Arrhythmia Monitoring Devices Market is expected to record a CAGR of 6.2% and attain USD 6.12 billion by 2030 in the forecast period. The Arrhythmia Monitoring Devices Market's dynamics and growth path are influenced by a combination of several market factors. The global prevalence of cardiovascular diseases like arrhythmias is an important factor driving the demand for monitoring devices that can identify and manage them as well. Another key market driver is the growing old population, which increases its vulnerability to cardiovascular problems, thus requiring reliable arrhythmia monitors. It has resulted in more emphasis on remote monitoring capabilities so that healthcare practitioners can observe the heart health of their patients without being forced to make frequent visits to hospitals.
Additionally, the Arrhythmia Monitoring Devices Market is also significantly influenced by government initiatives and policies. This move towards preventive healthcare and early disease detection at the global level has seen governments invest in healthcare infrastructure, including modern monitoring technologies, which are being integrated into the same systems. There have been significant advancements in awareness and education regarding cardiovascular health for individuals, leading to this market expansion, too. When people understand the importance of checking their heart conditions, it consequently leads to the increased need for personal monitoring devices as well. This explains why there is an increase in demand for home-based monitoring devices that enable early detection of arrhythmias, thereby promoting a preventive care approach rather than the reactive one favored before by physicians.
Most importantly, the importance of remote patient monitoring has been brought about by the COVID-19 pandemic, which altered everything we know about our lives today. This shift towards telehealth and virtual care has accelerated the adoption of arrhythmia monitoring devices, ensuring continuous patient monitoring while minimizing the risk of exposure. For instance, large parts of future pandemics will be handled through remote patient surveillance since global health systems acknowledge not only during but even beyond epidemics till efficient long-term medical service delivery. The Arrhythmia Monitoring Devices Market would not be what it currently looks like without its intense competition and healthcare industry mergers. This, in turn, influences product innovation, pricing strategies, and market penetration by the major players.
As per the analysis conducted by Market Research Future (MRFR), the arrhythmia monitoring devices market is expected to reach USD 6125 Million by 2030 at 6.20% CAGR during the forecast period 2022-2030. A cardiac arrhythmia is a condition where the heartbeat is irregular, i.e., either too slow or too fast. The state is also known as cardiac dysrhythmia.
The growing usage of telecardiology and the on-going development of smart cardiac monitors are expected to be a significant factor that can grow the global market of arrhythmia monitoring devices. In addition, the portability of cardiac arrhythmia monitoring devices is predicted to increase its demand that can augment the market size.
On the flip side, expenses associated with remote cardiac arrhythmia monitoring and product recalls are projected to hinder the market growth of the arrhythmia monitoring devices during the review timeframe.
COVID-19 has adversely impacted the arrhythmia monitoring devices market due to the disruption in the supply chain. Besides, the supply chain, the production process has also been affected severely. In addition, the imposition of lockdown in various lucrative markets, such as India, Italy, and others, is expected to derail the market momentum further.
Arrhythmia monitoring system has been gaining significance in recent years owing to the rising cases of heart diseases. The ease of FDA approvals, increasing adoption of low-cost electrocardiogram (ECG) devices, and the increasing geriatric population are some salient causes that can propel the industry in the coming period. In addition, the mounting cases of cardiac disorders are likely to favor market expansion in the assessment period.
 However, complications related to these devices may negatively affect the expansion of the arrhythmia monitoring devices market over the assessment period.
Innovation in Product to Grow the Adoption of Device among Professionals
The on-going technical development allowing remote monitoring of cardiac rhythm in patients is expected to be one of the most salient factors that can augment the market in the coming period. The high accuracy and efficiency provided by arrhythmia detection is expected to surge its demand, thereby raising the market. Furthermore, the growing requirement for continuous cardiac rhythm monitoring in the emergency department is expected to augment the arrhythmia monitoring devices market size in the assessment period.
Opportunities
Growing Incidence of CVDs to Offer Market Expansion Opportunities
Adoption of unhealthy diet such as; consumption of a sugar-rich diet, smoking, alcoholism, and higher adoption of a sedentary lifestyle are some of the crucial factors that can offer various expansion opportunities to the arrhythmia monitoring devices industry.
Restraints
Associated Complications can impede the market
Despite the propelling factors, the market can witness hindrance in the coming period. The complications related to such devices along with the rise in recalls of arrhythmia monitoring devices can bring negative impact on the arrhythmia monitoring devices market share.
Challenges
Lack of Resources can pose a Severe Challenge to Grow the Market
The market is predicted to experience a challenge due to the lack of expertise. In addition, some cardiac monitoring devices may have a negative impact on patients, which is another potent challenge that can restrict the market from growing.
Cumulative Growth Analysis
The market is projected to Show Steady Growth in the Assessment Timeframe
The market for arrhythmia monitoring devices is expected to experience a notable expansion in the coming period owing to the increasing cases of CVDs along with the expansion of geriatric population.
By Device Type
Holter Monitor Expected to Gain Prominence
Based on type, the global market for cardiac arrhythmia monitoring devices is segmented into event monitor, resting ECG, implantable cardiac monitor (ICM), mobile cardiac telemetry (MCT) devices, Holter monitor, and others. Holter monitor is predicted to gain prominence in the coming period due to the introduction of wireless wearable technology in the device.
By Application
The Tachycardia Segment to Grow Significantly
Based on application, the global market for arrhythmia monitoring devices market is segmented into bradycardia, tachycardia, atrial fibrillation (A-fib), premature ventricular contractions (PVC), ventricular fibrillation (V-fib), conduction disorders, and others. Among all, the tachycardia segment is expected to grow significantly during the forecast period.
By End-User
Hospitals and Clinics to Dominate the Market
Based on type, the global market for arrhythmia monitoring devices market is segmented into ambulatory surgery centers (ASC), diagnostic centers, hospitals & clinics, home care settings, and others. The hospitals and clinics segment accounted for a market value of USD 1,740.0 Million in 2018.
North America is expected to dominate the Cardiac Arrhythmic Monitoring Devices Market
North America is estimated to dominate the arrhythmia monitoring devices market growth during the assessment period. The growing awareness created by several initiatives taken by governments and as well as private firms are likely to play a salient role in underpinning the market expansion. The rising collaborations between research labs and institutions is propelling the market growth of the arrhythmia monitoring devices in the region.
The European arrhythmia monitoring devices market is expected to be the second-largest market owing to the growing occurrences of cardiac disorders in the region. In Europe, Spain accounted for a market share of 5.5% in 2018.
Asia-Pacific is estimated to be the fastest-growing market owing to the developing healthcare infrastructure and increasing disposable income. The increasing geriatric population and the rising integration of the latest technologies are expected to drive the regional market. In addition, the availability of portable and home-based arrhythmia monitors are projected to play a salient role in developing the regional market in the coming period.
The Middle East and Africa is projected to experience steady expansion owing to the limited access and healthcare affordability among the population. However, the market can show significant growth due to the presence of untapped market opportunities.
Better Distribution System to Fuel the Competition
The market leaders with sufficient funds can afford a better distribution system and efficient funds for research that is anticipated to strengthen the prevailing competition among the established key players. In addition, the emergence of small players owing to the growing awareness is expected to enhance the competitiveness of the trade further.
Industry News
November 2020: The San Francisco-based company Fitbit received approval from the US Food and Drug Administration (FDA) for its electrocardiogram (ECG) app to assess heart rhythm for atrial fibrillation.
Report Overview
Arrhythmia Monitoring Devices Market is predicted to show significant growth in the assessment period. The market is projected to augment due to the on-going technical development in the market along with the growing awareness about the CVDs.
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