Cardiac Arrhythmia Monitoring Devices Market Size By Device (Holter Monitor, Event Recorder, Mobile Cardiac Telemetry, Implantable Cardiac Monitor, Electrocardiogram {ECG} Monitor), By Application (Tachycardia {Atrial Tachycardia, Ventricular Tachycardia}, Bradycardia, Premature Contraction), By End-use (Hospitals and Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Cardiac Arrhythmia Monitoring Devices Market size was valued at USD 5.4 billion in 2018 and is expected to witness more than 6.5% CAGR from 2019 to 2025.
 

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Rising prevalence of atrial fibrillation, a common type of cardiac arrhythmia is one of the key factors propelling the demand for cardiac arrhythmia monitoring devices market. According to the Centers for Disease Control and Prevention, around 2.7 -6.1 million people in the U.S. are suffering from atrial fibrillation. With the growing aging population in the U.S. the number is expected to rise. Furthermore, atrial fibrillation is expected to witness a significant upsurge owing to the rise in the number of diabetic and obese patients across the globe suffering from cardiovascular diseases. Thus, the adoption of cardiac arrhythmia monitoring devices has gained a significant traction, that will further propel the cardiac arrhythmia monitoring devices market growth in the forthcoming years.
 

With mounting cases of patients with cardiovascular diseases, the market is anticipated to witness the lucrative growth over the coming years. Growing technological advancements and innovations are further expected to boost the growth of the market. For instance, in 2016, researchers at the Polytechnic University of Valencia and Hospital Gregorio Maranon in Madrid developed a system for diagnosing and treating atrial fibrillation in real-time that has reduced the cost & duration and has further increased the effectiveness of surgical intervention. Such innovations, leading to emergence of heart rhythm monitors will spur the cardiac arrhythmia monitoring devices industry growth.
 

However, high cost of some devices and stringent product approvals are expected to hinder the growth of the market.
 

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Cardiac Arrhythmia Monitoring Devices Market, By Device

In 2018, Holter monitor segment accounted for the largest revenue size of USD 2.4 billion in the cardiac arrhythmia monitoring devices market. This is attributed to several factors such as growing adoption of these monitors among aging population owing to its portability, continuous monitoring of the heart beats that keep the track and record of heart rhythm coupled with cost-effectivity are some of the factors that have boosted the growth of the segment.
 

Mobile cardiac telemetry is projected to post the highest CAGR of 7.9% during the forecast period. This is due to the growing adoption of mobile cardiac telemetry for remote monitoring patients that offers an access to the physicians regarding the track of the patient’s heartbeat. Furthermore, rising prevalence of cardiovascular diseases across various countries have augmented the need and demand for the mobile cardiac telemetry systems for the treatment of cardiovascular diseases that is further expected to witness significant growth over the forecast period.

Analysis By Application

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In 2018, tachycardia segment accounted for the largest revenue share in the cardiac arrhythmia monitoring devices market and is projected to be the fastest growing segment at a CAGR of 6.8% over the forecast period. This is owing to the rise in the incidence of heart diseases such as atrial fibrillation and flutter. These heart diseases can further be associated with sedentary lifestyle, increasing aging population, and medical conditions such as lung disease and thyroid. Furthermore, rising approval for vascular closure devices, growing demand for advanced treatment, and, increase in the research and clinical trials for tachycardia are some of the factors that is expected to boost the segmental growth over the forecast period.
 

Furthermore, in March 2019, Biotronik announced the approval from the U.S. FDA for the Activor and Rivacor high voltage cardiac rhythm management device for treating patients with tachycardia. The device assist physicians with complete therapy options during the treatment of cardiac patients with diversified disease states. Hence, the adoption of these devices among the physicians have further impel the growth of the market.
 

Insights By End-use

Hospitals and clinics segment accounted for the largest revenue share of over 50.0% in the cardiac arrhythmia monitoring devices market. This is owing to the increasing number of geriatric patients diagnosed with cardiac disorders and ongoing research & technological advancements are some of the factors that are contributing into the growth of the market. Furthermore, growing usage of Holter monitors in hospitals and the growing preference of these devices among patients especially in the countries like India and China are further impelling the growth of the market.
 

Home care settings segment is projected to witness the fastest growth at a CAGR of 8.3% over the forecast period. This is attributed to the fact that growing preference for portable devices like Zio patches that are available for home care settings is one of the major factors that is contributing into the growth of the segment.
 

Cardiac Arrhythmia Monitoring Devices Market, By Region

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U.S. cardiac arrhythmia monitoring devices market is forecasted to reach USD 3.0 billion by 2025. This is owing to the large presence of medical device manufacturers that are constantly investing in research and development activities of monitoring devices that leads to the constant enhancement in the monitoring and diagnostic technology. Furthermore, growing FDA approval for arrhythmia monitoring device is also boosting the U.S. cardiac arrhythmia monitoring devices industry growth. In addition, high cost of few devices may impede the growth of the market in the country.
 

India cardiac arrhythmia monitoring devices market is estimated to expand at a significant pace of 9.2% CAGR during the forecast period. High growth is attributed to growing incidence of cardiovascular diseases, rising population base, and availability of home-based portable arrhythmia monitors will drive India market growth.
 

Competitive Market Share

Few of the notable industry players operating in global cardiac arrhythmia monitoring devices market are Biotronik, BioTelemetry, Medtronic plc, Irhythm Technologies, Nihon Kohden Corporation, and St. Jude (Abbott Laboratories) among other players. Players have been engaging in mergers and acquisitions, collaborations, and product launch strategies, in order to expand their product portfolio and gain competitive advantage. 
 

Recent industry developments:

• In May 2019, Abbott announced the launch of a next-generation implantable heart monitor for better arrhythmia detection. This implantable device is further approved in the U.S. & Europe and integrate continuous remote monitoring and smartphone connectivity to track abrupt heart rhythm problems for accurate and fast diagnosis.
   
• In December 2018, Biotricity, Inc. launched Bioflux, offering three-in-one monitoring solution including event, mobile cardiac telemetry and Holter monitoring solution. The launch assisted the company to fortify its product base and increase profitability in the market.
   

Industry Background

The foremost remote cardiac telemetry device was developed and launched by an American biophysicist, Norman J. Holter during the 1940s. Named after the developer, the Holter system was used to detect cardiac arrhythmias at home. Holter system was the pioneer system to record single ECG lead 24–48 hours as well as analyse ambulatory electrocardiography outside healthcare settings. This system is regarded as the gold standard of ambulatory ECG monitoring. Further developments in cardiac monitors lead to the introduction of implantable cardiac monitors (ICM). However, event monitoring systems were later introduced to overcome the restrictions possessed by the ICM and Holter monitors.
 

In recent years, significant advancements in cardiac rhythm monitors have been made to suit changing customer preference toward portable and hand-held devices. In addition, innovative monitors such as Zio Patch and the Carnation Ambulatory Monitor, non-invasive technologies offering accurate arrhythmia detection are revolutionizing the cardiac arrhythmia monitoring devices industry. Advancements such as wearable technology will offer momentous industry growth opportunities in the foreseeable future.