Market Research Future (MRFR) claims that the arrhythmia monitoring devices market should progress at a rate of 6.44% from 2020 to 2027 (review period). The global market is also likely to USD 8,087.4 million by 2027.
Primary Boosters and Challenges
The COVID-19 outbreak has sent the arrhythmia monitoring devices market reeling with a number of challenges, in the form of travel bans and vulnerable supply chains. The lockdown has resulted in a huge demand-supply gap. There has been a sharp decline in the manufacturing rate across countries with the novel coronavirus causing the leading players huge losses. The relentless surge in the number of SARS-CoV-2 cases has been unfavorable for the business scenario, as economic conditions continue to deteriorate. Moreover, the healthcare industry is focusing mostly on bringing down these cases, which also works against the arrhythmia monitoring devices industry to some extent.
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With that said, the arrhythmia monitoring devices industry has the potential to maintain a steady growth throughout the review timeframe, as telecardiology continues to gain traction. Mounting awareness regarding the host of benefits these devices offer, such as convenient monitoring, ease of use and portability also foster their adoption rate. Latest studies confirm that close to 20 percent of adults worldwide are most likely to experience several types of premature ventricular heartbeats. Another report reveals that over 850,000 Americans have to be hospitalized due to arrhythmia every year. These statistics have been soaring rapidly and therefore, raise the need for advanced equipment and tools that can ensure effective and continuous monitoring. Expanding elderly population, in tandem with introduction of new and more innovative cardiac management monitoring devices should foster the growth trajectory of the global market.
Emergence of smart cardiac monitors, heavy burden of heart ailments and the rise in FDA approvals can also translate into considerable revenue generation in the next couple of years. Besides, the heightened preference for cost-effective electrocardiogram devices, and firms spending generously on R&D activities to come up with systems with better features should also favor the global market in the following years. Players frequently make strategic moves such as production expansion, technical innovations, and acquisition to improve their market rankings. Companies are also working on leveraging the potential of artificial intelligence, IoT and big data by integrating these technologies into their devices, to enhance their appeal.
Top segments considered in the study of the arrhythmia monitoring devices market include device type, application, and end user.
Device types analyzed in the report include mobile cardiac telemetry (MCT) devices, resting ECG, implantable cardiac monitor (ICM), Holter monitor, event monitor, among others.
Conduction disorders, premature ventricular contractions (PVC), tachycardia, ventricular fibrillation (V-fib), bradycardia and atrial fibrillation (A-fib) are some of the major applications covered in the report.
Home care settings, diagnostic centers, ambulatory surgery centers (ASC) and hospitals & clinics, are some of the top end-users in the market. The leading spot has been procured by the hospitals and clinics segment, which touched USD 1,740.0 Million in 2018.
Arrhythmia monitoring devices industry can be regionally divided into Europe, Asia Pacific (APAC), MEA or Middle East and Africa as well as the Americas.
America has emerged as the most profitable market, on account of the easy availability of highly innovative and effective options for arrhythmia, such as artificial pacemakers, antiarrhythmic drugs and implanted defibrillators. The region’s favorable reimbursement policies and the vast pool of renowned firms that spend significantly on rigorous R&D activities also enhance the market share.
Europe is currently the second most lucrative market, given that the adoption rate of cardiac arrhythmia monitors in the region is significantly high in line with the escalating cases of cardiac disorders. In 2018, the lead was taken by Spain in the region, accounting for a share of 5.5% in view of the surging use of smartphone applications bridging the communication gap between patients and doctors. Moreover, with clinics and hospitals striving to include arrhythmia care in routine treatment procedures, the European market is bound to fare well in the years to come.
Asia Pacific should progress at the fastest rate in the following years, as a result of the exploding population and the continuous surge in the use of latest technologies like wearables such as fitness monitors, mobile monitoring systems and fabric monitoring systems. Soaring preference for compact, home‐based, and portable monitoring devices along with the improving reimbursement scenario will also benefit the APAC market in subsequent years.
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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