Arrhythmia Monitoring Devices Market Report Information by Device Type (Resting ECG, Event Monitor, Holter Monitor, Others), by Application (Tachycardia, Bradycardia, Others), By End User (Hospitals and Clinics, Others) and Region - Global Forecast till 2024
Global arrhythmia monitoring devices market is expected to grow at a strong 7% CAGR over the forecast period from 2018 to 2023, according to a new research report from Market Research Future (MRFR). The global arrhythmia monitoring devices market is mainly driven by the growing prevalence of arrhythmia and rising technological advancement in monitoring devices. The rising healthcare expenditure in emerging regions as well as developed economies is also likely to remain a major factor in the global arrhythmia monitoring devices market’s progress over the forecast period.
Arrhythmia monitoring devices are used to monitor the heartbeat of patients with arrhythmias, i.e. fluctuations in the normal rate and pattern of the heartbeat. The heart beating too slowly, too fast, or irregularly can be a sign of deeper, more serious cardiovascular problems. Thus, arrhythmia monitoring devices play an important role in diagnosing cardiovascular conditions and checking their progress. Arrhythmia monitoring devices are useful in not only tracking the heartbeat of a patient over a long period of time, but also in alerting medical authorities in cases of emergency, as rapid changes in the heartbeat patterns can only indicate heart problems. Thus, their use has become widely prevalent in medical establishments all over the world, leading to progress of the global arrhythmia monitoring devices market.
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The increasing technological advancement in arrhythmia monitoring devices is likely to be a key driver for the market and a key point of contention in terms of the competition in the market. Coming up with more efficient arrhythmia monitoring devices is likely to be rewarded by success and is thus likely to be a key agenda for major players in the global arrhythmia monitoring devices market. The increasing healthcare expenditure around the world is also likely to be a major driver for the global arrhythmia monitoring devices market, as the number of monitoring devices sold in government hospitals in emerging countries is increasing rapidly. The increasing investment in private hospitals in emerging countries is thus also likely to be a major factor for the global arrhythmia monitoring devices market over the forecast period.
The global arrhythmia monitoring devices market has been segmented based on device type, service providers, application, end use, and region.
On the basis of devices, 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.
The global arrhythmia monitoring devices market is likely to be dominated by North America over the forecast period. Widespread availability of technologically advanced arrhythmia monitoring devices in North America, led by the U.S. and Canada, is the major driver for the regional segment. The growing prevalence of cardiac arrhythmias in the U.S., due to lifestyle factors such as sedentary lifestyle and excessive smoking, is likely to be a major driver for the arrhythmia monitoring devices market in the region over the forecast period.
Europe also holds a major share in the global arrhythmia monitoring devices market and is likely to remain a leading contributor due to the growing prevalence of arrhythmia in the region. According to the European Heart Network, close to 4 million deaths occur in Europe every year due to cardiovascular diseases.
Leading players in the global arrhythmia monitoring devices market include Cardiac Science Corporation, Koninklijke Philips, Welch Allyn, Nihon Kohden Corporation, BioTelemetry Inc., Biotronik, Abbott, Aurora Resurgence, Medi-Lynx Cardiac Monitoring, Preventice Solutions Inc., iRhythm Technologies Inc., Applied Cardiac Systems, Medtronic, AliveCor Inc., Fukuda Denshi, Spacelabs Healthcare, GE Healthcare, and NUUBO Smart Solutions Technologies.
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In February 2019, CardioComm received FDA clearance for a new ECG device named HeartCheck CardiBeat.