Cardiac Monitoring Devices Market Insights, Competitive Landscape and Market Forecast–2027

Cardiac Monitoring Devices Market Insights, Competitive Landscape and Market Forecast–2027

Cardiac Monitoring Devices Market By Product Type (Electrocardiography Devices, Implantable Loop Recorders, Event Recorders, Echocardiogram, Mobile Cardiac Telemtery, and Others), By End User (Hospitals, Amubulatory Surgical Centers, Homecare Settings, and Others), By Geography is expected to grow at a steady CAGR Forecast Till 2027 owing to Rising Prevalence of Cardiovascular Diseases and Increasing Geriatric Population

Global Cardiac Monitoring Devices Market will grow at a CAGR of 5.4% during the forecast period from 2022 to 2027. The demand for cardiac monitoring devices is primarily being boosted by rising prevalence of cardiovascular diseases, technological advancement in product development, increasing geriatric population, sedentary lifestyle, and increasing awareness programs regarding cardiovascular diseases.

Cardiac Monitoring Devices Market Dynamics:

As per the data provided by the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death across the globe, where in this group of disease account for an estimated 17.9 million lives each year. CVDs are classified as a group of disorders that specifically affect the heart and blood vessels. Some of CVDs include coronary heart disease, rheumatic heart disease, cerebrovascular disease, and other conditions. Furthermore, the same data by the WHO presented that over four out of five CVD deaths list strokes and heart attacks as the main cause, and one-third of these deaths are said to occur prematurely in people below 70 years of age. Over three quarters of CVD deaths take place in low- and middle-income countries.

According to the data provided by the European Society for Cardiology (ESC), each year cardiovascular disease (CVD) causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union. They represent about 45% of all deaths in Europe and 37% in the EU.

Additionally, the statistics provided by the ESC for 2019 presented that CVD deaths across ESC member countries far exceeded the cancer deaths for both sexes, affecting 1.1 million males and 887,688 females, although cancer now causes more deaths than CVD in certain high-income countries.

As per the data provided by the WHO for Europe, deaths where CVD is listed as a cause are about 46 times higher in Europe.

The abovementioned facts state the dire need for measures to address the rising disease burden of CVDs across the globe. Indication such as atherosclerosis, arrhythmias can be affect the quality of life of patients. Furthermore, in many cases, the severity of CVDs can be reduced by regular monitoring of cardiac rhythms and activities. This can be achieved by deploying cardiac monitoring devices such as ECG monitors, implantable cardiac monitors among others. These devices enable healthcare providers as well as patient to monitor the cardiac health as per the need, i.e either continuous or periodic monitoring, thereby helping in the improvement of disease prognosis as well helping in early disease diagnosis. Therefore, the cardiac monitoring devices market is expected to witness remarkable growth during the forecast period due to the rising global prevalence of CVDs.

However, non-availability of the required healthcare infrastructure in developing economies, and stringent regulatory process for product approval may prove to be certain restraints to the cardiac monitoring devices market growth.

Cardiac Monitoring Devices Market Segment Analysis:

Cardiac Monitoring Devices by Product Type (ECG Devices, Implantable Loop Recorders, Event Recorders, Echocardiogram, Mobile Cardiac Telemetry, and Others), Cardiac Monitoring Devices By End User (Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others), and Cardiac Monitoring Devices by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product segment of the global cardiac monitoring devices market, the ECG monitors segment is expected to amass the largest market share during the forecast period. ECG systems have been the most commonly used devices for the purpose of cardiac monitoring. These devices are generally found in hospitals setups and have been the conventional and most preferred mode of ECG monitoring of patients. Besides being one of the oldest technologies present, these devices are economical to procure for healthcare facilities, which in turn, make them an affordable diagnostic procedure for patients.

In addition, the technological advancements have led to the development of wireless ECG devices coupled with remote monitoring features. With the introduction of wireless ECG, the doctors can monitor and diagnose the patient remotely and on time. The development of commercially advanced devices, with enabled Bluetooth sensor technology and mobile app technology, is anticipated to drive the popularity of the ECG monitors segment, globally.

The ECG devices are subdivided into resting ECG devices, Stress ECG Devices, and holter monitors. Among these, the holter monitor devices are expected to show faster growth in the forecast period. This can be attributed to the technological advancements in product development where in holter monitors offer the aspect of device portability, making them accessible to wider patient population.

Therefore, the constant technological advancements coupled with the extended application of ECG devices present a positive market outlook for the ECG devices among other product types in the cardiac monitoring devices market.

North America is expected to dominate the overall Cardiac Monitoring Devices Market:

Among all the regions, North America is expected to account for the largest share in the cardiac monitoring devices market. The growing prevalence of cardiovascular diseases, access to better healthcare infrastructure, and growing awareness regarding people about benefits of cardiac monitoring coupled with the presence of major market players in the region are predicted to be the major influencing factors in driving the overall growth of the cardiac monitoring devices market over the forecast period.

As per the facts provided by the Centers for Disease Prevention and Control (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States where about 655,000 Americans die from heart disease each year.

In addition to the above numbers, the data provided by the American Heart Association mentioned that the chronic heart disease remains the leading cause of death in the US, according to 2018 data. The data sheet indicated that in 2018, CHD accounted for approximately 13% of deaths in the US causing 365,744 deaths.

The well-established healthcare infrastructure in the country with supportive reimbursement programs covering the costs for the implantable devices as well as the procedure further encourage people to opt for such devices.

In June 2020, Boston Scientific Corporation received the 510k approval from the US Food and Drug Administration for the LUX-Dx™ Insertable Cardiac Monitor (ICM) System which is a long-term implantable diagnostic device for the detection of arrhythmias associated with conditions such as cryptogenic stroke, atrial fibrillation (AF), and syncope.

Considering the presence of large patient pool in the US coupled with new product launches, the market for cardiac monitoring devices looks promising in the United States.

Cardiac Monitoring Devices Market Key Players:

Some of the key market players operating in the cardiac monitoring devices market includes Boston Scientific Corporation, Neurosoft, ACS Diagnostics, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, GENERAL ELECTRIC COMPANY, ZOLL Medical Corporation (Asahi Kasai Company), AliveCor Inc, Bexen Cardio, iRhythm Technologies, Inc., Me­trax GmbH, Koninklijke Philips N.V., Osypka Medical GmbH and others.

Recent Developmental Activities in Cardiac Monitoring Devices Market

• In July 2021, AliveCor’s electrocardiogram (ECG) device, KardiaMobile 6L received the 510(k) clearance by the US Food and Drug Administration (FDA). KardiaMobile 6L is the first-ever handheld ECG device to receive FDA approval for QTc measurement in patients.
• In June, 2021, Angel Medical Systems Inc received the US FDA approval for their enhanced real-time cardiac monitor for acute coronary syndrome (ACS) events. The device is the world's first implantable cardiac detection monitor and patient-warning system for ACS events, including silent heart attacks. This is the second- generation device with enhanced features such as ease-of-use adaptations and an updated, long life battery that could potentially improve the longevity of the implanted device.
• In May 2021, iRhythm Technologies Inc. received the US FDA 510k clearance for the one for a new and improved design of its flagship monitor. The Zio ambulatory cardiac monitoring patch detects AFib. The new monitor offers increased adherence and better patient comfort, the company said.

Key Takes Away from the Cardiac Monitoring Devices Market Report Study

• Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the cardiac monitoring devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Cardiac Monitoring Devices Market.
• Various opportunities available for the other competitor in the Cardiac Monitoring Devices Market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current cardiac monitoring devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for cardiac monitoring devices market growth in the coming future?

Target Audience who can be benefited from this Cardiac Monitoring Devices Market Report Study

• Cardiac Monitoring Devices products providers
• Research organizations and consulting companies
• Cardiac Monitoring Devices-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in cardiac monitoring devices
• Various End-users who want to know more about the Cardiac Monitoring Devices market and latest technological developments in the Cardiac Monitoring Devices market.

Frequently Asked Questions for Cardiac Monitoring Devices Market:

What is a Cardiac Monitoring Device?

A cardiac monitoring device is a medical device that helps in the monitoring of the heart rhythms. There are numerous types of cardiac monitoring devices ranging from conventional cardiac monitors, portable and even implantable cardiac monitors. These devices help in the diagnosis of heart rhythm-related disorders as well as alert patients and healthcare providers during adverse events.

What is the market for Global Cardiac Monitoring Devices?

Global Cardiac Monitoring Devices Market will grow at a CAGR of 5.4% during the forecast period from 2022 to 2027.

What are the drivers for Global Cardiac Monitoring Devices Market?

The major drivers of the global cardiac monitoring devices market growth are the growing prevalence of cardiovascular diseases, increasing geriatric population, along with growing awareness regarding cardiovascular diseases among other influencing factors.

What are the key players operating in Global Cardiac Monitoring Devices Market?

Some of the key market players operating in the cardiac monitoring devices market includes Boston Scientific Corporation, Neurosoft, ACS Diagnostics, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, GENERAL ELECTRIC COMPANY, ZOLL Medical Corporation (Asahi Kasai Company), AliveCor Inc, Bexen Cardio, iRhythm Technologies, Inc., Me­trax GmbH, Koninklijke Philips N.V., Osypka Medical GmbH and others.

What region has the highest share in Cardiac Monitoring Devices market?

North America is expected to hold the dominant share in the cardiac monitoring devices market during the forecast period, 2022 to 2027. This can be attributed to the rising prevalence of cardiovascular diseases in the region couple with better healthcare facilities and strong presence of major market players in the region.

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