Global cardiac arrhythmia monitoring devices market is poised to attain commendable returns in the forecast years owing to the rising cases of cardiac diseases. These devices were used to detect cardiac arrhythmias at the comfort of one’s home. Today, the device has seen immense advancement and has been evolved to meet the constantly changing customer preference toward mobile and hand-held devices.
One of the key factors boosting the demand for heart arrhythmia monitoring systems is the rising prevalence of atrial fibrillation. The condition often known as Afib or AF is the most common type of cardiac arrhythmia. Data by the Centers for Disease Control and Prevention suggest that around 2.7 to 6.1 million people in the US suffer from atrial fibrillation. The condition increases a person’s susceptibility to stroke by four to five times as opposed to non AFib patients. Therefore, early detection and treatment for the condition are highly advised, which will drive cardiac arrhythmia monitoring devices market outlook.
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The condition is also anticipated to witness significant upsurge on account of the rising prevalence of diabetes and obesity worldwide. Numbers by the World Health Organization suggests that nearly 422 million individuals worldwide suffer from diabetes. The number of individuals with an increased body mass index is also rising, which poses high risks for diabetes and heart diseases. Owing to the rising trend of sedentary lifestyle, the prevalence of these conditions is expected to grow in the future, thereby providing significant impetus to cardiac arrhythmia monitoring devices market growth.
Another significant growth factor is the worldwide increase in the geriatric population. According to the UN’s World Population Prospects, one in every six people in the world will be above the age of 65 by 2050. According to the report by CDC around 9% of people aged 65 years of age or older suffer from atrial fibrillation. Susceptibility to the condition increases with age, hence, the growing elderly population will boost product demand, thereby augmenting global cardiac arrhythmia monitoring devices market size.
The hospitals and clinics end-use segment procured the highest revenue share over the last few years and is estimated to continue its growth stance over the coming years. Hospitals observe over 750,000 admissions each year due to atrial fibrillation, according to CDC. Moreover, the growing number of geriatric patients with this condition will further boost the demand for heart arrhythmia monitoring system in clinics and hospitals, which will escalate cardiac arrhythmia monitoring devices market trends in the coming years.
The aging population is also slated to impact the home care settings segment, which is projected to experience commendable growth over the ensuing years. The World Health Organization estimates that by 2030 more people will be at risk of developing ill-health and chronic diseases. Through treatment in a home care setting, elderly patients can have proficient and cost-effective monitoring within the comfort of their home. The increasing preference for home care will favor the demand for portable devices like Zio patches, which will contribute to the growth of cardiac arrhythmia monitoring devices industry share.
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Chapter 1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
220.127.116.11. Paid sources
18.104.22.168. Unpaid sources
Chapter 2. Executive Summary
2.1. Cardiac arrhythmia monitoring devices industry 3600 synopsis, 2014 – 2025 (USD Million)
2.1.1. Business trends
2.1.2. Device trends
2.1.3. End-use trends
2.1.4. Regional trends
Chapter 3. Cardiac Arrhythmia Monitoring Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2025 (USD Million)
3.3. Industry impact forces
3.3.1. Growth drivers
22.214.171.124. Growing prevalence of cardiovascular diseases and expenditure on cardiac health globally
126.96.36.199. Technological advancements and introduction of innovative devices for cardiac rhythm monitoring
188.8.131.52. Increasing adoption of mobile and telemetry cardiac monitors
184.108.40.206. Expanding geriatric population base coupled with growing prevalence of obesity
3.3.2. Industry pitfalls & challenges
220.127.116.11. Lack of skilled professionals
18.104.22.168. Negative effects of some cardiac monitoring devices on patients
3.4. Growth potential analysis
3.4.1. By device
3.4.2. By application
3.4.3. By end-use
3.5. Regulatory landscape
3.6. Technology landscape
3.6.1. Upcoming technologies
3.7. Industry SWOT analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2018
3.9.1. Strategy dashboard
3.10. PESTEL analysis
In terms of regional trends, North America is deemed to be a sufficiently high-earning market in the global industry landscape, primarily owing to the massive presence of medical device manufacturers and major hospitals and clinics in the region. North America driven by U.S and Canada is also observing high diabetes and obesity rates, which could lead to serious heart ailments. According to the American Heart Association, cardiac diseases are the nation’s foremost cause of death, thereby impacting the regional market growth. Moreover, increasing FDA approval for heart arrhythmia monitoring systems will further stimulate North America cardiac arrhythmia monitoring devices industry size.
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The Asia Pacific cardiac arrhythmia monitoring devices market is also anticipated to reach a commendable valuation in the coming years. This can be attributed to the rising population and the growing incidents of cardiovascular diseases in the region. For instance, heart diseases are becoming the leading cause of mortality in countries like India, which is one of the significant markets for cardiac arrhythmia monitoring devices industry in the Asia Pacific.
According to a research report by Global Market Insights, Inc., cardiac arrhythmia monitoring devices market is projected to be worth more than $8 billion by 2025.
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