Cardiac Monitoring Market Revenue, Company Profile, Key Trend Analysis & Forecast, 2022–2030
The global cardiac monitoring market size is expected to reach USD 32.18 Billion in 2030 and register a revenue CAGR of 3.8% over the forecast period, according to latest report by Reports and Data. Rapid technological developments in healthcare sector and increasing launch of advanced and innovative cardiac monitoring devices are factors driving market revenue growth. Cardiac monitoring generally refers to continuous monitoring of heart rate or activity by Electrocardiogram (ECG) or any other cardiac monitoring devices according to patient’s condition. Various types of cardiac monitoring devices have been developed, manufactured, and procured on a mass scale in several hospitals, clinics, and ambulatory surgery centers to help discover cardiac arrhythmias and other heart conditions, which help determine heart health. Development in hardware and software of cardiac monitoring devices over the period has introduced new features within the device which has helped in understanding of prominent technicalities of functioning of the heart.
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According to latest analysis by RnD, increasing number of product launches, product approvals, extensive R&D activities, entry of novice players, and recent strategic alliances in the market such as mergers & acquisitions, collaborations, partnerships, and deals, among others are some key factors that will drive the market revenue growth over the forecast period 2022-2030. Entry of new players and start-ups and the advent of advanced technologies are expected to further intensify the competition in the market.
Based on the application, application 2 is expected to account for a substantially large revenue share of more than 50% during the forecast period owing to increasing demand for advanced products to improve patient outcomes, improvements in healthcare facilities, rising number of investment and funding to accelerate medical and scientific research, increasing focus on personalized medicine, and rapid progress in drug research and development.
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Some Key Highlights from the Report
- Clinics, cardiac centers, and ambulatory surgery centers segment is expected to register significant growth rate during the forecast period. Traveling long distances to hospitals has been difficult for people in rural areas which has led to development of small clinics, cardiac centers, and surgery centers to promote diagnosis and treatment with less healthcare expenditure. Doctors are facilitating this healthcare infrastructure due to increase in population worldwide facing cardiac issues. These institutes also create mass health awareness programs, which help to drive knowledge among people. Increasing preference for mobile cardiac monitoring devices is allowing physicians to procure these devices in the centers for immediate monitoring of patients, which is expected to boost market growth during the forecast period.
- ECG devices segment accounted for largest market revenue share in 2021, due to numerous technological advancements in healthcare sector, such as incorporation of advanced algorithms and workflow improvement features including simplified operations, touchscreen systems, better connectivity, wireless features, and electronic medical records. ECG machine helps in painless and quick detection of the condition of heart with electrical signals. ECG machines are standard equipment, which are used to monitor the heart in operating rooms and ambulances.
- Market in North America accounted for largest revenue share in 2021, due to increase in geriatric population, rapid development in cardiac monitoring devices such as long battery life, miniaturization, leadless or biocompatible materials, and improving rate of government regulatory approvals. In addition, presence of well-developed healthcare infrastructure, skilled professionals, and rising investment by government and private organizations in research activities for development of advanced health monitoring devices are contributing to growth of market in this region.
- In July 2021, Nihon Kohden Digital Health Solutions Inc., the U.S. local development subsidiary of Nihon Kohden, acquired 100% shares of Advanced Medical Predictive Devices, Diagnostics, and Displays, Inc. With this acquisition, Nihon Kohden’s long-term vision is to create innovative healthcare monitoring devices to solve global medical problems and to give better future to people suffering from various diseases.
- Major companies in the global market report include :Boston Scientific Corporation, Biotronik, Nihon Kohden Corporation, Abbott, Stryker, Asahi Kasei Corporation, Hill-Rom Services, Inc., BPL Medical Technologies Pvt Ltd., Microport Scientific Corporation, and Medtronic PLC.
For the purpose of this report, Reports and Data has segmented the cardiac monitoring market based on product type, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2019–2030)
- ECG Devices
- Implantable Loop Recorders
- Mobile Cardiac Telemetry Devices
- Cardiac Output Monitoring Devices
- Event Monitors
End-use Outlook (Revenue, USD Million; 2019–2030)
- Clinical, Cardiac Centers and Ambulatory Surgery Centers
Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Market in Asia Pacific is expected to register a rapid growth rate during the forecast period, due to unhealthy eating habits and huge untapped healthcare enhancement opportunities for private companies. In addition, rise in disposable income of individuals has further increased demand for better healthcare facilities, and government policies to promote investments in healthcare sector are factors expected to boost market growth during the forecast period.
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Increasing demand to treat chronic and rare diseases to drive market growth
The global Cardiac Monitoring Market is majorly driven by a rapidly rising demand for personalized therapy and precision medicine to treat a wide range of rare and chronic diseases such as diabetes, cancer, hypertension, cardiovascular diseases, neurological disorders, and genetic disorders. Rapid progress in the field of precision medicine and growing application of customized therapies are significantly contributing to the revenue growth of the market.
Inaccessibility to advanced medical facilities in developing regions might hamper market growth
The steady revenue growth of the pharmaceutical and healthcare industry can be restrained due to some external factors. Limited access to proper medical facilities in low- and middle-income regions, shortage of skilled professionals, and lack of knowledge about certain treatments, drugs, and diseases can hamper market growth over the forecast period.
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However, the global Cardiac Monitoring Market is set to recover with significant revenue growth over the forecast period majorly attributed to the emergence of COVID-19 pandemic, rapid growth of telemedicine and teleconsultation services, availability of robust drug and therapeutics pipelines, and establishment of advanced clinical and healthcare facilities.
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