Arrhythmia Monitoring Devices Market – Highlights
The Global Arrhythmia Monitoring Devices Market is expected to register a growth of significant CAGR 7.0% during the forecast period (2018–2023). Arrhythmia relates to unequal rate or irregular rhythm of heartbeat, and while most of these conditions are fairly harmless, certain cases can be completely serious and even lead to death as the lack of blood flow can severely damage the heart, brain, and other organs. Arrhythmia monitoring devices are tremendously useful in tracking the function of the heart and report any abnormalities in rhythm of heart.
Factors such as growing occurrence of cardiovascular diseases such premature contraction, conduction disorders, atrial fibrillation, tachycardia globally will fuel the growth of global cardiac arrhythmia monitoring devices market during the forecast period.
According to American College of Cardiology, the number of cases of cardiovascular disease worldwide accounted for 422.7 million in 2015, out of which 46.1 million people suffered from atrial fibrillation. Increasing awareness about prevention and treatment of cardiac diseases will develop the demand for these devices thus enhancing the industry growth in the forthcoming years.
Moreover, these adverse impacts could additionally limit the adoption of these devices and hinder the growth of the industry over the forecast period.
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The global arrhythmia monitoring devices market has been segmented on the devices, service providers, application, and end users.
On the basis of devices, the market has been classified as Implantable cardiac monitors, mobile cardiac telemetry devices, resting ECG devices, ECG stress test devices, holter monitors and others. On the basis of service providers, the market has been classified as mobile cardiac telemetry monitoring service providers, independent diagnostic testing facilities/clinics, others. On the basis of application, the market has been classified as bradycardia, tachycardia, atrial fibrillation, ventricular fibrillation, premature contraction, conduction disorders and others. On the basis of end users, the market has been classified as hospitals & clinics, ambulatory surgery centers, diagnostic centers, home care settings, long term care centers, emergency medical services.
Some of the key players in the global arrhythmia monitoring devices market are Cardiac Science Corporation, NUUBO Smart Solutions Technologies, Koninklijke Philips, GE Healthcare, Welch Allyn, Spacelabs Healthcare, Nihon Kohden Corporation, Fukuda Denshi, BioTelemetry, Inc., AliveCor, Inc., Biotronik, Medtronic, Abbott, Applied Cardiac Systems, Aurora Resurgence, iRhythm Technologies, Inc., Medi-Lynx Cardiac Monitoring, Preventice Solutions, Inc.
The Americas is projected to lead the arrhythmia monitoring devices market in the forecast period. Increasing healthcare awareness, advancement in technology, medical tourism are some other factors that boost the growth of the market. The US arrythmia monitoring devices market dominated industry in 2017, due to the high demand for quality healthcare, vastly developed healthcare infrastructure as well as growing occurrence of cardiac disease in the region. Frequencies of cardiac arrythmia are dramatically increasing over the last few years. Growing adoption of advanced technologies such as remote patient monitoring that offer smart, easy-to-use and portable devices will fuel the demand for cardiac arrhythmia monitoring devices. Fa.
The European market is expected to hold the second largest market share. The market is expected to witness growth owing to the rising patient population, changing lifestyle, and growing elderly population. This is expected to provide favorable backgrounds for the market to grow.
Asia-Pacific is projected to be the fastest growing region for the global arrhythmia monitoring devices in 2018. It is expected to witness profitable growth over the forecast period due to the existence of favorable healthcare schemes drafted by government agencies. For example, Billion Hearts Beating Foundation has taken up the initiative to increase awareness about diagnosis and prevention of heart diseases leading to increase the demand for monitoring devices thus propelling the market growth. Other factors such as growing elderly population, rising demand for advanced and high-end technologies, healthcare reforms for infrastructural development and growing healthcare expenditure are some of the key factors that will accelerate the cardiac arrhythmia monitoring devices market growth during the forecast period. Awareness programs and quality assurance of diagnostic procedures have added importance in the developing economies of Korea, Taiwan, China, Sri Lanka and India since the last few years.
The Middle East and Africa accounts for the least share due to stringent government policies and low per capita income.
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