Impact of COVID-19 on Cardiac Arrhythmia Monitoring Device Industry Growth Trends:
The impact of COVID-19 has been unprecedented and staggering, with cardiovascular devices witnessing a negative demand shock across all areas amid the pandemic. Based on our analysis, the global demand saw a massive decline in 2019 compared to the expected average year-on-year growth. However, in 2021 the market gained its momentum with the sudden rise attributable to its demand and growth. Further, the development of the global market is driven by a significant increase in the prevalence of chronic heart diseases.
Worldwide Cardiac Arrhythmia Monitoring Devices Market Size was US$ 5.5 Billion in 2021
Factors driving the market growth include advances in cardiac arrhythmia monitoring devices, favorable rebates for treatment, expanding incidences of cardiovascular diseases. Apart from that, extending the emphasis on containment of healthcare costs, increasing the adoption rate of low-cost ECG services among the lower-income group, and favorable government policies for startup firms are some of the other factors. Our analysis estimates that Global Cardiac Arrhythmia Monitoring Device Market is expected to expand at a CAGR of 8.6% during 2021-2027.
Mobile Cardiac Telemetry Monitors Grow at the Highest Rate
In our report, By Type, we have covered ECG Monitors, Implantable Monitors, Holter Monitors, Mobile Cardiac Telemetry, and Others. As per our analysis, mobile cardiac telemetry monitor segments in the type category are anticipated to expand at the highest rate across the forecast period. Mobile cardiac telemetry monitoring devices monitor the electrical activity in the heart for an extended time. Moreover, the device can also detect, record, and wirelessly transmit asymptomatic and symptomatic arrhythmia to a monitoring station for analysis.
End-Users Insights: Hospitals have dominant Market Share
Hospitals are the dominant end-users in the cardiac arrhythmia monitoring devices market. The rising prevalence of cardiac rhythm disorders has led to increased emergencies requiring continuous cardiac rhythm monitoring. In hospitals, healthcare professionals utilize cardiac rhythm monitors to analyze cardiac arrhythmia risk in critical situations. Remarkably, the need for constant cardiac rhythm monitoring in the emergency department will foster the market revenue.
Ventricular Tachycardia Foresees Tremendous Demand for The Cardiac Arrhythmia Monitoring Devices:
As per our analysis, Atrial tachycardia constituted the most dominant market share throughout. Atrial tachycardia is a condition of supraventricular tachycardia (SVT) and is an actual condition reported in intensive care unit operations. Therefore, increasing the incidence of SVT will offer immense growth opportunities to cardiac arrhythmia monitoring devices in emergencies.
Asia Pacific Region Are The Hotspots For Investment Opportunities:
Asia Pacific countries like China, Japan, and India, are the hotspots for investment prospects because of the higher growth rate of diagnosis, treatment, research activities, quality improvisations, increasing partnerships, and healthcare modernization. To expand the revenue share, EGC monitoring device companies are focusing on the evolution of advanced ECG monitoring like implantable cardiac monitors and cardiac telemetry monitors with avant-garde facilities that will indirectly pump the market for cardiac arrhythmia monitoring devices and also promote the services and software market over the forecast period.
Competitive Landscape:
The global key players manufacture the majority of cardiac arrhythmia monitoring devices. Key leaders with more funds for research and an adequate distribution system have established their position in the market. Moreover, the global market is witnessing an emergence of some small players due to the rise of awareness, further helping the market grow. The major players covered in our report include Abbott Laboratories, GE Healthcare, Koninklijke Philips N.V., Medtronic PLC, Asahi Kasei Corporation, Boston scientific corporation, HILL-ROM HOLDINGS, INC, and Nihon kohden.
This latest research report “Cardiac Arrthymia Monitoring Device Market, Global Forecast By Type (ECG Monitors, Implantable Monitors, Holter Monitors, Mobile Cardiac Telemetry, and Others), End User (Hospitals, Clinics, Laboratories, LTC, Homecare, ASC, Cathlabs and EMS), Application (Tachycardia, Atrial Tachycardia, Ventricular Tachycardia, Bradycardia and Premature Contraction), Region (North America, Latin America, Europe, Asia-Pacific and Rest of the world), Companies (Abbott Laboratories, GE Healthcare, Koninklijke Philips N.V., Medtronic PLC, Asahi Kasei Corporation, Boston scientific corporation, HILL-ROM HOLDINGS, INC, and Nihon kohden)” provides a detailed analysis of Cardiac Arrthymia Monitoring Device Industry.
Type - Market has been covered from 5 viewpoints:
- ECG Monitors
- Implantable Monitors
- Holter Monitors
- Mobile Cardiac Telematory
- Others
End User - Market has been covered from 8 viewpoints:
- Hospitals
- Clinics
- Laboratories
- LTC
- Homecare
- ASC
- Cathlabs
- EMS
Application - Market has been covered from 5 viewpoints:
- Tachycardia
- Atrial Tachycardia
- Ventricular Tachycardia
- Bradycardia
- Premature Contraction
Region - Market has been covered from 5 viewpoints:
- North America
- Latin America
- Europe
- Asia-Pacific
- Rest of the world
Company Insights:
- Business overview
- Recent development
- Sales analysis
Key Players Analysis:
- Abott Laboratories
- GE healthcare
- Koninklijke Philips N.V.
- Medtronic PLC
- Asahi Kasei Corporation
- Boston scientific corporation
- HILL-ROM HOLDINGS, INC
- Nihon kohden
Table of Contents
Companies Mentioned
- Abott Laboratories
- GE healthcare
- Koninklijke Philips N.V.
- Medtronic PLC
- Asahi Kasei Corporation
- Boston scientific corporation
- HILL-ROM HOLDINGS, INC
- Nihon kohden
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 164 |
| Published | February 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 5.5 Billion |
| Forecasted Market Value ( USD | $ 9.03 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
