Arrythmia Monitoring Devices Market to Grow at a CAGR of 6.6% to reach US$ 9,742.95 million from 2021 to 2028

The arrythmia monitoring devices market is projected to reach US$ 9,742.95 million by 2028 from US$ 6,212.59 million in 2021; it is expected to grow at a CAGR of 6.6% from 2021 to 2028.

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

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Arrythmia Monitoring Devices Market: Strategic Insights

Arrythmia Monitoring Devices Market

• 
  CAGR (2021 - 2028)

  6.6%
• Market Size 2021
  US$ 6.21 Billion
• Market Size 2028
  US$ 9.74 Billion

Market Dynamics

GROWTH DRIVERS

• Increase in cardiovascular disease prevalence
• Rising demand for arrhythmia monitoring devices

FUTURE TRENDS

• Rise in telehealth solutions
• Growth in remote patient monitoring for arrhythmia conditions

OPPORTUNITIES

• Growth in cardiovascular health awareness
• Expansion in monitoring technologies for arrhythmia

Key Players

• Abbott
• Koninklijke Philips N V
• General Electric Company
• Hill Rom Holding Inc
• Medtronic
• Biotronik Inc
• AliveCor Inc
• ACS Diagnostics
• Medicalgorithmics

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• ECG Monitors
• Implantable Monitors
• Holter Monitors
• Mobile Cardiac Telemetry

Application

• Bradycardia
• Tachycardia
• Atrial Fibrillation
• Ventricular Fibrillation
• Premature Contraction

End User

• Hospitals and Clinics
• Ambulatory Centers
• Diagnostic Centers

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Market Insights

Increase in Incidence of Cardiovascular Diseases Fuels Arrythmia Monitoring Devices Market Growth

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.

Type-Based Insights

Based on type, the arrythmia monitoring devices market is segmented into ECG monitors, implantable monitors, Holter monitors, mobile cardiac telemetry, and others. The Holter monitors segment held the largest share of the market in 2020. Holter monitors are one of the most preferred choices for cardiac monitoring. Moreover, these devices are capable of long-term usage for diagnosis of sporadic symptoms and offer faster and convenient monitoring. However, the mobile cardiac telemetry segment is expected to grow at the highest CAGR during 2021–2028.

Application -Based Insights

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.
 

End User-Based Insights

Based on by end user, the arrythmia monitoring devices market segmented into hospitals and clinics, ambulatory centers, diagnostic centers, and others. The hospitals and clinics segment held the largest share of the market in 2020. The rising number of multispecialty hospitals and people’s preference for hospitals over other healthcare settings are the prime forces driving the growth of the market for the hospitals and clinics segment. However, the ambulatory centers segment is anticipated to register the highest CAGR in the market during the forecast period.

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.  

Arrythmia Monitoring Devices Market Report Scope

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Arrythmia Monitoring Devices Market – by Type

• ECG Monitors
• Implantable Monitors
• Holter Monitors
• Mobile Cardiac Telemetry
• Others

Arrythmia Monitoring Devices Market – by Application

• Bradycardia
• Tachycardia
• Atrial Fibrillation
• Ventricular Fibrillation
• Premature Contraction
• Other Applications

Arrythmia Monitoring Devices Market – by End User

• Hospitals and Clinics
• Ambulatory Centers
• Diagnostic Centers
• Other End Users

Arrythmia Monitoring Devices Market– by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC

• Middle East and Africa (MEA)

  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

• South and Central America (SCAM)

  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• Abbott
• Koninklijke Philips N.V.
• General Electric Company
• Hill-Rom Holding Inc.
• Medtronic
• Biotronik, Inc.
• AliveCor, Inc
• ACS Diagnostics
• Medicalgorithmics
• OSI Systems, Inc