The Global Cardiac Arrhythmias Monitoring Devices Market is forecast to reach USD 7.1 Billion by 2032, according to a new report by Reports and Data.
Various factors have contributed to the market growth of the industry. One of the significant factors in this context has been the rise in the rate of occurrence of arrhythmias and the associated mortality. Such an increase in mortality rate associated with arrhythmias is a significant factor that has boosted the industry. The rise in the mortality rate associated with arrhythmias has also promoted the government in increasing its investments in the industry. The increase in the investments has resulted in advancements in cardiac arrhythmias monitoring devices like mobile cardiac telemetry devices. Such improvements enhance the applicability and ease of use of these devices, which in turn have a positive impact on the sector.
In addition to that, cardiac arrhythmias monitoring devices also have diverse applicability apart from recording the heartbeat, like alerting the care providers in case of emergencies. Such varied applicability of these devices also results in promoting the sector and contributes to its market growth.
In context to region, North America holds the largest market share because of the easy availability of technologically advanced arrhythmia-monitoring devices in this region and an increase in the prevalence of cardiac arrhythmias. There has also been an increased investment for R&D in this region, contributing to market dominance in this region.
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Further key findings from the report suggest
- Availability of low-cost ECG services and devices is having a positive impact on the growth of the sector.
- Increased awareness level about cardiac health and arrhythmias is also boosting the growth of this industry.
- In regards to devices, the resting ECG devices segment is leading the market and is forecasted to occupy 37% of the market share by 2028 with a CAGR of 7.2% during the forecast period. The reason for this segment to lead the market is applicability in detecting arrhythmias in an individual is in a resting position, making it applicable in hospital admissions.
- Constant focus on technological advancement in the monitoring devices segment is also boosting the growth rate of the industry.
- In regards to the technology segment, digital health technology holds the largest market share of 36% in the year 2020, with a growth rate of 6.9% during the forecast period. Factors contributing to its market share are a long association in the healthcare industry and its applicability in transferring data that helps in managing the health condition.
- In context to the distribution channel, the dominance of retail pharmacies is observable that holds 69% of the market in 2020, and it is forecasted to witness a growth rate of 6.7%. Factors like the requirement of expert understanding for distributing the devices and specific regulations regulating the market are the boosting factors for the industry in this segment.
- The broad applicability of cardiac arrhythmias monitoring devices in the management of arrhythmias is one of the major contributing factors for its growth. In regards to application, atrial fibrillation occupies the largest market share of 30% in 2020 with a growth rate of 6.9% during the forecast period. The high rate of prevalence of the condition makes the application of the devices necessary for its management and results in its market dominance.
- In the end users segment, hospitals occupy the largest market share of 36% in 2020 with the highest growth rate of 7.2% during the forecast period. Factors like rise in the prevalence of arrhythmias, and related hospital admissions are the contributing reasons for its market dominance.
- North America is forecasted to hold the largest market share of 33% of the market by 2028, with a growth rate of 6.9% during the forecast period. Presence of technologically advanced arrhythmia monitoring devices and a high prevalence of cardiac arrhythmias results in boosting the market in this region.
- Key participants include iRhythm Technologies, Welch Allyn, Applied Cardiac Systems, Medtronic, Biotelemetry, Cardiac Science Corporation, Spacelabs Healthcare, Fukuda Denshi, Preventice Solutions, Jude Medical, Nihon Kohden Corporation, AliveCor, and NUUBO Smart Solutions Technologies.
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For the purpose of this report, Reports and Data have segmented the global cardiac arrhythmias monitoring devices market based on Device Type, Technology, Distribution channel, Application and End-user, and Region:
Device Type Outlook (Revenue, USD Billion; 2022-2032)
- Mobile Cardiac Telemetry Devices
- Resting ECG Devices
- Holter Monitors
- ECG Stress Test Devices
- Ambulatory ECG
Technology Type Outlook (Revenue, USD Billion; 2022-2032)
- Mobile Cardiac Telemetry Monitoring (MCT/MCOT)
- Digital Health Technology
- Smart Wearable ECG Monitors
- Artificial Intelligence
Distribution channel Type Outlook (Revenue, USD Billion; 2022-2032)
- Retail pharmacies
- Online pharmacies
Application Type Outlook (Revenue, USD Billion; 2022-2032)
- Ventricular Fibrillation
- Atrial Fibrillation
- Bradycardia
- Premature Contraction
- Conduction Disorders
- Tachycardia
End-user Outlook (Revenue, USD Billion; 2022-2032)
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
- Homecare Settings
- R&D Centers
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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