Arrhythmia monitoring devices are used to monitor the irregular heartbeats of patients and take preventive measures against strokes and heart attacks. These devices play an important role in diagnosing cardiovascular conditions. They have been adapted across healthcare establishments to assist doctors and physicians in their diagnosis. The global arrhythmia monitoring devices market report by Market Research Future contains pertinent drivers and challenges to be faced by existing players and new entrants for the period between 2019 and 2024 (forecast period).
Arrhythmia Monitoring Devices Market Outlook
The global arrhythmia monitoring devices market size is projected to grow at 6.44% CAGR over the forecast period to reach USD 8,087.4 million by 2024, according to a new research report from Market Research Future (MRFR). It is mainly driven by the growing prevalence of arrhythmia and rising technological advancement in monitoring devices. The use of these devices can prevent the possibility and lower the clinical burden on patients.
Various devices such as electrocardiograms (ECGs) for detecting irregular heartbeats and development of wearable devices can bolster the market demand till 2024. In addition, miniaturization of processors and improvement in battery times can influence the purchasing power of heads of healthcare centers globally. Rising cases of strokes and cardiovascular diseases can be an indicator of the dire need for heart monitoring devices and the high demand in arrhythmia monitoring devices market.
However, high costs of devices and frequent product recalls can impede the market growth.
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Arrhythmia Monitoring Devices Market Segmentation:
The global arrhythmia monitoring devices market has been segmented based on device type, service providers, application, and end use.
On the basis of device type, the arrhythmia monitoring devices market has been classified into implantable cardiac monitors, mobile cardiac telemetry devices, resting ECG devices, ECG stress test devices, Holter monitors, and others.
On the basis of service providers, the market is segmented into mobile cardiac telemetry monitoring service providers, independent diagnostic testing facilities/clinics, others.
On the basis of application, the market has been classified as bradycardia, tachycardia, atrial fibrillation, ventricular fibrillation, premature contraction, conduction disorders, and others.
On the basis of end use, the arrhythmia monitoring devices market has been segmented into hospitals & clinics, ambulatory surgery centers, diagnostic centers, home care settings, long term care centers, emergency medical services. Hospitals & clinics accounted for close to USD 1740 million in 2018. This is attributed to its abundance of skilled physicians and ability to procure the latest equipment in detection of heart conditions.
Arrhythmia Monitoring Devices Market Regional Analysis:
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions considered during the formation of the global arrhythmia monitoring devices market report.
North America is predicted to dominate the global arrhythmia monitoring devices market till the end of the forecast period. Factors driving the market in the region include the healthcare expenditure allocated for citizens, favorable reimbursement program, and a large patient pool diagnosed with heart disorders. Developments of electronic devices and large storage options can bode well for the global market. Faster transmission of recordings between different devices such as ECG devices and Holter monitors combined with new algorithms designed for sifting through huge data volumes can drive the market growth.
Europe is the second largest region in the market due to the large number of cardiac occurrences. Spain accounted for 55.5% share of the region in 2018. The surge in remote patient monitoring and the uptick in the geriatric populace can drive the regional market growth.
Arrhythmia Monitoring Devices Market Competitive Analysis:
Leading players in the global arrhythmia monitoring devices market include GE Healthcare, Koninklijke Philips, iRhythm Technologies Inc., Applied Cardiac Systems, Aurora Resurgence, Fukuda Denshi, Medi-Lynx Cardiac Monitoring, BioTelemetry Inc., Medtronic, Nihon Kohden Corporation, Biotronik, AliveCor Inc., Welch Allyn, Abbott, Preventice Solutions Inc., NUUBO Smart Solutions Technologies, Spacelabs Healthcare, and Cardiac Science Corporation.
Arrhythmia Monitoring Devices Industry Updates:
In 2019, Omron Healthcare launched a new device, HeartGuide, which can assist patients tracking irregular heartbeats and take preventive costs. This can be used to detect arrhythmia in cardiac patients. The data can record close to 100 readings of the heart and transfer it to a mobile application for a faster review by respected physicians.
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