South America Cardiac Arrhythmia Monitoring Devices Market Size

South America Cardiac Arrhythmia Monitoring Devices Market Analysis

The South America Cardiac Arrhythmia Monitoring Devices Market size is estimated at USD 453.98 million in 2024, and is expected to reach USD 632.59 million by 2029, growing at a CAGR of 6.86% during the forecast period (2024-2029).

COVID-19 created difficulties for physicians whose cardiac patients are at risk and hesitant to come in for an appointment. The emergence of the COVID-19 pandemic initially had a negative impact on the cardiac arrhythmia monitoring business. Many medical treatments were suspended and used only in critical and emergency situations to reduce the danger of COVID-19 infection. The global lockdown had impacted the supply chain of pharmaceuticals, medical equipment, and biotechnology products. Furthermore, as a result of the developing cardiac problems linked with COVID-19, the market for arrhythmia monitoring devices was expected to rise in the future. According to the study published by World Health Organization in July 2021, COVID-19 individuals with cardiac disease were at a higher risk of complications or death, with a higher incidence of myocardial damage, shock, and arrhythmias. In COVID-19 individuals, the incidence of cardiovascular problems was 10% with supraventricular arrhythmia and 7.3% with ventricular arrhythmia. Atrial fibrillation was the most common arrhythmic complication in COVID-19 patients. Thus, the studied market was significantly impacted by the COVID-19 pandemic. However, the business has recovered well since the limitations were relaxed. The market recovery over the previous two years has been led by the increasing prevalence of heart illnesses new product introductions.

The market is driven by the increase use of telecardiology and the ease of use and portability of cardiac arrhythmia monitoring devices. According to the study published in SciELO Brazil in August 2021, cardiovascular diseases (CVDs) account for almost one-third of all fatalities in Brazil, as populations live longer, chronic diseases such as CVDs become more common. Telecardiology bridged the gap between the patient and the specialist professional, resulting in high patient and health professional satisfaction. As a result, the Pontifical Catholic University of Rio Grande do Sul (PUCRS) and the Institute of Cardiology of Rio Grande do Sul (ICFUC-RS) in Porto Alegre have launched a telecardiology program and a specific second opinion service to detect vulnerable CVD and improve local health care in 2020. Such initiatives are expected to boost market growth.

Cardiovascular diseases are the major cause of death in South America, which has increased the need for the development of cardiac monitoring devices in the region. According to a research study published in Diabetes nad Metabolic Syndrome in January 2022, In the Brazil sample, the prevalence of CVD and atherosclerotic CVD was 43.9% and 37.6%, respectively. Other factors, such as ease of use and portability of cardiac arrhythmia monitoring devices and the development of smart cardiac monitors are driving the South American cardiac arrhythmia monitoring devices market. However, the high cost of cardiac monitoring devices may restrain the market growth over the forecast period.