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The ambulatory cardiac monitoring devices market size is forecast to increase by USD 2.41 billion at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth due to the rising incidence of heart diseases and the increasing preference for non-invasive diagnostic methods. Advanced technologies, such as wearable devices and mobile applications, are revolutionizing the cardiac monitoring landscape, enabling real-time monitoring and remote patient care. These devices offer improved patient comfort and convenience, as well as enhanced diagnostic accuracy. However, the market faces challenges from stringent regulatory processes and the need for continuous innovation to keep up with evolving patient needs and technological advancements. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for cost-effective, portable, and user-friendly cardiac monitoring solutions.
The global market is expected to experience significant growth due to the increasing geriatric population with cardiac disorders, such as arrhythmia and heart disease. The aging population is more susceptible to irregular heart rhythms, heartbeat rate issues, and cardiovascular disease (CVD), which necessitates continuous monitoring. Elective cardiac procedures and remote patient monitoring are also driving the market's growth. Factors like sedentary lifestyle, family history, hypertension, diabetes, dyslipidemia, obesity, and alcohol consumption contribute to the rising prevalence of cardiac disorders. Ambulatory cardiac monitors, including Holter monitors and ECG devices, play a crucial role in diagnosing and managing heart conditions by providing real-time data on the heart's rhythm and rate.
Emerging economies are expected to offer substantial growth opportunities due to the increasing awareness and affordability of these devices.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The ambulatory ECG devices segment is estimated to witness significant growth during the forecast period. Ambulatory cardiac monitoring devices have gained significant traction in the healthcare industry due to their ability to detect arrhythmias, cardiac disorders, and critical cardiac situations outside of traditional hospital settings. These devices, including Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry systems, are increasingly being used in ambulatory care centers and cardiac centers to monitor heartbeat rate and heart's rhythm for patients with conditions such as diabetes, dyslipidemia, hypertension, obesity, and physical inactivity. Alcohol consumption, family history, and geriatric population are also factors driving the demand for these devices. Moreover, ambulatory cardiac monitoring devices are essential for patients undergoing elective cardiac procedures, heart disease, heart failure, and those at risk of heart attack.
Moreover, these devices offer convenience and mobility, allowing patients to lead normal lives while undergoing continuous monitoring. However, concerns regarding CIED infections, cybersecurity vulnerability, and the need for magnets and metal detectors persist. Defibrillators, ECG devices, and implantable pacemakers are also integral to the market. Emerging economies are expected to provide significant growth opportunities due to increasing awareness and rising healthcare expenditure. Mobile phones, mp3 players, and other wearable technology are also being integrated into these devices to enhance patient experience and monitoring capabilities.
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The ambulatory ECG devices segment accounted for USD 1.91 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Remote patient monitoring through ambulatory cardiac monitoring devices has gained significant traction in recent years, particularly in the context of sedentary lifestyles and the increasing prevalence of cardiovascular diseases. These devices, including smart ECG monitors, enable continuous monitoring of cardiac activity outside of traditional hospital settings. Wearable technology, such as these devices, offers the advantage of real-time data transmission, allowing for timely intervention in cases of stroke or other cardiac events. Ambulatory cardiac monitoring devices provide a non-invasive and convenient solution for patients, enabling them to lead more active lives while ensuring their cardiac health is closely monitored.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising incidence of heart disease is the key driver of the market. Heart disease is a major global health concern, accounting for approximately 32% of all global deaths, as reported by the World Health Organization (WHO), with an estimated 17.9 million fatalities in 2021. The prevalence of heart disease has escalated due to various factors, including unhealthy lifestyles, unhealthy diets, physical inactivity, tobacco use, and an aging population. In developed countries, the rise in heart disease is linked to obesity, type 2 diabetes, hypertension, and dyslipidemia. These conditions are closely associated with unhealthy habits such as diets high in saturated and trans fats, lack of physical activity, and smoking.
Moreover, ambulatory cardiac monitoring devices, including Holter monitors, event monitors, mobile cardiac telemetry, implantable loop recorders, and implantable pacemakers, have emerged as essential tools in diagnosing and managing cardiac disorders, including arrhythmias, heart failure, and critical cardiac situations. These devices enable continuous monitoring of heartbeat rate and rhythm outside traditional cardiac centers and hospitals, facilitating early detection and intervention in irregular heart rhythms. However, the increasing use of these devices also presents challenges, such as CIED infections, cybersecurity vulnerability, and the need for magnet and metal detector compatibility. The geriatric population, patients with a family history of heart disease, and those at risk due to alcohol consumption are among the primary users of these devices.
Further, in emerging economies, the increasing prevalence of heart disease, coupled with the growing awareness and affordability of these devices, is expected to fuel their adoption. The market for ambulatory cardiac monitoring devices is expected to witness significant growth, driven by the increasing number of elective cardiac procedures, the rise in the number of patients with cardiac disorders, and the growing preference for non-invasive monitoring solutions. However, concerns regarding the cost of these devices, the need for regular battery replacements, and the potential for complications associated with their use may limit their widespread adoption. Additionally, the integration of advanced technologies, such as mobile phones, MP3 players, and defibrillators, into these devices is expected to enhance their functionality and user experience.
Advancements in technology is the upcoming trend in the market. Ambulatory cardiac monitoring devices, including Holter monitors and event recorders, have gained significant attention in the healthcare industry due to their ability to provide continuous ECG monitoring outside of traditional cardiac centers. These devices are particularly beneficial for individuals with a family history of cardiac disorders, such as heart disease, heart failure, arrhythmias, dyslipidemia, diabetes, obesity, hypertension, and irregular heart rhythms. In critical cardiac situations, ambulatory cardiac monitors can help detect and diagnose heart attacks and other cardiovascular diseases. Holter monitors, one type of ambulatory cardiac monitor, are small, portable devices that record the heart's electrical activity for 24 to 48 hours.
Moreover, they can detect arrhythmias and provide valuable information on heart rate variability, which is crucial for diagnosing and managing certain heart conditions. Other types of ambulatory cardiac monitoring devices include implantable loop recorders, mobile cardiac telemetry, and event monitors. However, the use of ambulatory cardiac monitoring devices is not without challenges. CIED infections, cybersecurity vulnerability, and magnet interference are some of the concerns associated with these devices. Additionally, the increasing adoption of these devices in emerging economies and the geriatric population presents new opportunities for growth. Moreover, the integration of technology, such as mobile phones, MP3 players, and defibrillators, has led to the development of advanced features, such as remote monitoring and real-time data transmission.
Similarly, this has made ambulatory cardiac monitoring more accessible and convenient for patients. Overall, ambulatory cardiac monitoring devices play a vital role in improving patient outcomes and reducing healthcare costs by enabling early detection and intervention of cardiac conditions.
Stringent regulatory process is a key challenge affecting the market growth. The global market faces rigorous product approval processes and safety regulations, with the US Food and Drug Administration (FDA) imposing stringent labeling requirements and regulatory frameworks. These devices, including Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry systems, undergo extensive clinical trials and safety studies to ensure their efficacy and safety before approval. Factors such as cardiac disorders, including arrhythmia, heart attack, heart failure, hypertension, diabetes, dyslipidemia, obesity, and physical inactivity, drive the demand for these devices.
Additionally, critical cardiac situations, family history, geriatric population, and alcohol consumption are other contributing factors. However, challenges such as CIED infections, cybersecurity vulnerability, and the need for magnets and metal detectors pose obstacles to market growth. Emerging economies and the use of mobile phones, MP3 players, and defibrillators also impact the market dynamics. Hill Rom Holdings and Medtronic are key players in this market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers ambulatory cardiac monitoring devices such as leadless pacemaker, insertable cardiac monitior, and cardiac leads.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Ambulatory cardiac monitors are portable devices used to record the heart's rhythm and detect arrhythmias, irregular heartbeats, and other cardiac disorders outside of a hospital setting. These devices include Holter monitors, event monitors, and implantable loop recorders. Factors driving the growth of the ambulatory cardiac monitors market include the increasing prevalence of cardiovascular disease, diabetes, hypertension, and dyslipidemia. The geriatric population and those with a family history of heart disease are also significant user groups. Critical cardiac situations such as heart attack and heart failure can also necessitate the use of these devices. Emerging economies present significant growth opportunities due to increasing awareness and access to healthcare.
However, challenges include cybersecurity vulnerabilities, CID infections, and the presence of magnets and metal detectors that can interfere with their functioning. Alcohol consumption, physical inactivity, and obesity are risk factors for cardiac disorders and can increase the demand for these devices. Integration of ambulatory cardiac monitors with mobile phones, MP3 players, and other wearable devices is also a trend. ECG devices, defibrillators, implantable pacemakers, and other cardiac devices are related technologies. The market for ambulatory cardiac monitors is expected to grow steadily due to the convenience and effectiveness of these devices in diagnosing and managing cardiac conditions. However, the market may also face challenges related to cost, reimbursement, and regulatory issues.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 2.41 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, China, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, ACS Diagnostics Inc., Asahi Kasei Corp., Baxter International Inc., BIOTRONIK SE and Co. KG, Fukuda Denshi Co. Ltd, General Electric Co., iRhythm Technologies Inc., Koninklijke Philips N.V., Medi Lynx Cardiac Monitoring, LLC, Medicalgorithmics SA, Medtronic Plc, Shenzhen Mindray BioMedical Electronics Co. Ltd, Nihon Kohden Corp., OSI Systems Inc., and SCHILLER AG |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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