The Cardiac Monitoring Devices Market is projected to experience a compound annual growth rate (CAGR) of 5.4% between 2023 and 2028. This growth can be attributed to several factors, including the increasing prevalence of cardiovascular diseases, advancements in product technology, a growing elderly population, sedentary lifestyles, and heightened awareness campaigns about cardiovascular health. Some of the key market players operating in the Cardiac Monitoring Devices market include Boston Scientific Corporation, Neurosoft, ACS Diagnostics, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, GENERAL ELECTRIC COMPANY, ZOLL Medical Corporation (Asahi Kasai Company), AliveCor Inc, Bexen Cardio, iRhythm Technologies, Inc., Metrax GmbH, Koninklijke Philips N.V., Osypka Medical GmbH, and others.
DelveInsight’s “Cardiac Monitoring Devices Market Insight, Competitive Landscape, and Market Forecast 2028” research report provides the current and forecasted Cardiac Monitoring Devices market size, share, and trends analysis for the next five years. Moreover, it highlights the ongoing innovations in the segment, major market drivers & barriers, key competitors, and emerging devices in the domain.
Cardiac Monitoring Devices Market: Overview
Cardiac Monitoring Devices are medical devices used to monitor and record the electrical activity of the heart over a period of time. These devices are essential in diagnosing and managing various heart conditions. They can be used in various settings, including hospitals, clinics, and even at home. Some of the common types of Cardiac Monitoring Devices include Electrocardiogram (ECG or EKG), Holter Monitor, Event Monitor, Implantable Cardiac Monitor (ICM), Cardiac Stress Test Equipment, and Cardiac Event Recorder.
The escalating demand for Cardiac Monitoring Devices can be attributed to several compelling factors. Foremost, the prevalence of cardiovascular diseases is on the rise globally, necessitating enhanced monitoring and early detection tools. Additionally, continuous technological advancements in these devices have not only improved their accuracy but also made them more user-friendly and accessible to a wider population.
As the world’s demographic profile shifts towards an aging population, the incidence of heart-related ailments is increasing, further fueling the need for monitoring solutions. Sedentary lifestyles and unhealthy dietary habits prevalent in modern society have also contributed to the surge in cardiovascular conditions, prompting individuals to seek proactive monitoring for early intervention. Moreover, heightened awareness campaigns and healthcare initiatives aimed at promoting cardiovascular health have played a pivotal role in encouraging regular monitoring, especially among those at risk, fostering a sustained demand for Cardiac Monitoring Devices.
To provide a better understanding of the market dynamics, DelveInsight’s “Cardiac Monitoring Devices Market” report provides a detailed assessment by product type (ECG devices, implantable loop recorders, event recorders, echocardiogram, mobile cardiac telemetry, and others), and by end-user (hospitals, ambulatory surgical centers, home care settings, and others).
As per DelveInsight, Within the product category of Cardiac Monitoring Devices, the ECG monitors segment is projected to capture the greatest market share throughout the forecast period. ECG systems have traditionally served as the most frequently employed tools for cardiac monitoring purposes. These devices are typically encountered in hospital environments and have long been the established and favored method for monitoring patients’ ECG. In addition to their status as one of the earliest technologies available, these devices are cost-effective to acquire for healthcare institutions, rendering them a budget-friendly diagnostic option for patients.
As per the WHO, cardiovascular diseases (CVDs) stand as the primary global cause of mortality, responsible for an estimated 17.9 million fatalities annually. As per the European Society for Cardiology (ESC), cardiovascular disease (CVD) leads to 3.9 million fatalities annually in Europe, with over 1.8 million of those occurring within the European Union. These statistics account for approximately 45% of all deaths in Europe and 37% in the EU. CVDs encompass a category of disorders that primarily impact the heart and blood vessels, encompassing conditions such as coronary heart disease, rheumatic heart disease, and cerebrovascular disease, among others. The increasing prevalence of cardiovascular diseases has spurred greater demand for Cardiac Monitoring Devices, as early detection and continuous monitoring become essential for managing and preventing CVD-related complications.
Likewise, conditions like atherosclerosis and arrhythmias can significantly impact patients’ quality of life. In numerous instances, the severity of cardiovascular diseases (CVDs) can be mitigated through regular monitoring of cardiac rhythms and activities. This can be accomplished by employing cardiac monitoring equipment, including ECG monitors and implantable cardiac monitors, among others. These tools empower both healthcare providers and patients to oversee cardiac health, whether through continuous or periodic monitoring, ultimately enhancing disease prognosis and enabling early disease detection. Consequently, the Cardiac Monitoring Devices market is poised for substantial growth in response to the escalating global prevalence of CVDs.
Nevertheless, obstacles to the growth of the Cardiac Monitoring Devices market include the lack of essential healthcare infrastructure in developing economies and the rigorous regulatory procedures for product approvals. These challenges can potentially hinder the expansion of this vital healthcare sector, limiting its accessibility and adoption, especially in regions where healthcare resources are limited.
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In the realm of Cardiac Monitoring Devices, North America is anticipated to seize the largest market share. This dominance is attributed to the rising incidence of cardiovascular diseases. According to data from the CDC, heart disease stands as the foremost cause of mortality across various demographic groups in the United States, affecting both men and women from diverse racial and ethnic backgrounds. Approximately 655,000 Americans lose their lives to heart disease annually, underscoring the alarming prevalence and impact of this condition on public health in the country. The availability of advanced healthcare infrastructure, and increasing public awareness about the advantages of cardiac monitoring are other key factors. Collectively, these factors are projected to exert significant influence, propelling the overall expansion of the Cardiac Monitoring Devices market throughout the forecast period.
The region benefits from a significant presence of prominent industry players, and it is reinforced by supportive reimbursement programs that encompass not only the costs associated with implantable devices but also the related procedures. This comprehensive coverage acts as a compelling incentive, fostering a greater inclination among individuals to choose these devices for their cardiac health needs.
Given the substantial population of patients in the United States, along with the introduction of new product offerings, the outlook for the Cardiac Monitoring Devices market appears highly favorable within the country. This robust combination of factors signals a promising landscape for the growth and adoption of such medical devices in the U.S. healthcare sector.
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Over the years, the Cardiac Monitoring Devices market has evolved significantly, owing to the active participation of the global MedTech companies and technological advancements in the domain. Similarly, several clinical, commercial, and regulatory developments have also been registered in the domain. Some of the major advancements in the Cardiac Monitoring Devices market in recent years include –
- On August 10, 2023, Acorai announces that the U.S. Food and Drug Administration (FDA) had granted Breakthrough Device Designation for Acorai’s Heart Monitor, a device for the non-invasive estimation of diastolic pulmonary artery pressure (dPAP), systolic pulmonary artery pressure (sPAP), and mean pulmonary artery pressure (mPAP) in patients with Stage C Heart Failure who have been referred for hemodynamic monitoring.
- On August 8, 2023, Boston Scientific Corporation announced it has received FDA approval for the Polarx cryoablation system, which is indicated for the treatment of patients with paroxysmal atrial fibrillation (AFib).
- On July 11, 2023, AccurKardia announced today that its flagship product, the AccurECG™ Analysis System (“AccurECG” or the “System”), has been granted FDA 510(k) clearance. AccurECG™ is a cloud-based, device-agnostic and fully automated electrocardiogram (ECG) interpretation software platform.
- On May 18, 2023, Abbott (NYSE: ABT) announced its Assert-IQ™ insertable cardiac monitor (ICM) had received U.S. Food and Drug Administration (FDA) clearance, giving physicians a new option for diagnostic evaluation and long-term monitoring of people experiencing irregular heartbeats.
- In July 2022, AliveCor’s electrocardiogram (ECG) device, KardiaMobile 6L received the 510(k) clearance by the US Food and Drug Administration (FDA). KardiaMobile 6L is the first-ever handheld ECG device to receive FDA approval for QTc measurement in patients.
- In June 2022, Angel Medical Systems Inc received the US FDA approval for their enhanced real-time cardiac monitor for acute coronary syndrome (ACS) events. The device is the world’s first implantable cardiac detection monitor and patient-warning system for ACS events, including silent heart attacks. This is a second-generation device with enhanced features such as ease-of-use adaptations and an updated, long-life battery that could potentially improve the longevity of the implanted device.
- In May 2022, iRhythm Technologies Inc. received the US FDA 510k clearance for the one new and improved design of its flagship monitor. The Zio ambulatory cardiac monitoring patch detects AFib. The new monitor offers increased adherence and better patient comfort, the company said.
- In June 2020, Boston Scientific Corporation received 510k approval from the US Food and Drug Administration for the LUX-Dx™ Insertable Cardiac Monitor (ICM) System which is a long-term implantable diagnostic device for the detection of arrhythmias associated with conditions such as cryptogenic stroke, atrial fibrillation (AF), and syncope.
Learn more about major clinical and commercial development in the market @ Cardiac Monitoring Devices Market – Clinical and Commercial Development Activities
Globally, some of the leading MedTech giants working in the Cardiac Monitoring Devices market include Boston Scientific Corporation, Neurosoft, ACS Diagnostics, Medtronic, Abbott, BIOTRONIK, Microport Scientific Corporation, GENERAL ELECTRIC COMPANY, ZOLL Medical Corporation (Asahi Kasai Company), AliveCor Inc, Bexen Cardio, iRhythm Technologies, Inc., Metrax GmbH, Koninklijke Philips N.V., Osypka Medical GmbH, and others. Due to increasing demand and favorable revenue generation prospects, a number of new entrants are expected to join the market, resulting in heightened competitiveness within the sector.
Learn how new players’ entries will transform the market dynamics in the coming years @ Cardiac Monitoring Devices Competitive Landscape
Scope of the Cardiac Monitoring Devices Market Report:
- Study Period – 2020-2028
- Geography Covered – North America, Europe, Asia-Pacific, and Rest of the World
- Cardiac Monitoring Devices Market Assessment
- By Product Type – ECG Devices, Implantable Loop Recorders, Event Recorders, Echocardiogram, Mobile Cardiac Telemetry, and Others
- End-User – Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s Views
Table of Content
|3||Regulatory and Patent Analysis|
|4||Cardiac Monitoring Devices Market Key Factors Analysis|
|5||Cardiac Monitoring Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on the Cardiac Monitoring Devices Market|
|7||Cardiac Monitoring Devices Market Layout|
|8||Cardiac Monitoring Devices Global Company Share Analysis – Key 3–5 Companies|
|9||Cardiac Monitoring Devices Product Profiles and Key Companies|
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