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Cardiac Arrhythmia Monitoring Devices Market size to exceed $10.2bn by 2028

  • Published Date: March 16, 2022

Cardiac Arrhythmia Monitoring Devices Market size is set to exceed USD 10.2 billion by 2028, according to a new research report by Global Market Insights Inc.

Increasing adoption of mobile and telemetry cardiac monitors coupled with rising research and development expenditure to develop innovative products is expected to boost the product adoption. According to the International Innovation Alliance, in 2017, around 67% of the U.S. population was using smartphones. The innovative smartphone applications allowed cardiac arrhythmia patients to track heart rhythms during the treatment routine.

In addition, hospitals and research centers are collaborating to launch new digital technologies for improving cardiac arrhythmia diagnosis and treatment. Thus, aforementioned factors are expected to augment the cardiac arrhythmia monitoring devices market statistics.

Increased awareness regarding the availability of early diagnosis and treatment options is expected to boost the product demand. For instance, the Arrhythmia Alliance organizes the World Health Rhythm Week every year to promote and generate awareness regarding heart rhythm disorders, that will have a positive impact on adoption rate of cardiac arrhythmia monitoring devices.

Furthermore, rising number of products approvals and FDA clearance for innovative and new cardiac arrhythmia monitoring devices will contribute to the cardiac arrhythmia monitoring devices industry expansion. For instance, Biotricity, a medical diagnostics company, received clearance from the U.S. FDA for its Biotres Cardiac Monitoring Device. The product is designed for arrhythmia and ECG monitoring in lower risk patients. Thus, with new product launches by emerging market players, the industry is projected to foresee considerable growth in near future.

With continuous increase in the number of patients requiring cardiac monitoring and decrease in COVID-19 cases, the cardiac arrhythmia monitoring devices market experienced remarkable growth in 2021. Further, organizational efforts to offer better patient monitoring services to both COVID-19 patients as well as general population has benefited the industry landscape.

Cost benefits associated with the use of mobile cardiac telemetry (MCT) devices will strengthen the market growth potential

On basis of device, the cardiac arrhythmia monitoring devices market is segmented into Holter monitors, event recorder, mobile cardiac telemetry (MCT), implantable cardiac monitor, electrocardiogram monitor and others. Mobile cardiac telemetry (MCT) segment is anticipated to grow at 7.8% CAGR during the analysis timeframe. The segment growth is highly attributable to the better patient outcomes associated with diagnostic yield and improved management of arrhythmia. The use of MCT enable cost savings associated with hospitalization for ablation. As these devices help in early detection of arrhythmia in both the inpatient as well as outpatient setting, the segment will experience unprecedented growth in the foreseeable future.

Browse key industry insights spread across 150 pages with 215 market data tables & 14 figures & charts from the report, Cardiac Arrhythmia Monitoring Devices Market Forecasts, By Device (Holter Monitor, Event Recorder, Mobile Cardiac Telemetry, Implantable Cardiac Monitor, Electrocardiogram {ECG} Monitor), Application (Tachycardia { Atrial Tachycardia, Ventricular Tachycardia}, Bradycardia, Premature Contraction), End-use (Hospitals and Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings), Industry Analysis Report, Regional, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

Surge in incidence rate of bradycardia globally will influence the market expansion

Cardiac arrhythmia monitoring devices market, by application is segmented into tachycardia, bradycardia, premature contraction, and others. Bradycardia segment was valued at over USD 250 million in 2021. Significant increase in the number of patients suffering from bradycardia, as well as the adoption of advanced cardiac monitoring devices, will drive the market size. Rising preference for remote cardiac arrhythmia monitoring devices, fewer hospital visits, and demand for cost-effective treatment among bradycardia patients will contribute to market expansion.

Well-equipped infrastructure in ambulatory surgical centers to cater increasing need of arrhythmia monitoring will accelerate the overall market forecasts

By end-use, the market for cardiac arrhythmia monitoring devices is categorized into hospitals and clinics, diagnostic centers, ambulatory surgical centers, homecare settings and others. The ambulatory surgical centers segment is projected to grow at 7.1% CAGR during the forecast period. The segment growth is highly attributable to growing preference for outpatient facilities. The availability of innovative technologies, adoption of advanced devices, and well-equipped facilities offering treatment for a wide range of chronic diseases will drive the segment demand during the analysis period.

Higher incidence rate of cardiovascular diseases will influence the market expansion in the Europe

European cardiac arrhythmia monitoring devices market exceeded USD 1.8 billion in in 2021 and is forecast to progress at significant CAGR during the projection period. The adoption of new technologies and demand for advanced products with the growing healthcare expenditure, will propel the industry growth across the developed European countries. Further, according to the European Society of Cardiology, cardiovascular diseases are responsible for approximately 3.9 million deaths in Europe every year. Patients with CVDs suffer from sudden heart attacks, and some people witness recurrent heart attacks. The requirement for regular cardiac rhythm monitoring among these patients will ultimately fuel the demand for innovative cardiac monitors in the Europe.

Product portfolio expansion by the leading industry players will strengthen their market footprint

Some of the notable market players operating in the cardiac arrhythmia monitoring devices market 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 companies are highly engaged in adoption of various growth strategies such as acquisitions, partnerships, merger, and expansion of product offerings to strengthen their market footprint. For instance, in February 2021, Royal Philips announced the acquisition of BioTelemetry, Inc., a company involved in development of remote cardiac diagnostics and monitoring products. This has assisted the firm in business expansion and helped them to establish strong market position.

Authors: Sumant Ugalmugle, Rupali Swain