Industry Background:
Most heart conditions require continuous heart monitoring. One of the most important factors contributing significantly to the growth of the global cardiac arrhythmia monitoring device market is the increase in the incidence of cardiovascular disease. According to a study by the World Health Organization (WHO), CVD is the leading cause of death worldwide and kills around 17.9 million people every year. And it's worth noting that of all deaths caused by a heart attack, four out of five are in the CVD category. Although arrhythmias cannot be completely cured, the best way to continuously monitor arrhythmia patients is to remotely monitor the patient using the arrhythmia monitoring equipment known as telecardiology. Telecardiology generally provides a monitoring device that can be attached to the chest area of patients with arrhythmias. Telecardiology is an inexpensive intervention for the elderly with heart failure. These devices monitor the heart's rhythm and record abnormalities in heart function. Most of these devices can be monitored remotely, which makes it possible to effectively and efficiently monitor patients with arrhythmias. As these devices improve patient comfort, telecardiology is becoming increasingly popular with both patients and doctors compared to regular patient visits to hospitals. The early application of telecardiology includes the transmission of ECGs by fax and advice from specialists over the phone. Recently, the use of telecardiology has changed in areas such as remote patient monitoring, EKG, echocardiograms, teleconsultation through video, surveillance and rapid interpretation of cardiac diagnostic tests, and conference calls for interventional cardiology.
According to AMA Research, the market for Cardiac Arrhythmia Monitoring Devices is expected to register a CAGR of 6.5% during the forecast period to 2027. This growth is primarily driven by Growing Prevalence of Cardiovascular Diseases and Expenditure on Cardiac Health Globally
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Medical Devices sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Medtronic (Ireland), Boston Scientific (United States), Abbott Laboratories (United States), GE Healthcare (United States), BIOTRONIK (Germany), Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), MicroPort Scientific Corporation (China), Biotronik (Germany), Hill-Rom Holdings (United States), Nihon Kohden (Japan), BioTelemetry (United States), BPL Medical Technologies (India), ACS Diagnostics (United States), Shenzhen Mindray Bio-Medical Electronics (China) and Lepu Medical Technology (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2021, Philips has entered into an agreement to acquire Cardiologs, a medical technology company focused on transforming cardiac diagnostics using cloud technology and artificial intelligence (AI). The acquisition complements the company's cardiac monitoring and diagnostic device product portfolio, providing revenue growth opportunities in the market.
AliveCor has been approved by the Federal Sanitary Risk Prevention Commission (COFEPRIS) to launch KardiaMobile in Mexico. The company has partnered with Inpharamo to implement medical-grade ECG across the country. This allowed the company to expand its global presence as well as its customer base in the market., In 2020, In January 2020, Biotronik had proclaimed the launch of a brand new injectable cardiac monitor, BIOMONITOR III, permitting detection of irregular regular recurrence. Such a new product launches with technological development had thereby increased the expansion potential of the corporate. and In May 2019, Abbott had launched a next-generation cardiac monitor for cardiopathy detection within the U.S. and Europe. This launch had offered business growth opportunities to the firm in rising economies.The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Cardiac Arrhythmia Monitoring Devices Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing Prevalence of Cardiovascular Diseases and Expenditure on Cardiac Health Globally
- Expanding Geriatric Population Base Coupled With Growing Prevalence of Obesity
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Influencing Trends | - Increasing Adoption of Mobile and Telemetry Cardiac Monitors
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Restraints | - High Cost Associated with the Device
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Road Blocks / Challenges | - Lack of Skilled Professionals
- Negative Effects of Some Cardiac Monitoring Devices on Patients
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Gaps & Opportunities | - Technological Advancements and Introduction of Innovative Devices for Cardiac Rhythm Monitoring
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AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Cardiac Arrhythmia Monitoring Devices Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Cardiac Arrhythmia Monitoring Devices Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Cardiac Arrhythmia Monitoring Devices players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Cardiac Arrhythmia Monitoring Devices Study Sheds Light on
The Cardiac Arrhythmia Monitoring Devices Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Cardiac Arrhythmia Monitoring Devices industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Cardiac Arrhythmia Monitoring Devices industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.