New York, USA, June 08, 2023 (GLOBE NEWSWIRE) -- Arrhythmia Monitoring Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Arrhythmia Monitoring Devices Market Information By Device Type, Application, End User And Region - Forecast till 2030", the market is expected to reach USD 6125 Million by 2030 at 6.20% CAGR during the forecast period 2022-2030
Market Synopsis
A cardiac arrhythmia is a condition where the heartbeat is irregular, i.e., either too slow or too fast. The state is also known as cardiac dysrhythmia. The growing usage of telecardiology and the on-going development of smart cardiac monitors are expected to be a significant factor that can grow the global arrhythmia monitoring devices market. People with severe CVD are more likely to experience arrhythmic conditions like tachycardia and bradycardia, which call for ongoing monitoring to prevent unexpected heart failure. Increasing the effectiveness of all treatments while reducing patient morbidity brought on by delayed diagnosis. A variety of therapies have been created to manage cardiac arrhythmias. These include cardiac tissue ablation, implanted cardiac defibrillators, antiarrhythmic medications, and artificial pacemakers. However, the right diagnosis must be made at the right time so a doctor can decide on a patient's best course of action. Electrocardiogram (ECG) data from cardiac monitors can help a doctor determine whether an arrhythmia is present.
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To increase the likelihood of a correct diagnosis, the doctor should be able to choose the most effective approach to cardiac monitoring based on the symptoms the patient has described. Remote evaluation of cardiac rhythm deviations in ambulatory patients uses a variety of devices. The continued development of technology that enables remote monitoring of patient's cardiac rhythms is one of the most significant factors which can boost sales in the upcoming year. Arrhythmia detection's high accuracy and effectiveness are anticipated to increase demand and expand the market. Additionally, the market size for arrhythmia monitoring devices is anticipated to grow over the forecast period due to the rise of requirements for continuous rhythm tracking in emergency rooms. Consequently, as the incidence of cardiac diseases rises, so does the necessity for cardiac arrhythmia monitoring devices.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6125 Million |
| CAGR | 6.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Device Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising cases of heart diseases and increasing adoption of low-cost electrocardiogram (ECG) devices |
| The growing usage of telecardiology and the on-going development of smart cardiac monitors |
Arrhythmia Monitoring Devices Market Competitive Landscape:
The foremost contenders in the arrhythmia monitoring devices market are:
- Medtronic plc (Ireland)
- Nihon Kohden Corporation (Japan)
- Alive Cor Inc. (US)
- Biotronik (Germany)
- Abbott Laboratories (US)
- BioTelemetry Inc. (US)
- Fukuda Denshi Co. Ltd (Japan)
- Applied Cardiac Systems Inc. (US)
- GE Healthcare (US)
- Spacelabs Healthcare (US)
Arrhythmia Monitoring Devices Market Trends:
Market Drivers:
The development of scientifically advanced monitoring tools, such as wireless monitors that benefit from early detection, is anticipated to accelerate industry growth. The increase in the frequency of arrhythmias and the resulting mortality has been one of the major factors in this situation. One important factor encouraging the medical device sector is amplified deaths linked to arrhythmias. The market is expected to experience profitable growth in the upcoming years due to an increase in individuals with cardiovascular diseases. Growing technological innovations and advancements are also anticipated to accelerate market growth. The popularity of cardiac rhythm-tracking devices has grown substantially in recent years due to longer lifespans and ongoing technological advancements.
The pace of product approval in advanced nations is increasing due to recent advancements in CRM devices, further boosting industry growth potential. Holter tracking devices are the market leaders because they can diagnose patients' sporadic symptoms for longer periods. Additionally, they provide quicker and more practical monitoring to improve patient compliance and treatment outcomes. The growing number of people with arrhythmias and several technological advances in the market for cardiac arrhythmia monitoring devices are the main drivers of the segment's growth. In addition, birth defects in the heart, coronary artery disease, hypertension, and other forms of cardiovascular disease, or CVD, are frequently cited as reasons for irregular heartbeats or circumstances that can result in arrhythmias.
Restraints
Expensive devices will constrain the growth of the global market for arrhythmia monitoring devices, product recalls, and a dearth of awareness in low-income countries. While experiencing symptoms, patients might find it difficult to start the recorder, which would cause only a partial storing of the incident. These limitations do not apply to automatic event-activated recorders capable of recording symptomatic and asymptomatic rhythm problems.
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COVID 19 Analysis
The widespread deployment of cardiac arrhythmia monitoring devices was moderately influenced favorably by the COVID-19 pandemic. The demand for the product has also been impacted by the declining number of COVID-19 patients and the continued provision of all healthcare services. To provide medical assistance while monitoring patients' progress, several healthcare companies are collaborating to increase the manufacturing ability of cardiac arrhythmias monitoring devices like Holter monitors, patches, and wearable ECGs, among others. Thus, the market will see tremendous growth soon due to the population's declining COVID-19 infection rate. Additionally, cardiac rhythm monitors are necessary for healthcare professionals to assess the potential risk of cardiac arrhythmia during emergency hospitalizations. In addition, among the most serious conditions in COVID-19 patients who are critically ill is arrhythmia. As a result, the availability of cardiac monitoring equipment in hospitals has also been influenced by the prevalence of COVID-19. As a result, the market statistics will be driven by the growing adoption of tracking devices, consequently increasing hospitalizations.
Arrhythmia Monitoring Devices Market Segmentation
By application, the market includes tachycardia and bradycardia.
By device type, the market includes resting ECG, event monitor, and Holter monitor.
By end user, the market includes hospitals and clinics.
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Regional Insights
Growing government and private sector initiatives to raise public awareness of arrhythmia and the existence of good reimbursement guidelines for the assessment of major diseases are some of the main factors contributing to North America's dominant market share. Europe accounted for the second-largest portion of the worldwide market. The elderly population, who are more prone to arrhythmias like atrial fibrillation, and bradycardia, are primarily blamed for the growth.
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