Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ambulatory cardiac monitoring devices market stood at US$ 14.8 billion in 2021, and the global market is projected to reach US$ 29 billion in 2031. The global mobile cardiac monitoring devices market is anticipated to expand at a CAGR of 6.96% between 2021 and 2031.
The growth of the ambulatory cardiac monitoring devices market is significantly driven by the adoption of highly advanced and minimally invasive surgical techniques. These innovative approaches are designed to enhance patients' cardiac activity and improve the overall outcomes of various cardiac procedures. By offering less invasive options, patients experience quicker recovery times and reduced post-operative complications, which has become a pivotal factor in driving the demand for ambulatory cardiac monitoring devices.
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The market is benefiting from the increasing demand for sophisticated cardiac devices, including Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry. These devices provide comprehensive and real-time monitoring of patient's heart activity, ensuring prompt detection of irregularities and improving diagnostic accuracy. As the need for precise cardiac monitoring grows, the future of the ambulatory cardiac monitoring devices market looks promising.
The market expansion is bolstered by increasing investments by governments and individuals in healthcare infrastructure and favorable reimbursement policies. These factors encourage the adoption of ambulatory cardiac monitoring devices, making them more accessible to a broader population, ultimately leading to improved patient care and cardiac health outcomes. Together, these elements contribute to the growth and advancement of the ambulatory cardiac monitoring devices market.
Global Ambulatory Cardiac Monitoring Devices Market: Key Players
The global industry is highly competitive and stagnant due to the presence of several international and regional ambulatory cardiac monitoring device manufacturers. Investment in Research and Development activities will likely offer emerging opportunities in the mobile cardiac monitoring devices market. Some of the developments are:
- Abbott announced that it has launched its latest-generation transcatheter aortic valve implantation (TAVI) system, Navitor™, making the minimally invasive device available for people in India with severe aortic stenosis who are at high or extreme surgical risk.
- Global drug maker Abbott is setting up an innovation and development center (I&D) in Mumbai aimed at developing new drug formulations, new indications, dosing, packaging, and other differentiated offerings to feed into its global branded generics business that clocked sales of $3.7 billion last year.
Key Takeaways of Market Report
- Global ambulatory cardiac monitoring devices market to generate absolute dollar opportunity worth US$ 29 billion until 2031.
- Global ambulatory cardiac monitoring devices market is valued at US$ 13.5 billion in 2020.
- Global ambulatory cardiac monitoring devices market stood at US$ 14.8 billion in 2021.
- The CAGR of the global ambulatory cardiac monitoring devices market management from 2018 to 2022 was 6.3%.
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Global Ambulatory Cardiac Monitoring Devices Market: Growth Drivers
- The surge in demand for ambulatory cardiac monitoring devices is driven by the increasing adoption of advanced and minimally invasive surgical procedures to enhance patients' cardiac activity and optimize the results of various cardiac interventions.
- The innovative techniques reduce patient discomfort, contribute to quicker recovery times, and reduce post-operative complications. As a result, they underscore the importance of continuous cardiac monitoring, further propelling the growth of the ambulatory cardiac monitoring devices market.
- The market for ambulatory cardiac monitoring devices is experiencing significant expansion due to the growing need for advanced cardiac devices like Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry. The devices provide real-time monitoring capabilities, leading to prompt detection of cardiac irregularities and improved diagnostic accuracy.
- Rising investments from governments and individuals in healthcare infrastructure and favorable reimbursement policies are pivotal in expanding the accessibility of ambulatory cardiac monitoring devices, ultimately contributing to better patient care and driving market growth.
Global Ambulatory Cardiac Monitoring Devices Market: Regional Landscape
- The North American region is poised to remain a beautiful market for ambulatory cardiac monitoring devices. Several vital factors underpin this attractiveness.
- There has been a substantial increase in both government and private funding for healthcare initiatives, leading to a conducive environment for technological advancements and the adoption of cutting-edge medical devices.
- The Asia Pacific region is emerging as a promising market for ambulatory cardiac monitoring devices, driven by the widespread adoption of these devices. Heart failure is a prominent health concern in Asia Pacific, with its prevalence surpassing that of Western countries, as reported in the Radcliffe Cardiology journal.
Global Ambulatory Cardiac Monitoring Devices Market: Segmentation
By Type
- ECG Devices
- Resting ECG Devices
- Stress ECG Devices
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Mobile Cardiac Telemetry
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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