Global Advanced Cardiac monitoring Devices Market - 2023-2030

Global Advanced Cardiac monitoring Devices Market - 2023-2030

Global Advanced Cardiac Monitoring Devices market reached US$ XX billion in 2022 and is expected to reach US$ XX billion by 2030, growing with a CAGR of XX% during the forecast period 2023-2030.

A cardiac monitoring device is a miniature device suggested by the doctor/medic to observe a patient’s cardiac state from a distance, remotely. State-of-the-art technology facilitates the device to detect even the slightest potential sounds and abnormalities in the heartbeat. These small irregularities and anomalies are anointed heart arrhythmias. If the arrhythmias transpire invariably, there is an issue in the heart that requires medical assistance.

With a cardiac monitoring device, significant cardiac health information can all be observed, documented, and presented to the physician immediately eliminating the requirement for repeated visits to the medic's office and permitting the care unit to handle the cardiac health remotely. Cardiac monitoring approaches can differ based on whether the device is temporary or permanent and what sort of data needs to be apprehended.

The growing cases of cardiovascular diseases, increasing product authorizations, positive outcomes from research activities, market developments including mergers, acquisitions, product introductions, growing awareness among other factors are expected to boost the global advanced cardiac monitoring devices market growth in the forecast period. Further, the new product launches and technological advancements also expected to contribute to the global market growth in the forecast period.

Dynamics

Increasing Product Launches and Authorizations

The product launches and authorizations from distinct regulatory bodies are expected to boost the global market growth during the forecast period. For instance, in February 2021, Remo Care Solutions introduced Remo. Cardia is a remote cardiac monitoring system that utilizes artificial intelligence to monitor and analyze patients' vitals in real time. Moreover, in November 2021, Biotricity Inc., an everyday medical technology corporation concentrated on providing innovative, remote biometric monitoring products, launched Bioheart, a direct-to-consumer heart monitor that presents the exact constant heart monitoring technology utilized by physicians.

Further, in July 2021 Abbott introduced Jot Dx, the insertable cardiac monitor (ICM) in the United States. This technology permits remote detection and enhanced diagnostic precision of cardiac arrhythmias in individuals. Similarly, in April 2022, Medtronic introduced two AccuRhythm AI algorithms intended to be used for LINQ II insertable cardiac monitors (ICM) via cloud-based updates in Europe. AccuRhythm AI uses artificial intelligence (AI) to heart rhythm event data gathered by LINQ II, enhancing the precision of data medics obtain so they can reasonably analyze and treat irregular heart rhythms.

Growing Cases of Cardiovascular Diseases

The growing cases of cardiovascular diseases are expected to boost the demand for advanced cardiac monitoring devices in the forecast period. For instance, according to the World Heart Foundation Report 2023, deaths from cardiovascular disease (CVD) bounced worldwide from 12.1 million in 1990 to 20.5 million in 2021, near to a third of all deaths and a general growth on the assessed 121 million CVD mortalities. Again, CVD was the top reason of death globally in 2021, with four in five CVD deaths happening in low- and middle-income nations (LMICs).

Moreover, according to the British Heart Foundation's Global Heart & Circulatory Diseases Factsheet 2023, about 620 million individuals are living with cardiac and circulatory conditions across the globe this number has been increasing owing to varying lifestyles, an aging, and growing inhabitants, and enhanced survival rates from heart attacks and strokes and is estimated to persist to increase if these trends persist.

Further, globally it is assessed that 1 in 13 individuals are living with a cardiac or circulatory disorder. Heart and circulatory conditions cause about 1 in 3 deaths worldwide, an estimated 20.5 million casualties in 2021, an average of 56,000 individuals per day, or one death every 1.5 seconds. Again, according to the Department of Health and Aged Care Government of Australia, Cardiovascular conditions cause around 27% of casualties in Australia and about 1.2 million Australians have 1 or more heart or vascular diseases.

Cybersecurity Threats and Violation of Regulations

The presence of cybersecurity threats associated with cardiac monitoring devices is expected to hamper the global market growth during the forecast period. For instance, in July 2023, The Cybersecurity and Infrastructure Security Agency (CISA) alerted of an extreme vulnerability in a cardiac device from medical device corporation Medtronic. Moreover, in a security update, the medtech giant declared that it had pinpointed an optional messaging element that, if allowed, a licensed user could manipulate the flaw, directing to the possible omission, stealing, or transformation of cardiac device data.

The corporation drafted a fix for the problem on the present software and has allocated a further software update that withdraws the messaging element. Furthermore the the violation of regulatory guidelines can cause product recalls slowing the global market growth during the forecast period. For instance, the Food and Drug Administration (FDA) has given a notice to the heart monitoring corporation iRhythm IRTC, noting that its developments enclose breaches of FDA device and labeling norms.

High Frequency of False Positive Alarms

The high frequency of false positive alarms is also expected to hamper the global market growth during the forecast period. For instance, according to new data published in an article titled ""Circulation: Arrhythmia and Electrophysiology,"" the implantable loop recorders (ILR) employed to follow cardiac arrhythmias are liable to false positive alerts, ILRs are typical diagnostic devices for individuals with a potential arrhythmia, permitting for long-term remote patient monitoring. The article concluded that 59.8% of all alerts in the study were wrong, with elevated false-positive rates for atrial tachycardia (AT)/atrial fibrillation (AF)AT/AF (74.2%) and asystole (76.8%) alerts.

Further, typically in infirmaries, false arrhythmia alarm rates are extremely elevated in intensive care units (ICUs) patient monitors irrespective of their trademarks and expenses. These falsely allocated alarms disrupt individuals' rest, empty hospital resources, and desensitize the infirmary team to possible emergencies, anointed as false alarm fatigue. It has been assessed that 43% of life-threatening electrocardiogram (ECG) alarms allocated by bedside monitors are inaccurate, with some types of alarms being as elevated as 90%.

Segment Analysis

The global advanced cardiac monitoring devices market is segmented based on device type, indication, end-user and region.

ECG Monitors Device Type Expected to Dominate Market

With the increase in the ECG monitor product market introductions and market developments in this segment the ECG monitor device type is expected to dominate the global market in the forecast period. For instance, in May 2022, AliveCor introduced the KardiaMobile Card, a credit card-sized, tiniest personal ECG device designed to enhance health outputs and reduce the expense of cardiac therapy. A single-lead ECG of medical quality is produced in 30 seconds via the KardiaMobile Card, which fits comfortably into any wallet.

Moreover, in August 2023, Clario, a healthcare research technology corporation that provides top endpoint technology products for clinical investigations, expanded its partnership with AliveCor, the top leader in FDA-cleared personal electrocardiogram (ECG) technology. This partnership intends to allow trial participants to accumulate medical-grade six-lead ECG readings in the convenience of their residences via KardiaRx, a clinical-trial-focused app.

Geographical Penetration

Growing Cases of Cardiovascular Diseases

Owing to the increasing cases of cardiovascular disease in North America the region is estimated to dominate the global market during the forecast period. For instance, according to the Centers for Disease Control and Prevention, June 2022 update around 20.1 million adults aged 20 and older had coronary heart disease (CAD) in 2020 in the United States. It even noted that coronary heart condition is the highly typical type of heart condition in the United States.

Furthermore, the increase in market developments in this region is also contributing to the regional market growth in the forecast period. For instance, in November 2022, OMRON Healthcare, Co., Ltd., a multinational healthcare corporation, collaborated with Cardio Signal, a U.S.-established health technology corporation, aspired to get innovations in premature cardiovascular condition detection to help clinicians at the forefront of Population Health management.

Similarly, in July 2021, Nihon Kohden Digital Health Solutions Inc., the U.S. regional development associate of Nihon Kohden, completed the acquisition of 100% shares of Advanced Medical Predictive Devices, Diagnostics, and Displays, Inc., following this acquisition, Nihon Kohden’s long-term intends to develop innovative healthcare monitoring devices to crack global medical issues and to deliver better future to individuals with from diverse conditions.

COVID-19 Impact Analysis

COVID-19 unexpectedly increased patient safety, prior to the COVID-19 pandemic, patient monitoring for harm and multiple strategies to avert damage were related to where the individuals were treated in the hospital. The challenges raised by the Coronavirus disease 2019 (COVID-19) pandemic to the health service globally directed to a quick transformation of infection condition protocols in-hospital.

Although the integration of technology in the clinical workplace is yet in its babyhood, it has rapidly progressed via the Gartner Hype Cycle for rising technologies and its adoption has additionally quickened after the coronavirus disease 2019 (COVID-19) pandemic and the fierce growth of telehealth. The COVID-19 pandemic has led to an acceleration in healthcare innovation, with the adoption of telemedicine taking residence nearly overnight. Additional wearable patient monitoring devices are used to help improve the availability of monitoring and therapy of patients and to support addressing the deduction of healthcare provider exposure to SARS-CoV-2, especially for people with heart disease.

By Device Type
• ECG Monitors
• Insertable Cardiac Monitor
• Holter Monitor
• Event Recorder
• Mobile cardiac Telemetry
• Smart Wearables
• Implantable Cardiac Loop Recorders
• Others

By Indication
• Bradycardia
• Tachycardia
• Atrial and Ventricular Fibrillation
• Others

By End-User
• Hospitals
• Specialty Clinics
• Ambulatory Surgery Centers
• Academic Research Institutes
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• In July 2023, Biotricity Inc., a Technology-as-a-Service (TaaS) corporation functioning in the remote cardiac monitoring domain of consumer healthcare, reinforced connections with Amazon and Google. The company is extending its AI technology development in remote cardiac care, leveraging its proprietary AI technology to deliver a suite of predictive monitoring devices to improve new condition profiling, enhance patient control, and revolutionize the healthcare enterprise for disease precluding.
• In May 2023, Abbott, obtained U.S. Food and Drug Administration (FDA) clearance for its Assert-IQ insertable cardiac monitor (ICM), offering medics a unique choice for diagnostic evaluation and long-term monitoring of individuals experiencing irregular heartbeats.
• In January 2023, Royal Philips, a multinational leader in health technology, and Masimo, a multinational medical technology corporation, expanded their collaboration to increase individual monitoring capacities in-home telehealth applications with the Masimo W1 state-of-the-art health tracking watch. The W1 intends to merge with Philips’s enterprise patient monitoring ecosystem to proffer the vanguard of telemonitoring and telehealth.

Competitive Landscape

The major global players in the market include Abbott, Medtronic plc, Boston Scientific Corporation, Biotronic AG, Stryker, Microport Scientific Corporation, Koninklijke Philips N.V., Lepu Medical Technology (Beijing)Co., Ltd., GE HEALTHCARE, and Nihon Kohden among others.

Why Purchase the Report?
• To visualize the global advanced cardiac monitoring devices market segmentation based on device type, indication, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of advanced cardiac monitoring devices market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global advanced cardiac monitoring devices market report would provide approximately 61 tables, 58 figures and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies