Ambulatory Cardiac Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ambulatory Cardiac Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ambulatory cardiac monitoring market is expected to register a CAGR of 5.2% over the forecast period.

COVID-19 had a significant impact on the growth of the market during the pandemic period. The usage of cardiac implantable devices inorder to monitor the patient conditions remotely during the lockdown was the major driving factor. According to the article titled "The use of remote monitoring implantable devices during the COVID-19 pandemic: An EHRA physician survey " published in March 2022 the frequency of in-office was significantly lower during he pandemic. Nearly two-thirds of survey participants established new remote monitoring connections for cardiac implantable electronic devices before the pandemic wth 33.3% delivering remore monitoring connections to teh patient's home address and the remaining 32.1% activating remote monitoring connections during an in-office visit. Thus, there was an increased demand for the implantable cardiac devices during the pandemic, thereby contributed to the growth of the market.

The ambulatory Cardiac Monitoring market is driven by an increase in the prevalence of heart diseases, a growing aging population who are very susceptible to coronary heart diseases and technological developments in cardiac monitoring devices that minimize the chances of infection and improved the efficiency of devices.

According to the data published by the European Society of Cardiology in June 2020 in the European Union more than 60 million people live with Cardiovascular disease and close to 13 million new cases of cardiovascular diseases are diagnosed every year. Such increasing prevalence of cardiovascular diseases which led to an increasing need for monitoring of the patient's condition is expected to drive the growth of the Ambulatory cardiac monitoring market. Similarly, As per the article titled "Over 100,000 fewer heart procedures and operations in England in 2020" published by the British Heart Foundation in February 2021, around 371,000 heart procedures and operations in England in 2020. Also, the article titled "National Variation in Conginetical Heart Surgery Oucomes" published in October 2020 mentioned that approximately 40,000 children undergo congenital heart surgery in the United States each year. Such an increasing number of cardiovascular surgeries leading to the extensive usage of ambulatory cardiac monitoring devices for constant moniroting the patient's heart conition.

Also, the advanced product launches, strategic iniatives by the key market players are expected to drive the growth of the market during the forecast period. For instance, in June 2021, AliveCor acquired the independent diagnostic testing facility (IDTF) CardioLabs, one of the leading monitoring and cardiac diagnostic service provider. The acquisition is a cornerstone of AliveCor’s mission to extend its comprehensive cardiological services to patients who are prescribed monitoring devices by their healthcare providers.

Thus the above mentioned factors are expected to drive the growth of the market during the forecats period. However,high costs associated with the monitoring, and stringent regulatory procedures may act as restraints to the growth of the ambulatory cardiac monitoring market over the forecast period.

Key Market TrendsECG Monitors is Expected to Hold a Significant Share in the Ambulatory Cardiac Monitoring Market Over the Forecast Period.

As there is an increase in the incidence of cardiovascular diseases (CVD), long-term ECG monitoring is necessary, thereby contributing to the growth of the ECG monitor segment, Usually, this procedure is possible in hospitals. However, with the introduction of wireless ECG, doctors can monitor and diagnose patients remotely and on time. There are two different types of ECG monitors available in the market namely the ECG Monitors and diagnostic ECG systems.

Wireless ECG monitors were developed by many several market players. These devices can be used for the continuous monitoring of patients suffering from CVD and for the detection of problems when they are usually easier to treat while avoiding life-threatening and expensive emergency admissions.

Frequent product launches in the respective segment are one of the major factors driving the market. For instance, in September 2021, Vitsa Health in partnership with CradioScan Lts launched an innovative ambulatory ECG monitoring service that allows patients to self-refer for an ECG monitor and apply from the comfort of their home.

Thus the above-mentioned factors are expected to drive the growth of the studied segment during the forecast period

North America is Expected to Dominate the Ambulatory Cardiac Monitoring Market Over the Forecast Period.

The North American region is expected to witness significant growth due to the increasing prevalence of cardiovascular disease, growing technological advancements, rapid growth in the economy, and favorable initiatives by the government. For instance, the data published by Organization for Economic Co-operation and Development in 2021 mentioned that the geriatric population aged over 65 or over in the United States is 16.8%. Such an increase in the geriatric population leads to the rising demand for cardiac pacemakers, thereby contributing to the growth of the market.

Additionally, the launch of several health awareness programs, the introduction of several new products, and new techniques in minimally invasive surgery are expected to reinforce growth prospects over the forecast period in the North American region. For instance, in January 2022, Medilynx cardiac monitoring received a broad patent in the United States for continuous ECG streaming, analysis, and monitoring from a remote location.

Also, in May 2021, Vital Connect launched the VitalPatch RTM mobile cardiac telemetry (MCT solution offering to its cardiac monitoring platform. In July 2021, Abbot launched the JotDx, the company's insertable cardiac monitor in the United States. The Jot Dx ICM gives clinicians and hospitals control over how they manage the flow of information through a unique feature to view heart conditions.

Thus, the above-mentioned factors are expected to drive the growth of the market in this regin during the forecast period.

Competitive Landscape

The ambulatory cardiac monitoring market is slightly fragmented and focused owing to the presence of a large number of market players. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. The key market players are Medtronic, Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, iRhythm technologies Inc, Biotronik, and others.

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