Global Cardiac Arrhythmia Monitoring Devices Market 2024-2031

Global Cardiac Arrhythmia Monitoring Devices Market 2024-2031

Global Cardiac Arrhythmia Monitoring Devices Market Size, Share & Trends Analysis Report by Device Type (Event Monitoring Devices, Continuous Rhythm Monitoring Devices, and Holter Monitoring Devices), and by Service Provider (Mobile Cardiac Telemetry Monitoring Service Providers, Independent Diagnostic Testing Facilities/Clinics) Forecast Period (2024-2031)

The global cardiac arrhythmia monitoring devices market is anticipated to grow at a considerable CAGR of 7.5% during the forecast period. The growing incidence and prevalence of atrial fibrillation (AF) globally has driven the demand for cardiac arrhythmia monitoring devices thereby driving the global market growth. In the US alone, 3 to 6 million people have AF, and the numbers are projected to reach ≈6 to 16 million by 2050. In Europe, prevalent AF in 2010 was ≈9 million among individuals older than 55 years and is expected to reach 14 million by 2060. It was estimated that by 2050 AF will be diagnosed at least in 72 million individuals in Asia, with ≈3 million with AF-related strokes. The geriatric population is highly at risk of having AF. According to the October 2021 report of the World Health Organization, the global population of people aged 60 years and more is expected to increase from 1 billion in 2020 to 2.1 billion by 2050, which is expected to have a significant impact on the demand for home healthcare software market as older people are more dependent upon others for their care and other needs.

The growing geriatric population is further aiding to the demand for the global market. In January 2024, researchers from two Lithuanian universities have developed a patient-safe monitoring technology to identify and manage individual factors provoking atrial fibrillation. The technology is a result of a collaboration between Kaunas University of Technology Biomedical Engineering Institute (KTU BMEI) and Vilnius University (VU) Santaros Clinics. The ongoing researches in the field of AF monitoring devices are further aiding to the market development. The development of portable and easy to monitoring devices is anticipated to offer lucrative opportunities to the growth of the global market. The high cost of monitoring device may restrain their market growth.

Segmental Outlook

The global cardiac arrhythmia monitoring devices market is segmented based on device type, and service provider. Based on device type, the market is segmented into event monitoring devices, continuous rhythm monitoring devices, and Holter monitoring devices. Based on service providers, the market is segmented into mobile cardiac telemetry monitoring service providers, and independent diagnostic testing facilities/clinics.

Holter Monitoring Devices Anticipated to Exhibit Considerable Growth in the Global Cardiac Arrhythmia Monitoring Devices Market

The ability of these devices to be used for longer durations in diagnosing sporadic symptoms among patients is a key contributor to its growing market demand. They also offer faster and more convenient monitoring to increase patient compliance and enhance treatment outcomes. New product launches in this category are further aiding the growth of this market segment. For instance, in February 2021, RhythMedix launched a wearable cardiac monitor for arrhythmia detection. RhythMedix stated that the one-piece device is the first wearable multi-modality cardiac monitor offering Holter monitoring and connecting patients and clinicians for better patient care.

Regional Outlook

The global cardiac arrhythmia monitoring devices market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global market.

North America Held a Major Share in the Global Market

The regional market share is attributed to the high prevalence of arrhythmia and the availability of advanced healthcare infrastructure. Atrial fibrillation, often called AFib or AF, is the most common type of treated heart arrhythmia. According to the Centers for Disease Control & Prevention, in 2019, 183,321 mortalities occurred in the US due to AFib. It is estimated that 12.1 million people in the US will have AFib in 2030. The easy availability of advanced monitoring devices along with high healthcare expenditure is further contributing to the regional market share.

Market Players Outlook

The major companies serving the global cardiac arrhythmia monitoring devices market include Abbott Laboratories, Medtronic PLC, ACSDiangostics, GE Healthcare, and Koninklijke Philips NV among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and advancement in their product offerings to stay competitive in the market. For instance, in October 2023, Boston Scientific received FDA clearance and launched its next-generation insertable cardiac monitor for long-term monitoring of arrhythmias associated with atrial fibrillation, cryptogenic stroke, and syncope. The system (LUX-Dx II+) is designed with algorithms to detect and verify arrhythmias before sending an alert to clinicians and allows patient care teams to adjust event detection settings remotely and record symptoms without in-person visits, according to a company email sent to Healio.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global cardiac arrhythmia monitoring devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.