Cardiac Monitoring Devices Market Size, Share, Growth, and Global Forecast to 2029 | DataMIntelligence
Market Overview
The global cardiac monitoring devices market was valued at USD 7,428.2 million in 2020 and is forecasted to reach $YY by 2029, with a CAGR of 5.8% during the forecast period (2022-2029).
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Market Dynamics
increasing prevalence of cardiovascular diseases
The increasing prevalence of cardiovascular diseases is driving the demand for cardiac monitoring devices globally. Ischemic heart disease and stroke accounted for more than 85.0% of all CVD-related deaths worldwide. According to the CDC, CVDs are responsible for about 840,768 lives lost in the U.S in 2019. Moreover, Coronary Heart Disease (CHD) accounts for the majority of CVD deaths, along with stroke and heart failure. The economic burden of these diseases is likely to be more than USD YY by 2030, which highlights the heightened need for preventive devices for cardiac monitoring and cardiac rhythm management.
Developments such as Miniature single lead ECG sensors and physiologic sensor technologies is driving the emergence of remote monitoring devices.
Electrocardiography
Resting ECG devices are used for simple, quick and painless tests. The resting ECG can detect certain heart conditions such as hypertrophy of the heart, ischemia, myocardial infarction, sequelae of myocardial infarction, cardiac arrhythmias, and others. The resting ECG test takes about 5 minutes and no preparation is necessary.
Cardiac Event Monitors
A cardiac event monitor is a device that controls to record the electrical activity of your heart (ECG). This device is about the size of a pager. It records heart rate and rhythm.
Implantable Loop Recorder (ILR)
Implantable loop recorder (ILR) is a small cardiac monitoring device (ECG) that is inserted under the skin to monitor heart rate and its functioning, it is used to confirm abnormal heart functioning (arrhythmias). ILR is prescribed to a patient when the heart symptoms such as fainting episodes or palpitations are not detectable by other tests. Fainting is commonly seen in elderly patients and also in patients with other heart problems.
Cardiac Output Monitoring Devices
Cardiac Output Monitoring Devices are used in anesthesia and critical care. It is used as a marker of oxygen delivery to tissues and can identify patients at high risk of significant morbidity, mortality or both. Cardiac Output Monitoring Devices uses three technologies (impedance, electrocardiography and arterial waveform analysis) to isolate and track beat-to-beat stroke volume.
Mobile Cardiac Telemetry
It is a portable device that records heart rhythms continuously from external electrodes placed on the body. Segments of the ECG data are automatically (i.e., without human intervention) transmitted to a remote surveillance location by cellular or landline telephone signal. The transmitted events are triggered automatically by preprogrammed algorithms or by the individual during a symptomatic episode.
Covid- 19 Impact Analysis
The outbreak of COVID-19 has led to an increase in the preference for remote monitoring of patients with cardiovascular conditions. This shift has been adopted with a view to reducing the chances of infections due to frequent hospital and clinic visits. various startups have launched services for remote monitoring of cardiac patients. For instance, Octagos Health launched a remote monitoring software platform that allows cardiologists and cardiac electrophysiologists to monitor all of their patients’ implantable cardiac device data in real-time.
Geographical Analysis – North America
Increasing Product Type launches and technical advancements along with rising heart disorder cases is driving the market for Canada Cardiac monitoring market in recent years.
Increasing technological developments, Product Type launches, and collaborative agreements among manufacturers are driving the growth of new
Product Type developments, which increase Product Type portfolio, in turn, enhances market opportunity. Rising competition among players is expected to grow the demand for cardiac monitors in North America.
Koninklijke Philips N.V., AliveCor, Inc., Johnson & Johnson, GE Healthcare, Spacelabs Healthcare, and Welch Allyn are the prominent players in cardiac
monitoring market in North America
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Competitive Landscape
The global cardiac monitoring devices market is highly competitive in nature, with the leading players capturing a whopping share in revenues. iRhythm Technologies, Inc., Edward Lifesciences Corporation, Schiller AG, ZOLL Medical Corporation, Medtronic Plc., Abbott Laboratories, Boston Scientific, GE Healthcare, Biotronik SE & Co. KG, Koninklijke Philips N.V.(Philips Healthcare), ACS Diagnostics, Inc., Deltex Medical Group plc. among others, are focused on technology advances for new launches at affordable price points, to remain ahead of the curve.
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