Market Overview
The global cardiac monitoring devices market was valued at USD 7,267.7 million in 2018 and is forecasted to reach USD XX million by 2029, with a CAGR of 5.9% during the forecast period (2022-2029).
Cardiac monitoring is related to continuous monitoring of heart activity in patients using electrocardiography (ECG) techniques. It is also used to monitor the electric functionality of the heart. The increasing ageing population, changes in lifestyles along with growing chronic diseases including heart disorders are driving the growth of cardiac monitoring devices in recent years. Advancements in cardiac monitors that are able to monitor for a longer time period, allow for easy mobility, data recording and analysis remotely that assists patients and physicians to minimize healthcare costs will drive the growth of the global cardiac monitoring market in coming years.
In May 2019, Abbott today launched a new, smarter heart monitor for better arrhythmia detection—positive news for people at risk for irregular heartbeats.
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Market Dynamics
The increasing prevalence of cardiovascular diseases is driving the demand for cardiac monitoring devices globally. The prevalence of Heart artery disease is found majorly in Eastern Europe, followed by Central Asia and Central Europe, with increasing rates
were also seen in some parts of sub-Saharan Africa, the Middle East/North Africa region, and South Asia.
Critical surgeries such as in the operating rooms or ICUs use cardiac monitors to monitor patients’ heart data. rising critical care surgeries such as stem cell transplantations which are undertaken in ICUs, where cardiac monitoring is necessary. Thus increasing critical surgical procedures are driving the growth of the cardiac monitoring devices market. Implantable cardiac monitors also require surgery to be inserted under the skin.
Market Segmentation
By Product
By End-User
By Region
By Product – Resting ECG Devices
Factors contributing to the growth of the market are improved clinical accuracy due to advanced data analysis tools, new product launches, and various technological advancements for better care and accurate diagnosis.
Partnerships among ECG manufacturers to develop a better exchange of information through Cardiovascular Information Systems and Electronic Health records are anticipated to boost the ECG equipment market by simplifying ECG workflow and reducing the complexity associated with custom integration.
Geographical Analysis:
Increasing technological developments, product launches, and collaborative agreements among manufacturers are driving the growth for new product developments, which increasing product portfolio, in turn, enhances market opportunity.
Rising competition among players and the high cost of devices is restraining the market for cardiac monitors in North America.
Koninklijke Philips N.V., AliveCor, Inc., Johnson & Johnson, GE Healthcare, Spacelabs Healthcare, and Welch Allyn are the prominent players in the cardiac monitoring market in North America.
Competitive Landscape
The global cardiac monitoring market is competitive and is fragmented with the presence of multiple multinational and local/regional vendors.
GE Healthcare, Hill-Rom, Medtronic, Philips Healthcare and Abbott are considered as top five players in the market.
The top five companies in the market occupied more than XX.X% of the market share in 2018. the leading players in the market are focusing on product innovations, significant R&D investments, and to offer technologically advanced products.
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