Increase in cardiovascular disease incidence and surge in geriatric population are the major factors contributing to the market growth. However, high cost of products and procedures restrains the market growth. Arrhythmia refers to irregularities in heartbeats, wherein the heart may beat too fast or slow. Arrhythmia monitoring devices are used to track the function of the heart sustaining a continuous record of the heart function and report any abnormalities in the rhythm of the heart.
APAC countries are witnessing rise in COVID-19 cases. As part of its short-term impact, the COVID-19 pandemic has underlined the need to revise regulatory process and bring changes in the research and development processes. Moreover, there has been a significant drop in in-patient and out-patient visits for private hospital chains. To relieve healthcare systems, many clinics have been postponing noncritical cardiac surgeries. As per a report published in the British Journal of Surgery, the number of operations cancelled in India is estimated at 48,728 per week. These events are likely to have a negative impact on Asia Pacific arrhythmia monitoring devices market
The world has witnessed notable developments in arrythmia monitoring devices in the last decade, offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, and ventricular atrial fibrillation. The growing prevalence of arrhythmia and other cardiovascular diseases (CVDs) such as bradycardia, tachycardia, atrial fibrillation, ventricular fibrillation, and premature contraction is encouraging the introduction of improved diagnostic methods. Cardiac monitoring systems are simpler and quicker tools used for detecting arrhythmias, which has added to their popularity. According to the World Health Organization (WHO), CVDs are among the leading causes of death worldwide, and ~30 million people experience a stroke each year. According to the American Heart Association, almost half of all adults in the US have a type of CVD. Furthermore, more than 130 million people, i.e., 45.1%, of the US population, are projected to have a type of CVD by 2035. Further, lifestyle changes lead to the rise in the incidence of diseases such as diabetes, hypertension, dyslipidemia, and obesity, contributing to a surge in CVD cases across the world. Most types of CVDs can be prevented through pre-monitoring and pre-diagnosis. Likewise, arrhythmias, i.e., abnormalities in the heart functioning, can be averted with early diagnosis. The demand for arrhythmia monitoring devices is increasing as these devices can help save patients that are at a high risk of cardiac arrest.
Based on application, the arrythmia monitoring devices market is segmented into bradycardia, tachycardia, atrial fibrillation, ventricular fibrillation, premature contraction, and others. The atrial fibrillation segment held the largest share of the market in 2020 and is estimated to register the highest CAGR during the forecast period. The market growth for the atrial fibrillation segment can be attributed to elevating prevalence of atrial fibrillation and rise in aging population.
Companies operating in the arrythmia monitoring devices market emphasize on adopting the product innovations strategy to meet the evolving customer demands across the world, which also permits them to maintain their brand name in the global market.
The regional trends and factors influencing the Arrythmia Monitoring Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Arrythmia Monitoring Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 6.21 Billion |
| Market Size by 2028 | US$ 9.74 Billion |
| Global CAGR (2021 - 2028) | 6.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
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| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Arrythmia Monitoring Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Arrythmia Monitoring Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Arrythmia Monitoring Devices Market
The Arrythmia Monitoring Devices market majorly consists of the players such as Abbott, Koninklijke Philips N.V., General Electric Company, Hill-Rom Holding Inc., Medtronic, Biotronik, Inc., AliveCor, Inc, ACS Diagnostics, Medicalgorithmics, and OSI Systems, Inc amongst others.
The factors that are driving growth of the market are Increase in cardiovascular disease incidence, rising developments in cardiovascular devices, and surge in geriatric population. Also, high penetration in developing nations is accelerating the growth of the market.
Arrhythmia refers to irregular heartbeat where the heart may beat too fast, too slowly, too early, or irregularly. Arrhythmia monitoring devices are used to track the function of the heart sustaining a continuous record of the heart function and report any abnormalities in the rhythm of the heart.