solutions, a privately held company that provides a full range of mobile cardiac health solutions and services, including ambulatory cardiac monitors like short- and long-term Holter monitors, cardiac event monitors, and mobile cardiac telemetry. Also, in February 2021, Philips acquired Biotelemetry, Inc. the United States-based provider of remote cardiac diagnostics and monitoring. The acquisitions are expected to boost the market growth.
Furthermore, in November 2020 VitalConnect, Inc., developer of wearable biosensor technologies for remote and in-hospital settings, introduced the VitalPatch RTM cardiac monitoring solution. VitalPatch RTM monitors for 21 cardiac arrhythmias through a unique AI-based ECG analysis solution and captures data on four important vital signs, providing a more complete view of a patient’s condition. These advancements are projected to boost the market growth.
Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, risk of infection due to implantable monitoring devices and unfavorable reimbursement policies is likely to impede the market growth.
Scope of the Report
As per the scope of the study, cardiac monitoring is an important tool for the clinical assessment of patients, with a variety of conditions. It allows the detection of changes in heart rate and rhythm and is essential for detecting life-threatening arrhythmias. This is achieved using a cardiac monitor, connected to a cable lead and skin electrodes, which captures the electrical activity, predominantly through a single view. The North American Cardiac Monitoring market is segmented by Device Type (ECG Monitor, Event Recorder, Implantable Cardiac Loop Recorder, Pacemaker, Defibrillator, Cardiac Resynchronization Therapy (CRT) Devices, Smart Wearable, and Other Device Types), End User (Hospitals and Clinics, Home Care Settings, and Ambulatory Surgical Centers), and Geography (United States, Canada, and Mexico). The report offers the value (in USD million) for the above segments.
|By Device Type|
|Implantable Cardiac Loop Recorder|
|Cardiac Resynchronization Therapy (CRT) Devices|
|Other Device Types|
|By End User|
|Hospitals and Clinics|
|Home Care Settings|
|Ambulatory Surgical Centers|
Key Market Trends
The Pacemaker Segment is Poised to Dominate the North American Cardiac Monitoring Market Over the Forecast Period
Pacemakers are medical devices that deliver electrical pulses to the heart to maintain a regular heart rate. Pacemakers are used to treat patients suffering from heart conditions, such as heart failure and arrhythmias. Owing to the increasing prevalence of the geriatric population, cardiovascular diseases, and technological advancements, the pacemaker segment is expected to grow.
According to the United Nations World Population Prospects 2022 report, there are 77.1 million people aged 65 years or over living in the world in 2022, and this number is projected to reach 1.6 billion by the year 2050. This surge in the geriatric population is expected to increase the burden of cardiac diseases which is likely to augment the growth of the studied market over the forecast period.
Furthermore, according to the Centers for Disease Control and Prevention (CDC)’s article titled "Heart Disease Facts" published in September 2020, every year about 805,000 Americans have a heart attack. The increasing number of heart attack patients is projected to high demand for pacemakers to prevent heart attacks and hence, the segment is projected to show growth over the forecast period.
The advancements in technology, increasing product approvals, partnerships, and collaborations by key players are helping the segment's growth. For instance, in April 2022 Abbott received the United States Food and Drug Administration (FDA) approval of the Aveir single-chamber (VR), the world's one of the first leadless pacemakers for treating patients in the United States with slow heart rhythms.
Thus, owing to the abovementioned factors, growth in the pacemaker segment of the studied market.
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United States is Expected to Dominate the North America Cardiac Monitoring Market Over the Forecast Period
The United States is expected to dominate the market owing to factors such as the rising incidence of cardiovascular diseases, growing geriatric population, the strong presence of industry players in the country, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
The technological advancements, product launches, clinical trials, partnerships, and acquisitions by key market players are likely to augment the market growth in the United States. For instance, in December 2021, Boston Scientific initiated a MODULAR ATP trial to assess the mCRM Modular Therapy System, the first modular cardiac rhythm management (CRM) system. The mCRM System consists of two CRM devices: the EMBLEM MRI Subcutaneous Implantable Defibrillator System and the EMPOWER Modular Pacing System. This trial aims to expand treatment options for patients who need an implantable cardioverter defibrillator. These launches are likely to boost the cardiac monitoring market growth.
In addition, in February 2022, Boston Scientific Corporation acquired Baylis Medical Company Inc., a company that provides cutting-edge transseptal access solutions as well as guidewires, sheaths, and dilators used to support catheter-based left-heart surgeries. The acquisition is expected to expand the company's electrophysiology and structural heart portfolio and ultimately boost the market growth in the country.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the United States over the forecast period.
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The North American cardiac monitoring market is fragmented in nature due to the presence of many companies operating regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Abbott Laboratories, Boston Scientific Corporation, Biotronik, General Electric Company (GE Healthcare), Baxter International Inc (Hill-Rom Holdings Inc.), iRhythm Technologies Inc., Livanova PLC, Medtronic PLC, Schiller AG, Microport Scientific Corporation, Koninklijke Philips N.V. (Biotelemetry), and Canon Medical Systems Corporation among others.
Boston Scientific Corporation
iRhythm Technologies Inc.
- In June 2022, the United States Food and Drug Administration (FDA) approved Medicalgorithmics’ ECG wearable unit, Qpatch.
- In April 2022, Vector Remote Care, a provider of remote cardiac device monitoring launched Vector Patient Care Platform, its new cardiac remote patient compliance, and management software.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Cardiovascular Diseases
4.2.2 Advancements in Technology
4.2.3 Demand for Home-based, Point of Care, and Remote Monitoring Cardiac Systems
4.3 Market Restraints
4.3.1 Risk of Infection Due to Implantable Monitoring Devices
4.3.2 Unfavourable Reimbursement Policies
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 Device Type
5.1.1 ECG Monitor
5.1.2 Event Recorder
5.1.3 Implantable Cardiac Loop Recorder
5.1.6 Cardiac Resynchronization Therapy (CRT) Devices
5.1.7 Smart Wearable
5.1.8 Other Device Types
5.2 By End User
5.2.1 Hospitals and Clinics
5.2.2 Home Care Settings
5.2.3 Ambulatory Surgical Centers
5.3.1 United States
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.3 Koninklijke Philips N.V. (Biotelemetry)
6.1.4 Boston Scientific Corporation
6.1.5 General Electric Company (GE Healthcare)
6.1.6 Baxter International Inc (Hill-Rom Holdings Inc.)
6.1.7 iRhythm Technologies Inc.
6.1.8 Livanova PLC
6.1.9 Medtronic PLC
6.1.10 Schiller AG
6.1.11 Canon Medical Systems Corporation
6.1.12 Microport Scientific Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the study period of this market?
The North America Cardiac Monitoring Market market is studied from 2019 - 2027.
What is the growth rate of North America Cardiac Monitoring Market?
The North America Cardiac Monitoring Market is growing at a CAGR of 4.5% over the next 5 years.
Who are the key players in North America Cardiac Monitoring Market?
Abbott Laboratories, Medtronic Plc, Boston Scientific Corporation, iRhythm Technologies Inc., Biotronik are the major companies operating in North America Cardiac Monitoring Market.