North America Cardiac Monitoring Market Size

North America Cardiac Monitoring Market Analysis

The North America Cardiac Monitoring Market size is estimated at USD 11.96 billion in 2024, and is expected to reach USD 15.57 billion by 2029, growing at a CAGR of 5.43% during the forecast period (2024-2029).

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. Furthermore, according to an article published by BMJ Journals in April 2021, a study was conducted in Europe, which showed that the COVID-19 pandemic significantly impacted the care of patients with cardiac diseases. Therefore, the market was significantly impacted during the early COVID-19 period. However, as the pandemic has subsided, the studied market is expected to have decent growth over the forecast period of study.

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. According to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population. As the geriatric population is at high risk of cardiovascular diseases, the increasing geriatric population in the region is also boosting the market's growth.

The technological advancements in 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 July 2021, Abbott launched Jot Dx in the United States. It is an insertable cardiac monitor (ICM). The Jot Dx ICM provides clinicians and hospitals efficient control of how they manage the flow of information through a unique feature to view all abnormal heart rhythm data or simplify which irregular heart rhythms are recorded with a "key episodes" option. This innovative technology allows for remote detection and improved diagnostic accuracy of cardiac arrhythmia in patients.

Therefore, owing to the factors mentioned above, such as the increasing geriatric population associated with rising cardiovascular diseases, and the product launches, partnerships, and acquisitions, the studied market is anticipated to witness growth over the analysis period. However, the risk of infection due to implantable monitoring devices and unfavorable reimbursement policies is likely to impede the market growth.