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The ambulatory cardiac monitoring devices market size is forecast to increase by USD 2.09 billion, at a CAGR of 6.28% between 2022 and 2027. Market expansion hinges on three primary factors: the escalating prevalence of heart diseases, substantial investments in research and development (R&D), and the increasing integration of telemedicine. These elements collectively drive innovation and demand within the healthcare sector. As heart-related conditions continue to rise globally, there's a corresponding surge in the demand for advanced medical solutions and treatments. Simultaneously, heightened investments in R&D foster breakthroughs, pushing the boundaries of medical technology and enhancing patient care. Additionally, the widespread adoption of telemedicine services facilitates remote healthcare delivery, addressing accessibility challenges and providing efficient medical consultations, further contributing to market growth.
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This market report extensively covers market segmentation by the device (ambulatory ECG devices, ambulatory cardiac event monitors, ambulatory cardiac telemetry devices, and implantable loop recorders), end-user (ambulatory care centers, hospitals, and clinics and cardiac centers), and geography (North America, Asia, Europe, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is experiencing significant growth due to the increasing prevalence of cardiac disorders among the geriatric population. Arrhythmias, specifically irregular heart rhythms, are a major concern for individuals with cardiovascular disease (CVD), heart disease, and a family history of these conditions. Elective cardiac procedures, such as Holter monitors and ECG devices, enable remote patient monitoring, allowing healthcare professionals to assess heartbeats and the heart's rhythm in real-time. Sedentary lifestyles, hypertension, diabetes, dyslipidemia, obesity, and alcohol consumption are leading risk factors for CVD and are driving demand for these devices in emerging economies. Ambulatory cardiac monitors offer a non-invasive solution for detecting and managing irregular heart rhythms, making them an essential tool for preventing complications and improving patient outcomes. Our researchers analyzed the data with 2022 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 factor driving the growth of the global market. Factors contributing to the rise in heart disease include unhealthy lifestyles, such as alcohol consumption, physical inactivity, and unhealthy diets, which are prevalent in developed countries and emerging economies. Conditions like diabetes, dyslipidemia, hypertension, and family history are risk factors for cardiovascular disease, heart attack, heart failure, and arrhythmia. In critical cardiac situations, ambulatory cardiac monitors, including Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry, play a crucial role in diagnosing and managing cardiac disorders.
Moreover, these devices are essential in ambulatory care centers and cardiac centers, where they help detect irregular heart rhythms and monitor heartbeat rate and the heart's rhythm. However, concerns regarding cybersecurity vulnerability and CIED infections necessitate ongoing efforts to ensure medical device security. Companies like Hill Rom Holdings and Medtronic manufacture these devices, which can be used in conjunction with defibrillators, implantable pacemakers, and ECG devices. Thus, the rising incidence of heart disease has led to an increase in the sale of these devices, which will positively impact the growth of the global market in focus during the forecast period.
Advancements in technology are the primary trend shaping the global market growth. Wearable devices have gained popularity for recording heart electrical activity outside of clinical settings. These devices, including Holter monitors, help diagnose and manage arrhythmias and heart conditions. Holter monitors, worn for 24-48 hours, detect irregular heart rhythms and provide heart rate variability information. Ambulatory cardiac monitors are essential for individuals with cardiac disorders, family history, diabetes, dyslipidemia, hypertension, obesity, and physical inactivity.
Moreover, in critical cardiac situations, implantable loop recorders and defibrillators are used. However, concerns include cybersecurity vulnerability, CIED infections, and interactions with magnets, metal detectors, and electromagnetic fields. Emerging economies expand the market for these devices, with companies like Hill Rom Holdings and Medtronic leading the way. Thus, increasing technological advancement in medical devices will have a positive impact on the growth of the global market during the forecast period.
A stringent regulatory process is a major challenge impeding the growth of the global market. The global market for these devices is subject to rigorous product approval processes and safety regulations, particularly in the US, where the Food and Drug Administration (FDA) mandates clinical trials and safety studies for these devices before approval. Ambulatory cardiac monitors, including Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry, are essential tools for diagnosing and managing cardiac disorders such as arrhythmia, heart disease, heart failure, and irregular heart rhythms.
Moreover, these devices are used in cardiac centers and ambulatory care centers for both elective procedures and critical cardiac situations. Factors driving demand include an aging population, family history, and the prevalence of conditions like diabetes, dyslipidemia, hypertension, obesity, and physical inactivity. Hence, such factors may hamper the growth of the global market in focus during the forecast period.
The market 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 growth strategies.
Market 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 also offers advanced cardiac monitoring solutions for patients. These devices enable continuous monitoring of cardiac activity outside of a hospital setting, providing valuable diagnostic information and improving patient care.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth 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. In market growth analysis, 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.
The market share growth by the ambulatory ECG devices segment will be significant during the forecast period. The market experienced significant growth in 2022, with ECG devices holding the largest segment. This expansion can be attributed to the rising prevalence of cardiovascular diseases, including arrhythmias and heart disorders, such as atrial fibrillation, which is a leading cause of stroke. Additionally, factors like an aging population, family history, and risk factors such as diabetes, dyslipidemia, obesity, and hypertension contribute to the demand.
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The ambulatory ECG devices segment was valued at USD 1.82 billion in 2017 and continued to grow until 2021. Advanced technology has led to the creation of more portable and user-friendly devices, making them accessible to patients and healthcare providers. However, challenges such as cybersecurity vulnerabilities, CIED infections, and critical cardiac situations pose risks. Key players in the market include Hill Rom Holdings, Medtronic, and others. Devices like Holter monitors, implantable loop recorders, and event monitors are used in ambulatory care centers and cardiac centers. Mobile cardiac telemetry, mobile phones, and mp3 players are also utilized for remote monitoring. Magnets and defibrillators are essential tools in managing cardiac situations. Physical inactivity and alcohol consumption are additional risk factors. Implantable pacemakers and defibrillators, which may be susceptible to infections and require magnets for programming, are also part of the market landscape.
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Europe is estimated to contribute 42% 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. The market in North America is primarily driven by the rise in remote patient monitoring and the increasing prevalence of cardiovascular diseases. According to the American Heart Association, cardiovascular disease was the leading cause of death in the US in 2020, with approximately 697,000 deaths.
Moreover, to address this, healthcare providers are increasingly utilizing these devices, such as smart ECG monitors and wearable devices, to monitor patients with heart conditions. Additionally, the growing popularity of telemedicine in North America is further fueling the demand for these devices. A sedentary lifestyle and the risk of stroke are other contributing factors to the market growth. Such factors will increase the market growth in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market refers to the industry that produces and supplies devices used for continuous monitoring of cardiac rhythm outside a hospital setting. These devices are essential for diagnosing and managing various cardiac conditions, including arrhythmias, heart failure, and syncope. Key components of these devices include Holters, Event Monitors, and Loop Recorders. Holters are portable ECG devices that record the heart's electrical activity for a prolonged period. Event Monitors record heart rhythm data intermittently, triggered by patient-initiated symptoms, or automatically when predefined criteria are met. Loop Recorders store and retrieve data for a longer period, typically up to 30 days. The market for Ambulatory Cardiac Monitoring Devices is driven by factors such as the increasing prevalence of cardiac diseases, the growing geriatric population, and technological advancements in monitoring devices. The market landscape depends on Cardiac output monitoring (COM) devices, CIEDs (Cardiac Implantable Electronic Devices), Coronary Artery Disease (CAD), and developed and emerging nations. Additionally, the rising trend of remote patient monitoring and increasing healthcare expenditures contribute to the market growth. Major players in the market include Medtronic, Philips Healthcare, and Boston Scientific. These companies focus on product innovation, strategic collaborations, and geographical expansion to strengthen their market position. The market landscape depends on High voltage electrical wires, Implantable loop recorders (ILRs), Medical device cybersecurity, and Mobile cardiac telemetry (MCT) devices. In conclusion, the market is a significant and growing industry, providing essential tools for diagnosing and managing various cardiac conditions outside a hospital setting. The market's growth is driven by factors such as increasing cardiac disease prevalence, technological advancements, and the trend toward remote patient monitoring.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.28% |
Market growth 2023-2027 |
USD 2.09 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.78 |
Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
Europe at 42% |
Key countries |
US, Germany, UK, China, and Japan |
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., Koninklijke Philips NV, Medi Lynx Cardiac Monitoring, LLC, Medicalgorithmics SA, Medtronic Plc, Mindray Bio medical Electronics Co. Ltd, Nihon Kohden Corp., OSI Systems Inc., SCHILLER AG, and iRhythm Technologies Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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