July 19, 2024
Cardiac Arrhythmia Monitoring Devices Market

Surging Prevalence of Cardiovascular Diseases to Drive Growth of the Global Cardiac Arrhythmia Monitoring Devices Market

The global Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cardiac arrhythmia monitoring devices are used for cardiac arrhythmia diagnosis and monitoring in patients who experience irregular heartbeats, palpitations or dizziness. These devices help doctors identify arrhythmias and determine appropriate treatment. Common cardiac arrhythmia monitoring devices include Holter monitors, event monitors, mobile cardiac outpatient telemetry (MCOT) monitors and implantable loop recorders. Holter monitors provide continuous monitoring for 24 to 48 hours by recording heart activity. Event monitors can record heart activity for 1 to 4 weeks. MCOT monitors use mobile technology to transmit heart activity in real-time for up to 30 days. Implantable loop recorders are implanted surgically to continuously monitor the heart for up to 3 years.

Market key trends:

The global cardiac arrhythmia monitoring devices market is driven by the rising cases of cardiovascular diseases worldwide. As per the World Health Organization, cardiovascular diseases account for approximately 17.9 million deaths globally every year. rising obesity levels, growing geriatric population and increasing prevalence of unhealthy lifestyle habits such as smoking, excessive alcohol consumption and lack of physical activity are fueling the incidence of cardiovascular disorders. Additionally, technological advancements in cardiac monitoring devices offering improved arrhythmia detection capabilities and remote monitoring features are propelling the market growth. However, high cost of these devices limits their adoption in low-income countries.

Porter’s Analysis

Threat of new entrants: Low capital requirements and high switching costs restrict new companies from entering this market.
Bargaining power of buyers: The buyers have moderate bargaining power due to the availability of substitutes and differentiation in product offerings by key players.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power as the key players have access to varied raw material suppliers globally.
Threat of new substitutes: Low threat of new substitutes due to the lack of alternatives for continuous monitoring of cardiac arrhythmias.
Competitive rivalry: High due to the presence of global leaders differentiated based on technology and service.

Key Takeaways

The Global Cardiac Arrhythmia Monitoring Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing incidence of cardiac arrhythmias and technological advancements in monitoring devices.

The North America cardiac arrhythmia monitoring devices market accounted for the largest revenue share in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to the rising prevalence of cardiovascular diseases, growing geriatric population, and availability of advanced healthcare facilities.

Key players operating in the cardiac arrhythmia monitoring devices market include Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry. Major players are focusing on new product launches and geographical expansion to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it