Cardiac Monitoring Market, 2024

Cardiac Monitoring Market, 2024

Cardiac monitoring is a vital aspect of healthcare that involves the continuous, intermittent, or one-time monitoring of heart rhythm. This monitoring is achieved through the use of specialized monitors that employ the ECG technique, which records the electrical activity of the heart. To capture the ECG, electrodes are placed on the patient's skin at various locations. It is anticipated that the global cardiac monitoring market will witness a CAGR (compound annual growth rate) of 13.2% during the forecast period, leading to a projected value of USD 3,008.7 million by the year 2029.

Cardiac monitoring devices are essential medical instruments utilized to continuously or intermittently monitor heart activity, typically through electrocardiography (ECG). These devices are used to assess patients' condition in relation to their cardiac rhythm. This category also includes medical-grade wearables that serve the same purpose. The conventional cardiac monitors consist of Resting ECG, Stress ECG, cardiac event monitors, and Holter monitors. The global cardiac monitoring market is categorized by product type, with specific periods assigned to each: Resting ECG, Stress ECG, Holter, Cardiac Event Monitor, and Medical-grade Wearables.

In 2023, the Medical-grade Wearables segment emerged as the dominant force in the market, capturing a significant share of 34.2%. The valuation of this segment reached USD 507.1 million in the same year, and it is projected to escalate to USD 1,800.0 million by 2029. This remarkable growth can be attributed primarily to the anticipated expansion in the wearables sector, particularly in medical-grade wearables specifically designed for ECG monitoring. Furthermore, the Medical-grade Wearables segment is expected to demonstrate the highest compound annual growth rate (CAGR) of 24.4% during the forecast period spanning from 2024 to 2029.

The cardiac monitoring market is mainly divided into two segments: ambulatory and health facility. Ambulatory monitoring is a category of cardiac monitoring devices that record a patient's heart activity while they engage in daily activities. This includes Holter monitors and cardiac event monitors, as well as medical-grade wearables that record and analyze ECG. Ambulatory monitoring accounts for the larger portion of the cardiac monitoring market and is expected to reach USD 688.2 million by 2029, reflecting a CAGR of 2.9% during the forecast period from 2024 to 2029.

In terms of geography, North America has emerged as the leading player in the cardiac monitoring market. Following closely behind are Europe and Asia-Pacific. The valuation of the North American market amounted to USD 598.2 million in 2023 and is projected to reach USD 1,432.8 million by 2029. When it comes to ambulatory monitors, such as patches, the data they collect is transmitted to an analysis team. However, only a few companies possess a portfolio that demonstrates this capability. The data obtained from an ambulatory or point-of-care (PoC) monitor is then transmitted to the physician or analysis facility and stored in a health record.

The utilization of technologies like artificial intelligence (AI) holds the potential to not only provide diagnoses but also predict conditions. This advancement in technology can enhance the capabilities of cardiac monitoring by allowing for more proactive and predictive healthcare interventions.

The cardiac monitoring market is characterized by a high degree of fragmentation, with numerous participants operating within this segment. Some of the key players in the global cardiac monitoring market include Koninklijke Philips N.V, GE HealthCare Technologies, Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Fukuda Denshi Co., Ltd., OSI Systems, Inc., Schiller AG, Northeast Monitoring, Inc., Abbott Laboratories, iRhythm Technologies, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Boston Scientific Corporation, Medtronic plc, Carré Technologies Inc., AliveCor, Inc., Zepp Health Corp., Qardio, Inc., Dassault Systèmes SE, Scottcare Corporation, custo med GmbH, Bittium Corporation, Masimo Corporation, Aerotel Medical Systems, Ltd., Cortrium ApS, CardioComm Solutions, Inc., AMEDTEC Medizintechnik Aue GmbH, Beneware Medical Equipment Co., Ltd., Biotricity Inc., Borsam Biomedical Instruments Co., Ltd., BTL Industries Inc., Meditech Kft., Meditech Equipment Co., Ltd., Midmark Corporation, and others.

This study aims to analyze the global market for various segments of cardiac monitoring, including:

Product Type: Resting ECG (Electrocardiography), Stress ECG, Holter Monitor, Cardiac Event Monitor, and Medical-grade Wearables.
Mode: Ambulatory and Health Facility (Point-of-care).
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), and Rest of World (Latin America, Middle East, and Africa).