Cardiac Arrhythmia Monitoring Devices Global Market Report 2024

The global cardiac arrhythmia monitoring devices market has grown strongly in recent years. It will grow from $7.42 billion in 2023 to $8.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be linked to several factors, including heightened lifestyle-related risk factors, the global expansion of healthcare services, a growing preference among patients for home-based monitoring, increased awareness and screening programs, and a rising incidence of cardiovascular diseases. These elements collectively contributed to the expansion observed during that timeframe.

The global cardiac arrhythmia monitoring devices market is expected to see strong growth in the next few years. It will grow to $11.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period is driven by the expansion of telehealth services, a strategic emphasis on continuous monitoring, advancements in the development of smart clothing for monitoring applications, a focus on early intervention strategies, attention to user-friendly device design, and initiatives aimed at patient empowerment and engagement. Prominent trends expected during the forecast period include an upswing in wearable technologies, the integration of artificial intelligence (AI) into monitoring devices, the prominence of continuous ECG monitoring devices, a trend towards device miniaturization and enhanced portability, heightened smartphone connectivity and the integration of apps, the emergence of long-term monitoring solutions, and ongoing innovations in implantable devices. These trends collectively contribute to the projected business growth in the upcoming period.

The anticipated rise in cardiovascular diseases is poised to drive the expansion of the cardiac arrhythmia monitoring devices market. Cardiovascular diseases encompass a range of conditions affecting the heart and blood vessels. In this context, cardiac arrhythmia monitoring devices play a crucial role in event monitoring, tracking the electrical activity of a patient's heart rhythm and detecting or assessing the risk of irregular heartbeats (arrhythmias). For example, projections by HMP Global in April 2023 indicate an expected increase in the prevalence of peripheral arterial disease in the US to 23.8 million by 2030, up from 21.0 million in 2020. This underscores the growth of the cardiac arrhythmia monitoring devices market driven by the escalating prevalence of cardiovascular diseases.

The upsurge in telehealth and telemedicine is set to fuel the expansion of the cardiac arrhythmia monitoring devices market. Telehealth involves utilizing telecommunications technology to deliver healthcare services remotely, while telemedicine focuses specifically on remote clinical consultations and healthcare delivery. The growing demand for wearable and portable monitoring devices enables continuous cardiac arrhythmia monitoring for patients at home, aligning with the increasing prevalence of remote healthcare services. As per data from the Centers for Disease Control and Prevention in October 2022, telemedicine was utilized by 37.0% of adults in the preceding 12 months in 2021. This shift toward telehealth and telemedicine is a significant driver for the growth of the cardiac arrhythmia monitoring devices market.

Technological advancement emerges as a prominent trend in the cardiac arrhythmia monitoring devices market. Key players in this sector are directing their efforts towards research and development to introduce innovative products utilizing advanced technologies for enhanced patient care. For instance, in May 2021, iRhythm Technologies, Inc. integrated AI capabilities into its flagship Zio monitor to improve diagnostic accuracy for rhythm and beat by collecting high-quality data. The innovative design of Zio monitors, being 50% lighter with a breathable and waterproof outer layer, offers a more flexible and comfortable wear. AI capabilities contribute to a 21% increase in the average rhythm detection sensitivity of iRhythm's algorithm, ensuring precise diagnostic data.

Major companies in the cardiac arrhythmia monitoring devices market are strategically developing new insertable cardiac monitoring systems to solidify their market positions. These small, implantable devices continuously monitor and record the heart's electrical activity, providing long-term diagnostic data for detecting cardiac arrhythmias and other cardiovascular conditions. In October 2023, Boston Scientific Corporation launched the LUX-Dx II+ Insertable Cardiac Monitor System, featuring dual-stage algorithms for detecting and verifying potential arrhythmias. The device prioritizes enhanced diagnostic capabilities, rejecting false positives and irrelevant episodes, and offers convenient remote monitoring through a downloadable app for patients.

In January 2021, Boston Scientific Corporation strengthened its presence in the cardiac arrhythmia monitoring devices market through the acquisition of Preventice Solutions Inc. for an undisclosed amount. This strategic move enables Boston Scientific Corporation to enter the high-growth ambulatory electrocardiography space, complementing its implantable cardiac monitor segment and positioning it as a market leader in cardiac diagnostics and services. Preventice Solutions, Inc., a US-based company in the cardiac arrhythmia monitoring devices market, contributes to Boston Scientific Corporation's market advantage in this evolving industry.

Major companies operating in the cardiac arrhythmia monitoring devices market report are AliveCor Inc., Biotronik SE & Co. KG, General Electric Company, iRhythm Technologies Inc., Koninklijke Philips N.V., Medtronic PLC, Nihon Kohden Corporation, Smart Solutions Technologies S.L., Abbott Laboratories, OSI Systems Inc., Hill-Rom Holdings Inc., Applied Cardiac System Diagnostics Inc., Biotricity Inc., Boston Scientific Corporation, Medicalgorithmics S.A., Siemens AG, Edwards Lifescience Corporation, LivaNova PLC, Phoenix Heart Center, Fukuda Denshi Co. Ltd., Royal Philips, NUUBO SMART SOLUTIONS S.L, Cardiac Insight Inc., CardioComm Solutions Inc., Vascular Solutions Inc., Johnson & Johnson Services Inc., MicroPort Scientific Corporation, Osypka AG, AtaCor Medical, and Spacelabs Healthcare.

North America was the largest region in the cardiac arrhythmia monitoring devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the cardiac arrhythmia monitoring devices market report during the forecast period. The regions covered in the cardiac arrhythmia monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cardiac arrhythmia monitoring devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of cardiac arrhythmia monitoring devices encompass various types, including standards in ambulatory cardiac monitoring, patient- and event-activated intermittent recorders, external loop recorders, pre-symptom memory loop cardiac event recorders, post-symptom event recorders, continuous real-time attended remote cardiac monitors, mobile cardiac outpatient telemetry systems, and vital signs transmitters like Bio Watch Medical. Standards in ambulatory cardiac monitoring involve the recording and detection of electrical activity in a patient's heart over extended periods. These devices, such as the Holter monitor, event recorder, mobile cardiac telemetry, implantable cardiac monitor, electrocardiogram (ECG) monitor, and others, play a crucial role in diagnosing arrhythmias, including irregular heart rhythms. These monitoring devices are utilized across diverse healthcare settings, including hospitals, clinics, diagnostic centers, ambulatory surgical centers, homecare settings, and other relevant facilities. They are instrumental in detecting conditions such as tachycardia, bradycardia, premature contractions, and others, contributing to comprehensive cardiac care.

This report provides cardiac arrhythmia monitoring devices market statistics, including cardiac arrhythmia monitoring devices industry global market size, regional shares, competitors with a cardiac arrhythmia monitoring devices market share, detailed cardiac arrhythmia monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac arrhythmia monitoring devices industry. This cardiac arrhythmia monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cardiac arrhythmia monitoring devices market consists of sales of wireless holter monitors, post-event recorder patch recorders, autodetect recorders, implanted loop recorders, remote monitoring of pacemakers, implantable cardioverter-defibrillators, real-time telemetry devices, and insertable loop recorders. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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