Market Size
Cardiac Monitoring Devices Market size was valued at USD 7,696.50 million in 2021 and is estimated to reach a compound annual growth rate (CAGR) of 5.90% over the forecast period 2024-2031.
Cardiac monitoring devices assist in the continuous examination of a patient’s cardiac electrical activity in the form of pressure waveforms. The activity of these devices depends on continuous and intermittent heart activity, usually through electrocardiography. These devices are typically used to diagnose heart aberrations and help in the treatment of serious cardiac disorders such as heart failure, and atrial fibrillation among others.
Market Summary
| Metrics | Details |
| Market CAGR | 5.90% |
| Segments Covered | By Product Type, By End User, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Trends
The global cardiac monitoring devices market growth is driven by the increase in the prevalence of heart diseases, a growing aging population who are very susceptible to coronary heart diseases, technological developments in cardiac monitoring devices that minimize the chances of infection, and improved efficiency of devices.
The high demand for home-based, point-of-care, and remote monitoring cardiac systems will drive the market growth
Technological advances have enabled increasingly sophisticated attempts to remotely monitor heart failure. This should allow earlier identification of decompensation, better adherence to lifestyle changes, and medication and interventions (such as diuretic dosage changes) that reduce the need for hospitalization. According to the World Health Organization (WHO), CVD is the major cause of death globally, and approximately 30 million people suffer a heart attack or stroke annually. According to the American Heart Association, nearly half of the adults in the US have some type of CVD. By 2035, more than 130 million adults, or 45.1% of the US population are projected to have some form of CVD.
Some of the primary risk factors for CVD include family history, ethnicity, and age. Other risk factors include tobacco consumption, high blood pressure (hypertension), high cholesterol, obesity, physical inactivity, diabetes, unhealthy diets, and consumption of alcohol. Due to lifestyle changes, there has been an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity, which also contribute to the rising incidence of CVD across the globe.
Most types of CVDs can be prevented through pre-monitoring and pre-diagnosis. Likewise, abnormalities in the functioning of the heart, called arrhythmias, can be averted with early diagnosis. Owing to this, the demand for CM & CRM devices is increasing as these devices help save patients at high risk of cardiac arrest. These factors are driving the growth of the market in the forecast period.
The risk of associated cybersecurity vulnerabilities is likely to hamper the market growth
Cybersecurity vulnerabilities in medical devices, and main devices such as CIEDs, where the potential for reprogramming or rendering the device nonfunctional exists, are a key area of concern among patients and healthcare providers.
According to an alert issued by the Homeland Security Department in 2019, as many as 750,000 heart devices made by Medtronic PLC contained a serious cybersecurity vulnerability that could let an attacker with sophisticated insider knowledge harm a patient by altering programming on an implanted defibrillator. In 2017, nearly 500,000 implantable pacemakers were recalled by the US Food and Drug Administration (FDA) due to their potential vulnerability to hacking. Hence, these factors will hamper the market in the forecast period.
COVID-19 Impact on Market
The outbreak of COVID has led to an increase in the preference for remote monitoring of patients with cardiovascular conditions. This shift has been adopted to reduce the chances of infections due to frequent hospital and clinic visits. Various startups have launched services for remote monitoring of cardiac patients. For instance, Octagos Health launched a remote monitoring software platform that allows cardiologists and cardiac electrophysiologists to monitor all of their patients’ implantable cardiac device data in real time.
Various startups have also introduced products that can be used for monitoring cardiac patients. For instance, companies AliveCor, iRhythm as well as medical device giants like Medtronic are actively involved in manufacturing heart monitoring ECG devices for cardiac patients to use at home and for clinicians to use on COVID-19 patients.
Market Segment Analysis
The ECG Holter monitors segment is expected to grow at the fastest CAGR during the forecast period 2023-2030.
The ECG Holter monitor is a type of portable electrocardiogram (ECG). It records the electrical activity of the heart continuously over 24 hours or longer while you are away from the doctor's office. The ECG Holter monitor is a small, wearable device that keeps track of heart rhythm. A Holter monitor test may be done if a traditional electrocardiogram (ECG) doesn't give the doctor enough information about the heart's condition. The demand for the segment is expected to grow due to the increasing burden of Cardiovascular Diseases (CVD), which increases the demand for wearable devices to monitor ECG. They are required for the early detection of CVDs and fulfill the growing need for arrhythmia detection with lower false-positive results. The rising geriatric population coupled with the increasing incidence of Atrial Fibrillation (AFib) is expected to drive the growth of the segment. The U.S. FDA has categorized diagnostic ECG Holter monitors devices under the category of class II medical devices, thus either a 510(k) statement or a summary of safety and effectiveness is required to be submitted to regulatory bodies. For instance, the Zio Service was CE marked as a Class IIa device in December 2014. Furthermore, a “Truthful and Accuracy Statement” and “Indications for Use Statement” have to be submitted as per instructions.
Market Geographical Share
North America region holds the largest market share of the global cardiac monitoring devices market
North America holds the leading position in the cardiac monitoring market. Especially countries, like the United States and Canada, owing to a drastic increase in the patient pool of cardiovascular diseases. As per the report from the American Heart Association on heart disease and stroke, in 2017, around 800,000 deaths occurred due to cardiovascular diseases.
Furthermore, continuous advancements in technology, growing awareness in patients about cardiac monitoring, well-established healthcare infrastructure, and favorable reimbursement policies are expected to boost the cardiac monitoring devices market in the North American region.
Companies and Competitive Landscape
The Cardiac Monitoring Devices Market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, iRhythm Technologies Inc, Biotronik, Livanova, Hill-Rom Holdings, Schiller, and Biotelemetry among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Cardiac Monitoring Devices Market globally. For instance, in 2019, ZOLL Medical (an Asahi Kasei Group Company) acquired Cardiac Science, a leading provider of automated external defibrillators (AEDs), related services, and accessories. This acquisition strengthened ZOLL Medical’s position in the AED segment.
iRhythm Technologies
Overview:
iRhythm Technologies, Inc. develops, produces, and distributes medical instruments. The Company offers cardiac rhythm monitoring devices for palpitation, shortness of breath, and fatigue. iRhythm Technologies serves physicians, clinical staff, and patients in the United States.
Product Portfolio:
Zio XT: The ZIO XT Patch is a single-channel continuous-recording ECG monitor, available by prescription that can be worn for up to 14 days by patients being evaluated for possible cardiac dysrhythmias.
