Cardiac monitoring devices are small devices that are worn by patient suffering from heart disorders. These devices are commonly used in emergency rooms and critical care units and primarily in arrhythmias to monitor the rate of heartbeats. Holter monitors, event monitors, loop monitors, and insertable cardiac monitors are some of the common cardiac monitoring devices available in the market. Parameters such as blood pressure. Cardiac output, arterial blood oxygen saturation, and blood temperature are measured noninvasively by cardiac monitors.
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Market Dynamics- Drivers
Growing incidence of cardiovascular diseases such as cardiac arrthymia, ischemic heart disease, and hypertension is expected to drive growth of the global cardiac monitoring devices market during the forecast period. According to World Health Organization (WHO), 2015, cardiovascular diseases was the leading cause of deaths accounting for 17.7 million deaths, globally. Furthermore, increasing applications of cardiac monitors in continuous monitoring for patients with severe electrolyte imbalances and for postoperative observation is expected to fuel the market growth over the forecast period.
Development of technologically advanced cardiac monitoring devices is expected to boost the cardiac monitoring devices market growth over the forecast period
Introduction of novel cardiac monitoring devices such as remote cardiac monitoring devices and wireless cardiac monitoring devices providing early detection is expected to fuel the global cardiac monitoring devices market growth over the forecast period. For instance, ZywiePro, the next-generation cardiac remote monitoring solution launched in 2015, leverages mobile and cloud technology to facilitate detection of cardiovascular arrhythmias. ZywiePro enables physicians to provide more personalized and effective patient care by detailed diagnostic insight into the cardiovascular health of the patients.
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Market Dynamics- Restraints
High cost associated with device and lack of knowledge about advance cardiac monitoring devices are expected to restrain growth of the global cardiac monitoring devices market in the near future.
Advance cardiac monitoring devices enable physician to make accurate diagnosis and determine a treatment plan. For instance, the Reveal LINQ Insertable Cardiac Monitor manufactured by Medtronic, approved by the U.S. Food and Drug Administration (FDA) in 2014, is currently the smallest heart monitor in the market. It can diagnose the cause of infrequent, unexplained fainting spells better than conventional testing.
The global cardiac monitoring devices market is segmented on the basis of product type, application, end-user, and geography.
On the basis of product type, the global cardiac monitoring devices market in segmented into:
- Holter Monitor
- Event Monitor
- Loop Monitor
- Insertable Cardiac Monitor (ICM)
- Mobile Cardiac Telemetry Devices
On the basis of application, the global cardiac monitoring devices market in segmented into:
- Coronary Artery disease
- Ischemic Heart Disease
On the basis of end-user, the global cardiac monitoring devices market in segmented into:
- Diagnostic Centers
- Ambulatory Surgical Centers
North America is expected to dominate the cardiac monitoring devices market over the forecast period, owing to increasing prevalence of cardiovascular diseases in the region
Regional segmentation of cardiac monitoring devices market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among regions, North America is expected to hold a dominant position in global cardiac monitoring devices market over the forecast period. This is owing to increasing prevalence of cardiovascular diseases in the region. According to the American Heart Association (AHA), 2017, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease or the after-effects of stroke. AHA also stated in its report, that direct and indirect costs of cardiovascular diseases and stroke are estimated to account for US$ 316 billion, including health expenditures and lost productivity. Furthermore, Europe is expected to witness significant growth during the forecast period, owing to emergence of innovative cardiac solutions offered by regional manufacturers and rising cases of cardiovascular diseases. For instance, LifeWatch, a manufacturer of two innovative Mobile Cardiac Telemetry (MCT) solutions, LifeWatch MCT 3 Lead and LifeWatch MCT 1 Lead Patch detects, records, and wirelessly transmits asymptomatic and symptomatic arrhythmia to clinicians for analysis. According to European Heart Network and European Society of Cardiology 2015, over 85 million people suffer from cardiovascular disease (CVD) every year, causing over 4 million deaths in Europe.
Moreover, Asia Pacific is also expected to witness high growth during the forecast period, owing to availability of technological advanced products and rising healthcare concern for stroke prevention associated with atrial fibrillation. According to the Japanese Heart Rhythm Society in 2017, the Asian population with atrial fibrillation (AF) is estimated to reach 72 million by 2050, of whom 2.9 million may suffer from AF-associated strokes.
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Increasing FDA clearance for new and innovative products is a major factor fueling cardiac monitoring devices market growth
Key players in the market are focused on various growth strategies such as gaining product approvals, in order to gain competitive edge in the market. For instance, in 2016, the FDA approved wireless continuous non-invasive ‘Beat-by-Beat’ blood pressure and heart rate monitor manufactured by CareTaker Medical based on patented finger cuff technology. The device allows physicians to remotely monitor medical-grade continuous blood pressure and heart rate from anywhere, using only a patient friendly-finger cuff.
Key players in the cardiac monitoring devices market are Philips Healthcare, Medtronic, Boston Scientific, Cardiac Science, LifeWatch, CareTaker Medical, Spacelabs, St. Jude Medical, Kohden, CardioNet, and Mortara Instrument.
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