The cardiac arrhythmia monitoring devices market is expected to witness exponential growth based on rising cases of cardiovascular diseases and increasing need for health monitoring solutions. Adoption of hectic lifestyle and unhealthy habits like excess consumption of sugar-rich diet, smoking, lack of physical activity and alcoholism cause a number of chronic cardiovascular diseases (CVDs).
According to reports, arrhythmia and sudden cardiac death (SCD) account for a major public health issue globally, constituting almost 15% to 20% of all deaths. The U.S alone has an estimated 180,000–300,000 deaths annually from sudden cardiac arrests.
This has compelled several manufacturers to develop advanced cardiac arrhythmia monitoring devices with enhanced portability and detection features. For patients suffering from arrhythmia, monitoring heart condition is a crucial part for maintaining overall health. With the advent of remote cardiac monitoring systems, patients can keep a tab on their heart’s condition regularly.
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These remote monitoring devices help lower the risk of hospitalization and offer early detection than other clinical alternatives. Moreover, patients with remote monitoring systems usually have a 2x probability of survival. According to a report published by Global Market Insights, Inc., the cardiac arrhythmia monitoring devices market had garnered a valuation of more than USD 5.7 billion in 2019 and is anticipated to record a CAGR of 6.8% by the end of 2026.
Drastic lifestyle changes come as the prominent cause of CVDs, specifically cardiac arrhythmias. With surging burden of bradycardia, atrial fibrillation, and atrial flutter, the demand for continuous monitoring and diagnosis of cardiac parameters is estimated to thriftily rise by the end of the projected timeframe.
In terms of end-use, the cardiac arrhythmia monitoring devices industry is bifurcated into diagnostic centers, hospitals and clinics, homecare settings and ambulatory surgical centers. Out of these, the homecare settings segment is projected to witness remarkable growth, accounting for almost USD 950 million by the end of 2026. Growing inclination towards remote patient monitoring systems, especially across emerging countries, could proliferate industry growth over the forthcoming years.
Growing emergence of smart wearable cardiac devices that facilitates continuous monitoring even at remote locations could enhance the business outlook in the future. Hence, rising availability of such devices supported by burgeoning disposable income could broaden the revenue stream for monitoring device manufacturers.
On the regional front, Europe is considered to be a promising market for the developers of cardiac arrhythmia monitoring devices. Earlier in 2019, the regional market had generated USD 1.7 billion and is currently in line to record considerable revenue growth within the forecasted timeframe. Factors like strong presence of prominent industry participants along with booming geriatric patient pool could play a vital role in driving the demand for cardiac monitoring instruments in Europe.
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Companies operating in the cardiac arrhythmia monitoring devices market are concentrating on expanding their market presence by implementing tactical business strategies like product innovations and collaborations. Taking July 2020 for instance, Biotronik bagged an FDA approval for its newly developed cardiac monitor, Biomonitor III. This new product launch would help Biotronik to strengthen its market position and enhance its product portfolio.
Key players operating in cardiac arrhythmia monitoring devices market are Applied Cardiac Systems, AliveCor, Biotronik, Biotricity, BioTelemetry, GE Healthcare, iRhythm Technologies, Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, St. Jude Medical (Abbott Laboratories), Spacelabs Healthcare (OSI Systems, Inc.), Welch Allyn (Hillrom Services, Inc.)
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