Impact of COVID-19 on the Global Arrhythmia Monitoring Devices Market
Cardiac Arrhythmia Monitoring Devices are extremely useful in tracking the functions of the heart and report any abnormalities in the normal function (rhythm). Hence, they do not just help in maintaining a continuous record of heart rhythm but have also proven to be lifesavers due to their ability to report abnormalities in the case of a cardiac event.
The global market for arrhythmia monitoring devices is expected to propel owing to factors such as increasing use of telecardiology, ease of use and portability of cardiac arrhythmia monitoring devices, and development of smart cardiac monitors. The growing prevalence of cardiac diseases, rising FDA approvals for arrhythmia monitoring devices, and an increase in the adoption of low-cost electrocardiogram (ECG) devices are some of the factors that are anticipated to drive the growth of the market.
With the rise in a patient population suffering from cardiovascular diseases, many prominent players have invested in research and development to come up with new and efficient alternatives for the monitoring of irregular heartbeats. For instance, in March 2019, Biotronik announced the FDA approval of six new tachycardia solutions, namely, Rivacor VR-T, Rivacor DR-T, Rivacor HF-T QP, Acticor DX, Acticor CRT-DX Bipolar, and Acticor CRT-DX, high-voltage cardiac rhythm management (CRM) device family for the treatment of patients with cardiac arrhythmias. Similarly, in March 2017, Medtronic plc announced the US FDA 510(k) clearance for its Reveal LINQ Insertable Cardiac Monitor (ICM) with TruRhythm Detection which is an advanced cardiac monitor to identify abnormal heartbeats. The increase in this trend will push for increased awareness among professionals, thus eventually driving the growth of the arrhythmia monitoring devices market.
There is a constant need for incorporating cost-effectiveness into arrhythmia monitoring devices so that maximum people can gain benefits. For instance, GE Healthcare constitutes a product, MACi, a single channel ECG device that is priced half the rate of MAC-400, a portable 3-channel ECG device. Similarly, in February 2019, CardioComm received clearance for a new ECG device called HeartCheck CardiBeat. Furthermore, in September 2018, a start-up called Cambridge Heartwear developed a low-cost next-generation wearable heart and cardiovascular function monitor which uses artificial intelligence (AI) to diagnose heart rhythm and respiratory problems in real-time. Thus, with the increase in companies launching new cost-effective devices, the demand would also steadily rise.
COVID-19 has hugely impacted the supply chain of arrhythmia monitoring devices for COVID testing. The supply chain of COVID-19 devices has experienced a massive decline. Trade barriers are hugely restraining the demand-supply outlook. The production process is also adversely affected, hindering the overall medical devices market globally. With many major economies like India and Italy undergoing prolonged lockdowns, the trade of these devices & services across international borders has been affected. Most of the world’s leading medical device companies have their manufacturing facilities located in China. As China is the epicenter of this outbreak, it has suspended most of the industrial activities. Therefore, timely delivery of these devices has been affected and market trends related to medical devices have been negatively affected.
After the global pandemic scenario, it is evident that there is a shortage of devices. Since several countries depend on imports for the devices, this can cause a major disruption in the supply chain of devices. Therefore, it is uncertain whether the companies will be able to ensure an adequate supply of products. A possible short-term supply disruption within companies and healthcare provider organizations for select devices, as a direct result of demand surge, can occur.