The North American Cardiac Monitoring market is expected to register a CAGR of nearly 4.5% during the forecast period.
The North American cardiac monitoring market is driven by an increased burden of heart diseases, the aging population, coronary heart diseases, and technological developments in cardiac monitoring devices that reduce the chances of infection, while improving the efficiency of devices. According to the American Heart Association (AHA), cardiovascular diseases account for 17.3 million deaths per year.
The Centre for Disease Control and Prevention states that about 610,000 people die due to heart diseases in the United States every year, i.e., 1 in every four deaths can be attributed to cardiovascular diseases (CVDs). The rate of diagnosis for cardiovascular diseases has been increasing since the past few years, owing to advanced monitoring capabilities of several health parameters related to heart. Such factors, in accordance with cardiovascular diseases, are driving the market’s growth.
Key Market Trends
The ECG Monitor Segment is Poised to Dominate the North American Cardiac Monitoring Market
Long-term ECG monitoring is necessary for a growing population of patients with cardiovascular diseases. With the increasing prevalence of cardiovascular diseases, the demand for the procedure increases. Generally, this procedure is possible in hospitals. However, with the introduction of wireless ECG, the doctors can monitor and diagnose the patient remotely and on time.
There are two different types of ECG monitors available in the market, such as monitoring ECG systems and diagnostic ECG systems. The development of commercially advanced devices, with enabled bluetooth sensor technology and mobile app technology, is anticipated to drive the popularity of the ECG monitors segment, globally. Furthermore, technological advancements and product innovations are driving the development of ECG devices, which are likely to propel the market’s growth.
The North American Cardiac Monitoring market is exceptionally fragmented. It consists of numerous large, medium, and small players. The multinational players account for a substantial share of the market, globally. The companies in the cardiac monitoring market are focusing on various growth strategies, in order to enhance their market presence.
The growth strategies include mergers and acquisitions, partnerships, collaborations, geographical expansions, and new product launches. For instance, in October 2017, Abbott received the US Food and Drug Administration (FDA) clearance for the Confirm Rx™ Insertable Cardiac Monitor (ICM).
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