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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 Contractions), By End-use (Hospitals and Clinics, Diagnostics Centers, Ambulatory Surgical Centers, Homecare Settings), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI2732
  • Base Year: 2021
  • Report Format: PDF

Industry Overview

Cardiac Arrhythmia Monitoring Devices Market size surpassed USD 6.4 billion in 2021 and is anticipated to progress at 6.7% CAGR between 2022 and 2028. Rising prevalence of severe cardiovascular diseases across the globe will drive the market growth. According to the World Health Organization (WHO), cardiovascular diseases are responsible for around 17.9 million deaths, globally, each year.
 

Cardiac Arrhythmia Monitoring Devices Market

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Arrhythmic conditions such as tachycardia and bradycardia are more common in people with severe CVD and require continuous monitoring to avoid sudden heart failure. Thus, with increased prevalence of cardiac illnesses, the demand for cardiac arrhythmia monitoring devices is expected to grow significantly throughout the analysis period.
 

The COVID 19 pandemic had moderate positive impact on adoption of cardiac arrhythmia monitoring devices in 2020. Further, with declining number COVID-19 patients and continuation of all healthcare services has influenced the product demand. Several healthcare companies are working collaboratively to expand manufacturing capacity of cardiac arrhythmia monitoring devices such as Holter monitors, patches, and wearable ECG among others to provide medical aid while keeping check on progress of the patients. Thus, with declining number of COVID-19 infection among population, the market will experience momentous growth in foreseeable future.
 

Cardiac arrhythmia monitoring devices are mainly used for monitoring patients with high risk of arrhythmic conditions. These devices help healthcare professionals in monitoring irregular heartbeat for better diagnosis and treatment of CVD patients to reduce associated mortalities.
 

Development of technologically advanced and innovative devices will impel the cardiac arrhythmia monitoring devices market statistics

Development of technologically advanced monitoring devices including wireless monitors that offers benefit of early detection is expected to augment the industry growth. The use of cardiac rhythm monitoring (CRM) devices has significantly surged in the recent years due to rising life expectancy and constant advancements that have extended their abilities and scope. Recent developments in CRM devices are positively impacting the rate of product approval in developed markets that will further strengthen the industry growth potential.
 

For instance, Medtronic has received approval for its exclusive device named CareLink SmartSync Device Manager that assists healthcare professionals to program and handle data from its BlueSync-equipped implanted CRM device. Thus, aforementioned industry developments are anticipated to impel the market expansion.
 

Higher adoption rate of Holter monitors in heart rhythm management will augment the cardiac arrhythmia monitoring devices industry landscape

Global Cardiac Arrhythmia Monitoring Devices Market, By Device

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Based on device, the cardiac arrhythmia monitoring devices market is segmented into Holter monitor, event recorder, mobile cardiac telemetry, implantable cardiac monitor, electrocardiogram (ECG) monitor and others. The Holter monitor segment was valued at over USD 2.8 billion in 2021 and is expected to foresee significant growth during the forecast timeframe. The segment growth is attributable to the higher disease prevalence due to the increasing consumption of unhealthy food and hectic lifestyle affecting cardiac health and that leads to cardiac blockages and arrests.
 

Furthermore, the Holter monitor offers advantage of cardiac rhythm management without interfering with a patient's daily activities and assist in detection of abnormal heart rhythm at early stage. The revenue growth is further accompanied by cost-effectiveness of these devices contributing to the increasing adoption rate in procedures.
 

Upsurge in demand for tachycardia monitoring devices will strengthen the market outlook

Based on application, the cardiac arrhythmia monitoring devices market is segmented into tachycardia, bradycardia, premature contraction, and others. The tachycardia monitoring devices segment is forecast to grow at 6.8% CAGR during the analysis timeframe. The segment is further subclassified into atrial tachycardia and ventricular tachycardia. Increasing adoption of technologically advanced products for the disease monitoring is expected to boost the demand for tachycardia monitoring devices in the forthcoming years.
 

Atrial tachycardia accounted for a majority share in 2021 and is expected to witness lucrative growth in near future. It is a form of supraventricular tachycardia, that requires intensive treatment for better outcomes. Cardiac arrhythmia monitoring devices play a significant role in better diagnosis and treatment of the disease. Thus, with increasing risk of tachycardia, the cardiac arrhythmia monitoring devices market is projected to witness considerable growth in near future.
 

Increased need for regular cardiac rhythm monitoring will foster the industry statistics

Global Cardiac Arrhythmia Monitoring Devices Market,  By End-use

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Based on end-use, the cardiac arrhythmia monitoring devices market is segmented into hospitals and clinics, diagnostics centers, ambulatory surgical centers, homecare settings and others. The hospitals and clinics segment dominated the market with more than 45% revenue share in 2021 and is anticipated to witness substantial growth during the forecast period. Rising prevalence of cardiac arrhythmia across the globe coupled with increasing geriatric pool will drive the hospital admission rates for the treatment.
 

Additionally, in emergency hospitalizations, healthcare professionals require cardiac rhythm monitors to analyse the probable risk of cardiac arrhythmia. Furthermore, arrhythmia is one of the most severe conditions in critically ill COVID-19 patients. As a result, the prevalence of COVID-19 has also driven the supply of cardiac monitoring devices in hospitals. Thus, the rising adoption of monitoring devices in response to increasing hospitalizations will impel the market statistics.
 

Adoption of technologically advanced devices with higher disease prevalence in North America will drive the regional market share

North America Cardiac Arrhythmia Monitoring Devices Market, By Country

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North America region held over 35% revenue share in overall cardiac arrhythmia monitoring devices market in 2021. Increasing prevalence of cardiovascular diseases coupled with growing awareness regarding the advanced monitoring techniques will boost the regional market growth. According to the CDC, about 12.1 million people in the U.S. are expected to have atrial fibrillation (AFib) by 2030. This is anticipated to augment the demand for cardiac arrhythmia monitoring devices.
 

Additionally, presence of major market players involved in the commercialization of advanced devices will also boost regional market expansion. Moreover, developed healthcare infrastructure leading to the rising adoption of technologically advanced cardiac arrhythmia monitoring devices is forecast to propel the regional market demand.
 

Continuous product launches and strategic partnerships among the industry players will benefit the market size

The global cardiac arrhythmia monitoring devices market consists of numerous players. Few of the prominent market players operating in cardiac arrhythmia monitoring devices are Applied Cardiac Systems, AliveCor, Biotronik, Biotricity, GE Healthcare, iRhythm Technologies, Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, St. Jude Medical (Abbott Laboratories), Spacelabs Healthcare (OSI Systems, Inc.) and Welch Allyn (Hillrom Services, Inc.), among others. These market players are actively involved in product development and strategic collaborations to expand their business reach.
 

Some of the recent industry developments:

  • In November 2021, Philips signed agreement to acquire Cardiologs, a medical technology company focused on transforming cardiac diagnostics using cloud technology and artificial intelligence (AI). This acquisition complements the company’s product portfolio of cardiac monitoring and diagnostics devices, thereby offering revenue growth opportunities in the market.
     
  • In February 2020, AliveCor received approval from the Federal Commission for the Protection Against Sanitary Risk (COFEPRIS) to launch KardiaMobile in Mexico. The company has partnered with Inpharamo to implement the medical-grade ECG across the country. This has enabled company to expand its global footprint as well as customer base in the market.
     

The cardiac arrhythmia monitoring devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

By Device

  • Holter Monitor
  • Event Recorder
  • Mobile Cardiac Telemetry
  • Implantable Cardiac Monitor
  • Electrocardiogram (ECG) Monitor
  • Others

By Application

  • Tachycardia
    • Atrial Tachycardia
    • Ventricular Tachycardia
  • Bradycardia
  • Premature Contraction
  • Others

By End-use

  • Hospitals and Clinics
  • Diagnostic Centers
  • Ambulatory Surgical Centers
  • Homecare Settings
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Spain
    • Italy
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Others

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global market for cardiac arrhythmia monitoring devices exceeded USD 6.4 billion in 2021 and is expected to exhibit a CAGR of 6.7% from 2022 to 2028 owing to the surging prevalence of cardiovascular diseases.

The market revenue from Holter monitors was around USD 2.8 billion in 2021 and is set to depict lucrative growth through 2028 driven by the rising consumption of unhealthy food and hectic lifestyle.

North America accounted for around 35% of the overall cardiac arrhythmia monitoring devices market share in 2021 and will exhibit substantial growth between 2022 and 2028 considering the escalating awareness regarding advanced monitoring techniques.

Major players in the cardiac arrhythmia monitoring devices industry comprise Biotronik, Nihon Kohden Corporation, Applied Cardiac Systems, Medtronic plc, Spacelabs Healthcare (OSI Systems, Inc.), Welch Allyn (Hillrom Services, Inc.), and others.

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Premium Report Details

  • Published Date: Mar 2022
  • Companies covered: 12
  • Tables & Figures: 229
  • Countries covered: 15
  • Pages: 150

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