The 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 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac arrhythmia monitoring devices include ECG devices, event monitors, Holter monitors, implantable loop recorders and mobile cardiac telemetry devices used for detection, recording and treatment of cardiac arrhythmias. These devices help in providing continuous monitoring thereby improving the diagnosis and treatment of cardiac arrhythmias in patients.
Market key trends:
One of the major trends driving the growth of cardiac arrhythmia monitoring devices market is the increasing adoption of remote monitoring technology. Remote monitoring helps in continuous monitoring of patients at home through wireless transmission of arrhythmia events and ECG information to the clinician’s office or clinic. It enables early detection, timely interventions and improves patient compliance. Many players are focusing on developing and launching innovative remote monitoring devices and software solutions to gain higher market share. For instance, in 2021, BioTelemetry launched its BioTel Heart remote cardiac monitoring platform, a new cardiac services technology platform that improves patient engagement and clinician workflow through mobile applications and an advanced remote monitoring portal. Thus, the rising adoption of remote monitoring technology is expected to propel the growth of global cardiac arrhythmia monitoring devices market over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements in R&D and manufacturing facility setup to compete in this established market. The presence of major players also creates barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and standardization of products. However, specialized products limit switching.
Bargaining power of suppliers: Suppliers have low to moderate power due to the availability of alternative component suppliers and commoditization of key materials.
Threat of new substitutes: Threat of new substitutes is moderate as new technologies can disrupt current monitoring practices. However, substitutes require adoption of new workflows.
Competitive rivalry: High due to the presence of large global players and regional mid-sized players focusing on product innovation and service differentiation.
SWOT Analysis
Strengths: Advances in remote monitoring technologies, increasing incidences of cardiovascular diseases.
Weaknesses: High costs of devices, lack of reimbursement in developing countries.
Opportunities: Growth in home healthcare, untapped markets in emerging countries.
Threats: Stringent regulations, reimbursement cuts in major markets.
Key Takeaways
The Global Cardiac Arrhythmia Monitoring Devices Market Size is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing incidences of arrhythmias and growing remote monitoring adoption.
Regional analysis: North America dominates the global market currently due to presence of major players, favorable reimbursement policies and growing AF cases. Asia Pacific is expected to exhibit fastest growth rate due to expanding healthcare infrastructure, increasing healthcare spending and awareness.
Key players operating in the Cardiac Arrhythmia Monitoring Devices market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry. The major players are focusing on new product launches, collaborations and geographic expansion to gain significant market share.
Â
Read more: https://www.rapidwebwire.com/cardiac-arrhythmia-monitoring-devices-market-forecast-insights/
