Cardiac Monitoring Devices Market

Cardiac Monitoring Devices Market Insights

The global cardiac monitoring devices market is projected to grow from USD 22.1 billion in 2021 to USD 26.8 billion by 2026 at a CAGR value of 4.0%. Growing incidences of cardiovascular diseases and the growing demand for homecare among patients have been the major drivers of the cardiac monitoring market.

As per the WHO estimates, cardiovascular diseases are the number one cause of death globally and are responsible for causing 17.9 million deaths annually. With only one-third of the deaths occurring among people below the age of 70, the growing geriatric population will increase the demand for cardiac monitoring devices during the forecast period.

As per WHO estimates, obesity rates have tripled globally since 1975. Obese individuals are at a higher risk of suffering from cardiovascular diseases due to higher blood pressure as they require more blood to be pumped to supply oxygen and nutrients in their bodies. Along with growing obesity rates, tobacco consumption, physical inactivity, diabetes, and genetic disorders, among other risk factors are the major causes of cardiovascular diseases. The growing preference of cardiovascular patients for remote monitoring is expected to result in the growth of the cardiac monitor devices market.

Globally, the pandemic has caused an increased need for patient care with reduced physical interaction between the patient and healthcare provider. Growing concerns of being infected with coronavirus have resulted in the development of smart cardiac monitors that allow healthcare providers to remotely monitor patients. Periodic cardiac monitoring if not continuous monitoring of cardiac patients can significantly reduce the risk of death.

Technological developments have made cardiac monitors more efficient, smaller, and reduced power consumption. Technological advancements have made it easier for healthcare providers to monitor cardiac patients. Growing investments in the research and development of cardiac monitors by private companies and public institutions will have a positive impact on the growth of the cardiac monitoring devices market. The availability of insurance and increasing reimbursement provision for cardiac monitoring devices are expected to improve the access to cardiac monitoring devices in developed nations.

The cardiac monitoring devices market is restrained by the growing concerns among consumers about the vulnerability of cardiac monitoring devices to cyberattacks. In 2017, the FDA recalled over 500,000 cardiac monitors from the market citing their vulnerability to cyberattacks. Such stringent regulations are major hurdles to the widening of the cardiac monitoring market size. The lack of availability of reimbursement options and insurance in Asia Pacific countries is a major hindrance to the broadening of the cardiac monitoring devices market. Cardiac monitoring devices are expensive and there is a chance of catching infections if not handled properly, these factors affect the growth of the cardiovascular monitoring market.

Cardiac Monitoring Devices Market: By Product

Based on the products offered by the vendors, the cardiac monitoring devices market can be divided into ECG monitors, implantable cardiac loop recorder,  pacemaker, defibrillator, smart wearable, cardiac resynchronization therapy (CRT), event recorder,  and other segments. The ECG monitors segment held the bulk of the cardiac monitoring devices market. Patients suffering from cardiovascular diseases often require chronic monitoring of their ECG to inhibit the chances of a cardiac arrest. Previously, ECG monitoring was only possible in hospitals but the growth in remote ECG monitoring devices allows healthcare providers to provide remote care to the patients at the comfort of their homes.

The technological advancements in wireless communications are expected to further increase the demand for ECG monitors. The ECG monitors segment is hence envisaged to flourish at an elevated rate during the forecast period.

Cardiac Monitoring Devices Market: By End-User

Based on the various end-users of the cardiac monitoring devices, the market can be fragmented into homecare, hospitals and clinics, and others fragments. The hospitals & clinics segment held the largest chunk of the cardiac monitoring devices market by end-user. Hospitals & clinics have been the foremost point of care for patients. Hospitals and clinics are well prepared to handle patients suffering from cardiovascular diseases. Patients have greater confidence in hospitals and clinics to receive the necessary diagnosis and treatment which have been the major drivers of the hospitals and clinics segment. The increased reimbursement options available to patients in developed nations like the U.S have also contributed to the growth of the hospitals and clinics segment.

The homecare segment is envisaged to balloon significantly during the forecast period. As patients who have to maintain their disease chronically are increasingly preferring to get diagnosed at the comfort of their homes. Technological developments have made this possible in recent years and with more advanced technology anticipated during the forecast period, the homecare segment will witness a significant increase in its growth.

Cardiac Monitoring Devices Market: By Region

Based on geography, the market can be fragmented into North America, South America, Middle East & Africa, Asia Pacific, and Europe fragments. The North American region monopolized the cardiac monitoring devices market based on revenue.

The presence of some of the major industry leaders in the region combined with the large spending on research and development of novel technology have been some of the major push factors for the cardiac monitoring devices market in the North American region. The North American region’s insurance and reimbursement schemes available to patients have increased the access to cardiac monitoring devices contributing to the growth of the market in the region.

The APAC region is anticipated to log a significantly higher growth rate compared to all regions during the forecast period. The APAC region has been witnessing an increase in the number of cases of cardiovascular diseases annually. The growing number of new hospitals and clinics in the region is expected to drive the cardiac monitoring devices market in the region during the forecast period. With the geriatric population increasing in East Asian countries like China and Japan, the APAC region represents a lucrative market for cardiac monitoring devices market.

Cardiac Monitoring Devices Market Share and Competitor Analysis

Zoll Medical Corporation, Boston Scientific Corporation, Livanova, Microport Scientific Corporation, Biotelemetry, Medtronic, Biotronik, Spacelabs Healthcare, Schiller, Koninklijke Philips N.V., Stryker Corporation, GE Healthcare, Nihon Kohden Corporation, Cardiac Science, Philips Healthcare, and Hill-Rom Holdings, among others are the key players in the cardiac monitoring devices market.

Please note: This is not an exhaustive list of companies profiled in the report.