Market Scope
Market Research Future (MRFR) says that the arrhythmia monitoring devices market 2020 can progress at a rate of 6.44% between 2018 and 2024 (analysis period). The report adds that the market size can touch USD 8,087.4 million by 2024. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Drivers and Deterrents
The COVID-19 outbreak has had a grave impact on the supply chains of arrhythmia monitoring devices all around the world. The supply chain of SARS-CoV-2 devices has also witnessed severe decline. Trade bans following the worldwide lockdown has caused an extreme demand-supply imbalance. Production rate of all the medical devices have come down significantly across countries, post pandemic, with substantial disruptions in the supply chains of arrhythmia monitoring devices. As a result, it is proving to be difficult to ensure sufficient production of cardiac rhythm monitor and other devices, with market vendors facing huge revenue losses.
However, MRFR expects the arrhythmia monitoring devices market to stay resilient in the face of the novel coronavirus, thanks to the rising popularity of telecardiology and the portability, ease of use and convenient monitoring by cardiac arrhythmia monitoring devices are fostering their demand in healthcare. The emergence of smart cardiac monitors, growing burden of heart related diseases and the surge in FDA approvals for these devices can also foster considerable growth in the years to come. Escalating use of cost effective electrocardiogram (ECG) devices, expanding patient populace and eminent firms investing generously in research and development for new and innovative cardiac arrhythmia monitors for irregular heartbeats can also prove favorable for the overall industry.
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Some of the top growth schemes adopted by the vendors in the global market are product innovation, expansion and acquisition. Companies are also leveraging the benefits of AI and increasingly integrating the technology with their cardiac monitoring devices and products to attract a higher number of consumers. To cite a reference, in November 2020, VitalConnect launched its new AI-based remote cardiac monitoring device for patients that need longer period of Holter monitoring. VitalPatch RTM is an advanced arrhythmia detection device that helps monitor close to 21 cardiac arrhythmias, collects data on the basis of vital signs like heart rate variability, heart rate, activity as well as respiratory rate in real time. The new device also stores the data on VitalConnect’s secure cloud called VitalCloud, from which the physicians are able to see the patient’s health status any time.
Market Segmentation
Arrhythmia monitoring devices industry can be segmented with respect to device type, application, and end user.
The device types discussed in the report are event monitor, resting ECG, mobile cardiac telemetry (MCT) devices, Holter monitor, implantable cardiac monitor (ICM) and more.
The various applications are bradycardia, tachycardia, ventricular fibrillation (V-fib), atrial fibrillation (A-fib), conduction disorders, premature ventricular contractions (PVC), and others.
The top market end users are diagnostic centers, hospitals & clinics, ambulatory surgery centers (ASC), home care settings, and others. The hospitals and clinics category took the lead by reaching USD 1,740.0 Million in the year 2018.
Regional Insight
Arrhythmia Monitoring Devices market’s regional segmentation covers Europe, the Americas, Asia Pacific or APAC, along with MEA or Middle East and Africa.
The American market is in the lead, thanks to the availability of a wide range of treatment options for managing cardiac arrhythmia such as antiarrhythmic drugs, implanted defibrillators and artificial pacemakers. Impressive reimbursement schemes and the fact that manufacturers are spending considerably on R&D activities of arrhythmic monitoring devices are working in favor of the regional market and can ensure further growth in the ensuing years.
The European market is the second market, considering the significant use of advanced cardiac arrhythmia monitors in the healthcare industry in light of the growing burden of cardiac disorders. In 2018, the European market was dominated by Spain, with the country seizing a total share of 5.5%, owing to the rising introduction of various smartphone applications for convenient monitoring, connecting arrhythmic patients to the healthcare professionals anytime. Further, clinics and hospitals are increasingly making efforts to include arrhythmia care within their treatment routines, which can also benefit the regional market in the years ahead.
The APAC market can likely record the highest expansion rate over the forecast timeline, on account of the expanding population and the emergence of advanced technologies like wearables that include mobile monitoring systems, fabric monitoring systems and fitness monitors. The growing availability of home‐based portable arrhythmia monitors and the improving reimbursement scenario also contribute immensely to the market growth in APAC. Manufacturers’ rising focus on developing cost effective medical devices combined with the surging demand for inexpensive ECG services among patients with lower income can offer a fillip to the regional industry.
Top Market Firms
Top market firms studied in the MRFR report are Medtronic plc (Ireland), Nihon Kohden Corporation (Japan), Biotronik (Germany), Spacelabs Healthcare (US), Abbott Laboratories (US), Applied Cardiac Systems Inc. (US), Alive Cor, Inc. (US), GE Healthcare (US), BioTelemetry, Inc. (US), Fukuda Denshi Co. Ltd (Japan), to list a few.
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