Cardiac Arrhythmia Monitoring Devices Market by Devices (Event Recorder, Mobile Cardiac Telemetry, Holter Monitor, Electrocardiogram Monitor, Implantable Cardiac Monitor, Others), Application (Atrial Tachycardia, Tachycardia, Bradycardia, Ventricular Tachycardia, Premature Contractions, Others), End-User (Diagnostics Centers, Hospitals and Clinics, Homecare Settings, Ambulatory Surgical Centers, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Sept. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cardiac arrhythmia monitoring devices market is expected to grow from USD 5.7 billion in 2019 and to reach USD 9.79 billion by 2027, growing at a CAGR of 7% during the forecast period 2020-2027.
The cardiac arrhythmia monitoring devices market is witnessing significant growth from the past years. This growth is attributed to technological advancements resulting into high accuracy and efficiency in arrhythmia detection. Other factors like the increasing incidence of cardiovascular disorders and technological advancements in cardiac arrhythmia monitoring devices influence market growth. Rising investments in connected devices, cardiology informatics, and mobile solutions for advanced cardiac care is expected to propel the market growth. Increasing usage of telecardiology will propel the market growth for the cardiac arrhythmia monitoring devices.
Cardiac arrhythmia monitoring devices are the devices used to monitor the patients at risk or with heart arrhythmia known as cardiac arrhythmia monitoring devices. It is a cardiac event monitor that can control or record the electrical activity of the heart. These devices are used to identify the type and the cause of irregular heart rhythms. Arrhythmia is common in old age people. Its location in the heart often classifies arrhythmia. An atrial or supraventricular mostly occurs in one of the two upper chambers of the heart, the left or the right atrium. Atrial fibrillation is the most common type of arrhythmia that causes an irregular and fast heartbeat. Cardiac Arrhythmia monitoring devices detect and alarm the heartbeats that are irregular being either too slow or too fast. If the heart beats too fast, it is known as tachycardia, and if the heart beats too slow, it is known as bradycardia. These devices are widely used by populations that possess frequent arrhythmia symptoms and are used as the first line of diagnostic aid for patients with cardiac irregularities.
Global cardiac arrhythmia monitoring devices are expected to witness significant growth, owing to technological advancements, the introduction of innovative devices for cardiac rhythm monitoring devices, increasing adoption of mobile and telemetry cardiac monitors, and growing prevalence of cardiovascular diseases and expenditure on cardiac health. The factors restraining the market growth are the high cost of cardiac arrhythmia monitoring devices and the lack of skilled professionals and the negative effects of some cardiac monitoring devices. Alternatives for traditional holter monitor will provide market growth opportunities.
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Key players operating in global cardiac arrhythmia monitoring devices include Medtronic PLC, Koninklijke Phillips N.V., Biotronik, GE Healthcare, iRhythm Technologies, and Biotelemetry Inc. To gain a significant market share in the global cardiac arrhythmia monitoring devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Medtronic Plc and Biotronik are some of the leading manufacturers of the cardiac arrhythmia monitoring devices.
For instance, in May 2019, Abbott launched a next-generation heart monitor for cardiac arrhythmia detection in U.S. and Europe. This launch offered business expansion to the fir in developing economies.
In January 2020, Biotronik launched a new injectable cardiac monitor, BIOMONITOR III. This device allows the detection of irregular heart rhythm. This new technological development will increase the growth potential of the company.
Holter monitor segment dominated the market and held the largest share of 25.19% in the year 2019
On the basis of devices, the global cardiac arrhythmia monitoring devices market is segmented into event recorder, mobile cardiac telemetry, holter monitor, electrocardiogram monitor, implantable cardiac monitor, and others. Holter Monitor segment dominated the market and held the largest share of 25.19% in the year 2019. This growth is attributed to the introduction of wireless wearable technology in cardiac holter monitoring.
Tachycardia segment dominated the market and held the largest share of 29.51% in the year 2019
On the basis of application, the global cardiac arrhythmia monitoring devices market is segmented into atrial tachycardia, tachycardia, bradycardia, ventricular tachycardia, premature contractions, and others. Tachycardia segment dominated the market and held the largest share of 29.51% in the year 2019. This growth is attributed to the increasing prevalence of cardiac arrhythmia, and ECG is among the most common methods used in tachycardia diagnosis. Atrial tachycardia is expected to witness significant growth, owing to the increasing incidence of SVT.
Hospitals and clinics segment dominated the market and held the largest share of 35.12% in the year 2019
On the basis of end-user, the global cardiac arrhythmia monitoring devices market is segmented into diagnostics centers, hospitals and clinics, homecare settings, ambulatory surgical centers, and others. Hospitals and Clinics segment dominated the market and held the largest share of 35.12% in the year 2019. This growth is attributed to increasing demand from healthcare professionals as they require cardiac rhythm monitor to analyse the percent of cardiac arrhythmia risk in critical situations.
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Regional Segment of Cardiac Arrhythmia Monitoring Devices Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cardiac arrhythmia monitoring devices market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held a major share of 39.19% in the year 2019. This growth is attributed to the presence of major players, FDA approvals, and rapid acceptance of new technologies. Rise in awareness regarding the use of cardiac monitoring devices and the high prevalence of cardiac disorders is expected to influence market growth. The market in Europe is expected to witness significant growth, owing to growing healthcare spending leading to the adoption of recent technologies, increasing demand for telehealth products, and rising government funding in science and technology. The Asia-Pacific region will also propagate significant growth, owing to growing cases of cardiovascular disorder and fast technological updation in the healthcare division.
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About the report:
The global cardiac arrhythmia monitoring devices market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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