Ambulatory Cardiac Monitoring Devices Market
Ambulatory Cardiac Monitoring Devices Market (Type: ECG Devices, Holter Monitors, Event Monitors, Implantable Loop Recorders, and Mobile Cardiac Telemetry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Heart Patients Demanding Advanced Cardiac Monitoring Devices
Ambulatory cardiac monitors are small, movable electrocardiograph machines that can record the heart’s rhythm. The features in such monitors vary based on the length of recording time and the ability to send the recordings over the phone. Most professional experts use ambulatory cardiac monitors to assess heartbeat rate over time, correlate symptoms with the heartbeat, diagnose abnormal heart rhythms, and analyze other symptoms a heart can have. These devices help monitor the heart with increased detection time and with more precise results as compared to conventional heart monitors. This is likely to boost the global ambulatory cardiac monitoring devices market during the forecast period.
In simpler terms, ambulatory cardiac monitoring devices are used to assist doctors to diagnose irregular cardiac arrhythmias that occur only sporadically and unpredictably. Such arrhythmias often exhibit sudden symptoms, but usually are not present by the time the patient gets to a doctor. For this reason, many symptom-producing cardiac arrhythmias are challenging or unlikely to diagnose with conventional ECGs. Ambulatory cardiac monitoring devices have proven useful to monitor and record the heartbeats for longer spans to capture a brief, irregular, but potentially vital arrhythmia. The growing number of heart-related cases across the world owing to factors such as increasing obesity, diabetes mellitus, smoking, high cholesterol, high blood pressure, and sedentary lifestyles, are expected to be major factors driving the global ambulatory cardiac monitoring devices market.
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Cardiac Patients at Greater Risks amid COVID-19 Crisis
COVID-19 has posed various kinds of challenges for doctors whose cardiac patients are at-risk and hesitant to schedule a visit. People with cardiac issues are concerned about coronavirus, but in their caution, they can die from an unmonitored, untreated cardiac condition. Besides, the number of deaths from cardiac diseases is more than that of COVID-19 patients. However, at a time when cardiac monitoring is more critically important than ever, patients may have greater hesitation to visit a hospital. Moreover, people in rural areas face more challenges of having to travel to the doctor, as they might not have at least one cardiologist nearby. Interns and practitioners are being trained to use cardiac monitoring devices in case of emergencies. This has propelled the ambulatory cardiac monitoring devices market. However, stringent regulations for travel, manufacturing, supply chain, and trade to limit the virus have impacted the production and distribution of such devices.
There has been a notable decrease in admissions for cardiac arrests and failure, owing to the threat coronavirus poses on heart patients. Moreover, there is accumulating evidence to suggest COVD-19 has vital and even long-term cardiac effects, which may lead to a series of heart failure patients leading to a new crisis. Thus, the demand for the use of ambulatory cardiac monitoring devices is hindered during this time. However, with the growing number of vaccinations in various nations and innovation in medicines and drugs, the global ambulatory cardiac monitoring devices market is expected to surge post-COVID-19.
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Growing Need for Innovative Technology in Heart-related Issues Fuel Global Market
The most advanced and minimally invasive surgery utilization to improve patients' heart activity and intensify the outcomes of various cardiac procedures is one of the key factors propelling the growth of the ambulatory cardiac monitoring devices market. Moreover, the rising demand for advanced cardiac devices, such as Holter monitors, event monitors, implantable loop recorders, mobile cardiac telemetry helping the future ambulatory cardiac monitoring devices market growth. Furthermore, rising government and people investment in healthcare and favorable reimbursement policies are among the major factors expanding the ambulatory cardiac monitoring devices market.
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The global medical data suggests that one out of 10 people suffers from heart-related issues, including coronary heart disease, angina, high and low blood pressure, heart attack, arrhythmia, and valve blockage. Thus, ambulatory cardiac monitoring devices have become necessary to track and monitor the heart to avoid fatal outcomes of such diseases. Cardiac monitoring is also crucial in the administration of heart attacks, the value of cardiac output, and for monitoring of sepsis cases. Ambulatory cardiac monitoring devices are also used to detect, eliminate, and restrict mycoplasma infection in cell culture, making them fit for use in research institutions and organizations. The growing concerns of heart patients and an increasing number of such patients are driving the ambulatory cardiac monitoring devices market.
Ambulatory Cardiac Monitoring Devices Market: Overview
- The global ambulatory cardiac monitoring devices market was valued at US$ 13.5 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Rise in demand for prolonged ECG monitoring & self-care management and increase in burden of cardiovascular diseases drive the need of ambulatory cardiac monitoring devices. Key industry developments, including partnerships, mergers & acquisitions, and collaborations, are anticipated to fuel the growth of the global ambulatory cardiac monitoring devices market.
- Obesity, diabetes mellitus, smoking, high cholesterol, high blood pressure, and sedentary lifestyles are the leading causes of heart failure. Rise in number of people afflicted by these diseases is expected to increase the demand for ambulatory cardiac monitoring devices.
- According to the American Heart Association’s 2017 Heart Diseases and Stroke Statistics update, the number of people diagnosed with heart failure is increasing and projected to rise by 46% by 2030, resulting in over 8 million people with heart failure. Around 22 million people are living with congestive heart failure globally, with 2 million people diagnosed every year. According to the American Heart Association, congestive heart failure is one of the leading causes of death in the U.S., accounting for 8.5% of the deaths.
- According to the World Journal of Cardiovascular Diseases, over 7 million deaths occur due to sudden cardiac arrest globally every year. Sudden cardiac arrest accounts for about 20% of all mortalities in the West.
- Utilization of implantable cardiac monitors has increased to keep track of irregularity of the heart rhythm compared to Holter and other external patch. Insertable cardiac monitors (ICMs, or implantable loop recorders, ILRs) are small subcutaneous devices that continuously monitor the heart rhythm and record events for several years.
- Insertable cardiac monitors are commonly used to monitor patients with syncope or stroke of unknown origin for infrequent rhythm abnormalities, as well as for long-term monitoring of atrial fibrillation post ablation. ICMs i.e., insertable cardiac monitors, are small, subcutaneously implanted devices offering continuous ambulatory electrocardiogram (ECG) monitoring with a lifespan of up to three years.
Ambulatory Cardiac Monitoring Devices Market: Segmentation
- The global ambulatory cardiac monitoring devices market has been segmented based on type and region
- In terms of type, the global ambulatory cardiac monitoring devices market has been classified into ECG devices, Holter monitors, event monitors, implantable loop recorders, and mobile cardiac telemetry. ECG devices have been bifurcated into resting ECG devices and stress ECG devices.
- The ECG devices segment captured the largest market share in 2020 and the trend is likely to continue during the forecast period. Government support is a major factor driving the ECG devices segment in Singapore. Export and usage of medical equipment are rising due to expansion of the domestic market and foreign investments.
Ambulatory Cardiac Monitoring Devices Market: Regional Segmentation
- In terms of region, the global ambulatory cardiac monitoring devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to be a highly attractive market from 2021 to 2031. Significant revenue from the region can be attributed to increase in government and private funding and large volume of tests for cardiac diseases performed. Moreover, high prevalence of heart failure due to aging population and changes in dietary habits is anticipated to drive the ambulatory cardiac monitoring devices market in North America.
- The ambulatory cardiac monitoring devices market in Asia Pacific is expected to be driven by high adoption of ambulatory cardiac monitoring devices. According to a study published in the Radcliffe Cardiology journal, heart failure is a major health problem in Asia Pacific and its prevalence seems to be higher than countries in the West. Rise in awareness about heart failure and risk of sudden cardiac arrest associated with this condition propels the market in the region.
Ambulatory Cardiac Monitoring Devices Market: Major Players
- Key players operating in the global ambulatory cardiac monitoring devices market are
- Boston Scientific Corporation
- GE Healthcare
- Hill-Rom Holdings
- Koninklijke Philips N.V.
- Nihon Kohden Corporation
- Asahi Kasei Medical Co., Ltd.
- These players focus on adopting various strategies to expand product offerings and to strengthen geographic presence across the globe. Technological advancements, mergers & acquisition, expansion of product portfolio, and rise in research & development are strategies adopted by companies to expand market presence.
Ambulatory Cardiac Monitoring Devices Market – Scope of Report
TMR’s report on the global ambulatory cardiac monitoring devices market studies the past as well as current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides the overall revenue of the global ambulatory cardiac monitoring devices market for the period of 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR) of the global ambulatory cardiac monitoring devices market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ literature, annual reports, press releases, and relevant documents to understand the global ambulatory cardiac monitoring devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of top-down and bottom-up approaches to study various phenomena in the global ambulatory cardiac monitoring devices market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global ambulatory cardiac monitoring devices market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global ambulatory cardiac monitoring devices market. The next section of the global ambulatory cardiac monitoring devices market report highlights the USPs, which include technological advancements, key industry events (mergers, acquisitions, strategic partnerships, etc.), top three players operating in the market, and COVID-19 pandemic impact on the global ambulatory cardiac monitoring devices market.
The report delves into the competition landscape of the global ambulatory cardiac monitoring devices market. Key players operating in the global ambulatory cardiac monitoring devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global ambulatory cardiac monitoring devices market report.
Key Questions Answered in Ambulatory Cardiac Monitoring Devices Market Report
- What are the sales/revenue generated by end-users of ambulatory cardiac monitoring devices across all regions during the forecast period?
- What are the key trends in the global ambulatory cardiac monitoring devices market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2031 and which segment will expand at the highest CAGR during the forecast period?
- Market ranking of different companies operating in the global market in 2020
Ambulatory Cardiac Monitoring Devices Market – Research Objectives and Research Approach
The comprehensive report on the global ambulatory cardiac monitoring devices market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global ambulatory cardiac monitoring devices market. It is followed by market introduction, market dynamics, and an overview of the global ambulatory cardiac monitoring devices market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global ambulatory cardiac monitoring devices market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key players has been mapped to ascertain the size of the global ambulatory cardiac monitoring devices market in terms of value. The forecast presented here assesses the total revenue generated in the global ambulatory cardiac monitoring devices market. In order to provide an accurate forecast, we initiated by sizing up the current ambulatory cardiac monitoring devices market with the help of the parent market.
The report analyzes the global ambulatory cardiac monitoring devices market in terms of type and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2031 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global ambulatory cardiac monitoring devices market.
Ambulatory Cardiac Monitoring Devices Market – Segmentation