by Cardiac arrhythmia monitoring devices are medical devices used to detect abnormal heart rhythm or arrhythmia. These devices help monitor and diagnose arrhythmias such as atrial fibrillation, ventricular tachycardia, and bradycardia. Cardiac arrhythmia monitoring devices include event monitors, mobile cardiac telemetry devices (MCT), implantable loop recorders (ILR), and Holter monitors. Event monitors detect irregular heartbeats and enable long-term continuous cardiac monitoring for up to 30 days. MCT devices continuously monitor heart rhythm and detect any irregular heartbeat. ILRs are implantable devices used to detect arrhythmias in patients who experience infrequent or asymptomatic episodes. Holter monitors are portable devices used to detect heart rhythm for 24 to 48 hours.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increased demand for continuous cardiac monitoring solutions is one of the major drivers of the cardiac arrhythmia monitoring devices market. Continuous monitoring devices such as MCT and event monitors provide long-term cardiac monitoring without interrupting patients’ daily activities. This enables early detection of arrhythmias and timely diagnosis and treatment. According to a research published in European Heart Journal in 2021, continuous cardiac monitoring was associated with earlier diagnosis of atrial fibrillation as compared to intermittent Holter monitoring. Continuous monitoring solutions reduce the requirement of repeated hospital visits, thereby improving patient convenience and experience. Moreover, technological advancements such as remote monitoring and integration of devices with smartphones and tablets further augment their demand. However, high cost of these devices remains a major limiting factor, especially in price-sensitive developing regions.
Segment Analysis
The cardiac arrhythmia monitoring devices market can be segmented into implantable cardiac monitors, event monitors, cardiac loop monitors, mobile cardiac telemetry devices, holter monitors, and electrocardiography (ECG) monitoring devices. The implantable cardiac monitors segment is dominating the market owing to its ability to continuously monitor the heart and detect arrhythmias. Implantable cardiac monitors do not require patients to wear external devices or be connected to any monitoring equipment during monitoring.
PEST Analysis
Political: Governments across countries are undertaking initiatives to improve accessibility to cardiac arrhythmia monitoring devices. For instance, favorable reimbursement policies are being introduced for promoting adoption of advanced cardiac monitoring devices.
Economic: Rising healthcare spending on treatment of arrhythmias and growing economic burden of cardiovascular diseases are fueling demand for cardiac arrhythmia monitoring devices globally.
Social: Increasing public awareness about availability of innovative cardiac monitoring solutions for improved arrhythmia management is supporting market growth. Growing preference for early detection and preventive management of arrhythmias is another key factor.
Technological: The market is witnessing significant technological advancements such as development of miniaturized device designs, enhanced wireless connectivity features, and improvement in device longevity. Cloud-based data management solutions are also gaining traction.
Key Takeaways
The Global Cardiac Arrhythmia Monitoring Devices Market Growth is expected to witness high during the forecast period.
Regional Analysis: The North America region currently dominates the market owing to presence of major players, rising geriatric population, and increasing healthcare expenditure.
Key players operating in the cardiac arrhythmia monitoring devices market are Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
