February 21, 2024
Cardiac Arrhythmia Monitoring Devices Market

Impact of Digitalization in Healthcare is Driving the Cardiac Arrhythmia Monitoring Devices Market

Cardiac arrhythmia monitoring devices are medical devices used to monitor and track cardiac arrhythmias in patients. These devices measure and record heart rate and electrocardiogram (ECG) and help in detecting arrhythmias. Arrhythmias refer to any abnormal heart rhythm caused due to factors such as coronary heart disease, cardiomyopathy, electrolyte imbalance, and genetic conditions. Common types of arrhythmias include bradycardia, tachycardia, atrial fibrillation, and premature ventricular contractions.

Cardiac arrhythmia monitoring devices have become essential for long term cardiac monitoring in hospitals as well as home care settings. These devices enhance patient monitoring and help physicians to accurately diagnose arrhythmias. Holter monitors, event monitors, implantable loop recorders, cardiac output monitoring devices, and ECG devices are some key cardiac arrhythmia monitoring devices used in hospitals and clinics. Compact size, wireless features, and simple usability of these devices allow for extended patient monitoring. The need for continuous monitoring of older population and growing incidence of cardiovascular diseases are major factors driving demand for cardiac arrhythmia monitoring devices.

The global Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing popularity of wireless and smartphone-enabled cardiac arrhythmia monitoring devices is a key trend witnessed in the market. Leading companies are focused on developing technologically advanced cardiac monitors integrated with capabilities such as cloud storage, wireless connectivity, and remote monitoring. For instance, Biotronik introduced the BioMonitor 2, a mobile cardiac telemetry system that transmits real-time ECG data to a cloud-based platform through Bluetooth, allowing access to physicians via smartphones. Similarly, Medtronic offers Zio Services remote cardiac monitoring patch that transmits continuous ECG data to the company’s cloud-based platform where it can be accessed by clinicians through any internet-connected device. The trend towards development of digital health solutions for remote patient monitoring is expected to continue in the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to enter the cardiac arrhythmia monitoring devices market as the technology required is well established. However, developing innovative products requires significant R&D investments.

Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players offering similar cardiac arrhythmia monitoring devices. However, key players differentiate their products using innovative features.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as key components including sensors and semiconductors are available from multiple suppliers globally.

Threat of new substitutes: Threat of substitutes is low as currently there are limited alternative technologies that can match cardiac arrhythmia monitoring devices in terms of effectiveness and costs.

Competitive rivalry: The global cardiac arrhythmia monitoring devices market is highly competitive due to presence of major multinational companies.

Key Takeaways

The Global Cardiac Arrhythmia Monitoring Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America is expected to hold largest share in cardiac arrhythmia monitoring devices market due to increasing incidences of arrhythmia and presence of advanced healthcare facilities. Europe is also anticipated witness high growth owing to growing elderly population and rising awareness about cardiac disorders. Asia Pacific is projected to grow at fastest CAGR during forecast period due increasing healthcare spending, rise in chronic diseases, and growing medical tourism in countries such as India and China.

Key players: Key players operating in the cardiac arrhythmia monitoring devices market are Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products. These players are focusing on developing innovative monitoring devices as well as expansion in emerging markets through collaborations and partnerships.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it