Arrhythmia Monitoring Devices Market Scope
Market Research Future (MRFR) claims in its new study that the arrhythmia monitoring devices market 2020 will obtain a growth rate of 6.44% from 2018 to 2024 (review period). The study also says that the global market could touch USD 8,087.4 million by 2024.
Primary Drivers and Deterrents
The impact of the COVID-19 outbreak as well as the lockdown on the arrhythmia monitoring devices market has been quite detrimental, given the weakened supply chains and travel bans resulting in high demand-supply imbalance. The manufacturing rate of arrythmia monitoring devices has gone down across various countries since the novel coronavirus, which has caused the leading vendors massive revenue losses. Soaring number of SARS-CoV-2 cases has only worsened the business conditions, amidst the shrinking economic conditions.
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In the coming years, the arrhythmia monitoring devices industry could emerge resilient despite the impact of the novel coronavirus, due to the mounting adoption of telecardiology. Also, various benefits of these devices like portability, convenient monitoring and ease of use also boost their usage in the healthcare industry. Rapid introduction of smart cardiac monitors, surging burden of heart diseases and the rising number of FDA approvals could also mean considerable market growth over the next few years. The amplified demand for lower priced electrocardiogram (ECG) devices, burgeoning patient pool and the fact that most of the firms are spending considerably on research and development also favor the global market.
The key competitive strategies generally employed by players include expansion, acquisition and product innovation. Companies also strive to leverage the opportunities presented by artificial intelligence, big data and IoT and integrate these in their devices to draw in more consumers. For instance, in November 2020, VitalConnect introduced its latest AI-based remote cardiac monitoring device for those patients that require extended periods of monitoring. VitalPatch RTM can be described as an innovative arrhythmia detection tool that tracks nearly 21 cardiac arrhythmias, gathers information with respect to different vital signs including heart rate variability, and respiratory rate in real time.
Arrhythmia Monitoring Devices Market Segmentation
Top segments analyzed in the MRFR study for arrhythmia monitoring devices market are device type, application, and end user.
Device types considered in the MRFR report are implantable cardiac monitor (ICM), resting ECG, event monitor, Holter monitor, mobile cardiac telemetry (MCT) devices, and more.
Conduction disorders, tachycardia, premature ventricular contractions (PVC), atrial fibrillation (A-fib), ventricular fibrillation (V-fib) and bradycardia are the key applications of arrhythmia monitoring devices.
Major end users in the market are diagnostic centers, hospitals & clinics, ambulatory surgery centers (ASC), home care settings, and others. The hospitals and clinics category took the lead by reaching USD 1,740.0 Million in the year 2018.
Arrhythmia Monitoring Devices Market Regional Insight
Arrhythmia Monitoring Devices market has been geographically considered for Europe, Asia Pacific or APAC, MEA or Middle East and Africa and the Americas.
America has taken the lead in the global market, backed by the widespread availability of a number of advanced treatment options for arrhythmia, including implanted defibrillators, artificial pacemakers and antiarrhythmic drugs. Favorable reimbursement schemes along with the players expending large-scale amounts on exhaustive R&D activities to design arrhythmic monitoring devices with better features ensure that the American market remains at the top spot in the following years.
Europe has secured the second place in the global Arrhythmia Monitoring Devices Market, in view of the escalating use of latest cardiac arrhythmia monitors by the healthcare industry in line with the mounting cases of cardiac ailments in the region. In 2018, the regional market was led by Spain, which seized a total share of 5.5% as a result of the increasing availability of numerous smartphone applications that help monitor and connect the patients with doctors at any point of time. Also, clinics and hospitals make huge efforts to have arrhythmia care in their routine treatment procedures, which is another essential growth booster in the European market.
Asia Pacific can most likely emerge as the fastest growing market over the review timeline, by virtue of burgeoning population along with the emergence of modern technologies such as wearables like fabric monitoring systems, fitness monitors and mobile monitoring systems. Increased preference for home‐based and portable arrhythmia monitoring products combined with the improving reimbursement scenario also drive the market expansion rate in the region.
Top Market Firms
Some of the affluent firms analyzed in the MRFR market study are Spacelabs Healthcare (US), Biotronik (Germany), Abbott Laboratories (US), Medtronic plc (Ireland), Alive Cor, Inc. (US), BioTelemetry, Inc. (US), Fukuda Denshi Co. Ltd (Japan), Applied Cardiac Systems Inc. (US), Nihon Kohden Corporation (Japan), GE Healthcare (US), and more.
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