Publication Month: Mar 2022 | Report Code: TIPRE00017793 | No. of Pages: 390 | Category: Medical Device | Status: Published
A cardiac event monitor is a device used to record the heart's electrical activity (ECG) and keeps track of the heartbeat and rhythm., Cardiac event monitors are used when there is a need for long-term monitoring of symptoms that do not happen daily. Important heart health data can be tracked, recorded, and sent to patients’ doctors using a cardiac monitoring gadget, which reduces the need for frequent visits to the doctor's office, allowing the care team to monitor patients’ heart health from a distance.
The global cardiac monitoring devices market is analyzed on the basis of type, product type, application, end user, and geography. Based geography, the cardiac monitoring devices market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and South and Central America. The report offers insights and in-depth analysis of the cardiac monitoring devices market, emphasizing parameters, such as market trends, technological advancements, and market dynamics, along with the analysis of the competitive landscape of the world's leading market players in the global cardiac monitoring devices market.
|Market Size Value in||US$ 28,098.08 Million in 2021|
|Market Size Value by||US$ 43,334.36 Million by 2028|
|Growth rate||CAGR of 6.4% from 2021 to 2028|
|No. of Pages||390|
|No. of Tables||246|
|No. of Charts & Figures||116|
|Historical data available||Yes|
|Segments covered||Type, Product Type, Application, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
In the last decade, the world witnessed notable developments in cardiac monitoring devices, offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, and ventricular atrial fibrillation. The growing prevalence of cardiovascular diseases (CVDs) such as coronary heart diseases, sudden cardiac arrest, congenital heart diseases, heart failure, pulmonary hypertension, and pulmonary artery pressure (PA) encourages improved monitoring methods. The simplicity of use and the ability to detect cardiovascular diseases (CVDs) quickly are the factors adding to the popularity of cardiac monitoring devices. According to the World Health Organization (WHO), ~30 million people experience a stroke each year. Moreover, the American Heart Association states that more than 130 million people in the US are projected to have CVD by 2035.
The WHO estimates 17.9 million lives are lost due to CVDs every year, i.e., 32% of the total deaths reported globally. A few of the primary risk factors of CVDs include family history, ethnicity, and age; other risk factors include tobacco consumption, hypertension, obesity, high cholesterol, physical inactivity, diabetes, unhealthy diets, and alcohol consumption. Further, lifestyle changes lead to the rise in diabetes, hypertension, dyslipidemia, and obesity, contributing to a surge in CVD cases worldwide. Most CVD cases can be prevented through proactive monitoring and early diagnosis, which bolsters the need for cardiac monitoring devices. Thus, an increase in the incidence of cardiovascular diseases drives global cardiac monitoring devices market growth.
The global cardiac monitoring devices market is characterized by many small and big companies. To increase their market share, market players are taking up various strategies such as new product launches, regional expansion, and technological advancements. Cardiac monitoring devices are safer and more effective than ever with continued innovation and technological advances, leading to increased acceptance of cardiac monitoring devices. Leading players are investing in R&D to develop advanced technologies and gain more revenue share.
The active participation of market players in product innovation and development and increase in approvals of products are fueling the growth of the global cardiac monitoring devices market in the coming years.
Based on type, the global cardiac monitoring devices market is segmented into cardiovascular devices, multi-parameter ECG monitors, patient monitoring devices, ambulatory cardiac monitoring, and cardiac monitors. In 2020, the cardiovascular devices segment held the largest share of the market. However, the market for the patient monitoring devices segment is expected to grow at the highest CAGR during the period from 2021 to 2028. Patient monitoring devices are increasing with a growing number of chronic disorders such as stroke, coronary heart disease, sudden cardiac arrest, congenital heart diseases, and other cardiovascular diseases. Temperature monitoring, continuous glucose monitoring, and pulsed oximetry blood pressure monitoring are several applications for wearable patient monitoring, biosensors, and smart implants. The surge in demand for the vital parameters monitors is bolstering this segment's market.
Based on product type, the global cardiac monitoring devices market is segmented into portable monitor, smart wearable monitor, and standard monitor. In 2020, the standard monitor segment held the largest share of the market. Moreover, the market for the smart wearable monitor segment is expected to grow at the highest CAGR during the period from 2021 to 2028. PMMA is a plastic with excellent mechanical properties and minimal toxicity. Technological advancements penetrate our daily lives, and a growing trend encourages the usage of commercial smart wearable monitors for health management. In the era of remote, increasingly personalized patient care catalyzed by the COVID-19 pandemic, the cardiovascular community is demanding wearable technologies for the need and their wide range of clinical applications. The surge in demand for the smart wearable monitor is bolstering this segment's growth.
Based on application, the global cardiac monitoring devices market is segmented into coronary heart diseases, sudden cardiac arrest, stroke, arrhythmia, congenital heart diseases, heart failure, pulmonary hypertension, heart function (HF/LVEDP), pulmonary artery pressure (PA), and others. The coronary heart diseases segment held the largest market share in 2020, and is further expected to be the largest shareholder in the market by 2028. The high prevalence and increased global mortality of chronic diseases such as diabetes, hypertension, and cholesterol levels, which increase the risk of suffering from cardiovascular disease, accelerate the number of coronary heart disease cases.
Based on end user, the global cardiac monitoring devices market is segmented into hospitals, ambulatory surgery centers (ASCs), and clinics. The hospitals segment held the largest market share in 2020, and it is further expected to be the largest shareholder in the market by 2028. The growth of the segments is attributed to the growing number of cases of cardiovascular diseases. Hospitals are the primary healthcare centers where cardiovascular diseases such as coronary heart diseases, stroke, sudden cardiac arrest, arrhythmia are extensively treated, thereby bolstering the growth of this segment.
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Product launches and mergers and acquisitions are the highly adopted strategies by the players operating in the global cardiac monitoring devices market. A few of the recent key product developments are listed below:
COVID-19 pandemic created a demand to monitor patients treated in emergency departments (EDs) at home for clinical deterioration, such as hypoxemia, to help raise hospital capacity. Hospitalized patients were at increased risk for unrecognized clinical deterioration with the increased number of patients coupled with high staffing ratios for all doctors' workload. The pandemic accelerated monitoring and therapy based on patient needs and risks, and a combination of technological advances, medical urgency, and payment policy supported this change. The COVID-19 pandemic marks the beginning of a new era of cardiac management with remote patient monitoring (RPM). Real-time cardiovascular disease monitoring based on wearable medical devices can effectively reduce COVID 19 mortality. The COVID 19 pandemic accelerated the implementation of cardiac monitoring devices worldwide. The demand for cardiac monitoring devices is expected to grow continuously in the forecast period as there is a rise in the number of product approvals and launches by many market players. Thus, the COVID-19 pandemic has a significant positive impact on the cardiac monitoring devices market.