The global cardiac monitoring market is expected to witness a CAGR of around ~6% during the forecast period (2021–2027).
A comprehensive overview of the cardiac monitoring market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cardiac monitoring market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
Market Overview
The global cardiac monitoring market is expected to witness a CAGR of around ~6% during the forecast period (2021–2027). Cardiac monitoring is a process in which a device records a patient’s heart rate and rhythm and shows the electrical waveforms of the cardiovascular system for measurement and treatment. Furthermore, the market is expected to witness a significant during the forecast period owing to the rising cardiovascular diseases, heart arrhythmia, coronary heart diseases, and the growth of the geriatric population. For instance, according to the World Population Ageing Report 2019 by United Nations (UN), In 2019, there were 703 million persons aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. In addition, obesity, unhealthy diet, diabetes, and hypertension contributes directly to increased risk of cardiovascular diseases.
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COVID-19 Impact
COVID-19 has posed challenges for physicians whose cardiac patients are at-risk and reluctant to schedule an office visit has led to an increase in the preference for remote monitoring of patients with cardiovascular conditions. This shift has been adopted with a view to reduce the chances of infections due to frequent hospital and clinic visits. Various studies suggested that even a mild case of COVID-19 can increase a person’s risk of cardiovascular problems. Thus, it became important to regularly monitor the patients for any risk of cardiovascular diseases. This supported the demand for cardic monitoring devices during the pandemic and expected to witness the steady rise during the forecast period.
The cardiac monitoring market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into:
· ECG Monitor
· Event Recorder
· Implantable Cardiac Loop Recorder
· Pacemaker
· Defibrillator
· Cardiac Resynchronization Therapy (CRT) Devices
· Smart Wearable
· Others
Based on type, the market is classified into ECG monitor, event recorder, implantable cardiac loop recorder, pacemaker, defibrillator, cardiac resynchronization therapy (CRT) devices, smart wearable, and others. Amongst them, in 2020, the ECG monitor category dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the rising incidence of patients suffering from CVDs has increased efficient diagnosis, thus creating demand for ECG machines. Additionally, the market growth is driven by the rising geriatric population coupled with rising incidences of heart and lung diseases such as coronary artery diseases (CAD) and cardiac failure or severe acute respiratory distress syndrome (ARDS). According to WHO, Cardiovascular diseases (CVDs) are the leading cause of death worldwide. Furthermore, around 17.9 million people died because of CVDs in 2019.
By End-User, the market is primarily bifurcated into:
· Hospitals & Clinics
· Ambulatory Surgery Centers (ASC)
· Home Care Settings
· Others
Based on end-user, the market is bifurcated into hospitals and clinics, ambulatory surgery centers (ASC), home care settings, and others. In 2020, the hospitals and clinics category accounted for the majority share during the forecast period owing to the increasing construction of hospitals, the large number of patients treated at hospitals, the availability of trained professionals to operate cardiac monitoring devices, and a surge in the number of heart surgeries in the hospital setting. However, ambulatory surgical centers are also likely to witness the fastest growth during the forecast period. In the U.S., about 18 million adults aged 20 and older have coronary artery disease (CAD). Furthermore, according to American Heart Association (AHA), coronary heart diseases cause 1 in every 7 deaths in the U.S., resulting in about 366,800 deaths each year. In addition, in 2020, there were 2.2 million new cases of lung cancer reported.
Cardiac Monitoring Market Geographical Segmentation Includes:
· North America
Ø U.S.
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø United Kingdom
Ø France
Ø Spain
Ø Italy
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø Rest of Asia-Pacific
· Rest of World
For a better understanding of the market adoption of the cardiac monitoring industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America); Europe (Germany, United Kingdom, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific); and the Rest of World. In 2020. North America held the extensive market share owing to the increasing prevalence of CVDs, diabetes, and hypertension coupled with the rising geriatric population in the region. According to the US Census Bureau analysis, the elderly population is expected to nearly double in the next 25 years. In addition, according to World Population Ageing, in 2019, the elderly population of North America was 59.9 million which is expected to reach 96.2 million by 2050.
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The major players targeting the market includes:
· Medtronic PLC
· Abbott Laboratories
· Boston Scientific Corporation
· GE Healthcare
· Biotronik
· Livanova
· Schiller
· Biotelemetry
· Applied Cardiac System
· Hill-Rom Services
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the cardiac monitoring market industry. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the cardiac monitoring market industry?
· Which factors are influencing the cardiac monitoring market industry over the forecast period?
· What are the global challenges, threats, and risks in the cardiac monitoring market?
· Which factors are propelling and restraining the cardiac monitoring industry?
· What are the demanding global regions of the cardiac monitoring market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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