Overview
The global arrhythmia monitoring devices market, during the forecast period 2022 to 2030, will register growth at a CAGR of 6.20%. The market for arrhythmia monitoring devices is set to reach USD 6125 million by 2030. As per the market analysts, the global market is anticipated to witness growth owing to the factors such as the growing usage of telecardiology as well as the on-going development of smart cardiac monitors. However, the market will face challenges and restraints due to product recalls and associated complications during the forecast period 2022 to 2030.
The portability of cardiac arrhythmia monitoring devices in the market is set to play a key role in determining the growth potential during 2022 to 2030 years. Analysts have also studied the global market to understand potential threats and challenges the market companies could face. Although the market is poised to grow at a fast pace across device type, application, and end-user segments, factors such as the complications related to such devices could slow down the market's growth worldwide.
Arrhythmias are irregular heart rhythms that can lead to serious health complications, including heart attacks and strokes. Timely detection and monitoring of arrhythmias are crucial for managing these conditions effectively. In recent years, there have been significant advancements in arrhythmia monitoring devices, driving the growth of the Arrhythmia Monitoring Devices Market. This market's evolution has been propelled by factors such as the rising prevalence of heart diseases, increasing aging populations, and the demand for more convenient and reliable monitoring solutions.
The Global Landscape
The global Arrhythmia Monitoring Devices market has been experiencing robust expansion, primarily driven by the growing aging population, lifestyle changes, and the rising incidence of heart-related disorders. According to the World Health Organization, cardiovascular diseases account for the largest share of global deaths, making it imperative to monitor and diagnose arrhythmias promptly.
Technological Advancements
One of the pivotal factors fueling the growth of the Arrhythmia Monitoring Devices market is the continuous evolution of technology. Wearable devices like smartwatches and fitness trackers are now equipped with advanced sensors capable of monitoring heart rhythms in real-time. This accessibility to data empowers individuals to take proactive measures for their health, and it enables healthcare professionals to make informed decisions.
Market Segmentation
The arrhythmia monitoring devices market has been segmented into device type, application, and end-user. Based on the segment which is device type, the market is categorized on the basis of event monitor, Holter monitor, resting ECG, and others. The global market for arrhythmia monitoring devices is further segmented based on application into tachycardia, bradycardia, and others. Furthermore, the market, on the basis of end-user is segmented into hospitals and clinics, and others.
The global market research report covers all the aspects of the market based on the segmental analysis of these device type, application, and end-user segments. Analysts have also studied the global market's regional markets spread across many continents and countries. The device type, application, and end-user segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the market.
Regional Overview
High expenses associated with remote cardiac arrhythmia monitoring may hinder the market growth. The market research report suggests that companies in the market could be supported by innovation in product as well as the on-going technical development during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional arrhythmia monitoring devices markets will dominate the global market for arrhythmia monitoring devices during the forecast period 2016 to 2024. As per arrhythmia monitoring devices market analysts, the market is set to witness tremendous growth across Holter monitor, tachycardia, and hospitals and clinics segments in North America which covers arrhythmia monitoring devices markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the arrhythmia monitoring devices market research report.
The market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
Arrhythmia monitoring devices has seen increased demand over the years, due to the high accuracy and efficiency provided by arrhythmia detection and the growing requirement for continuous cardiac rhythm monitoring. Companies functioning in the global arrhythmia monitoring devices market are also being challenged due to the rise in recalls of arrhythmia monitoring devices and cost and budget related concerns among SMEs. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2016 to 2024. As the market is set to register a high CAGR of 6.44% and is also anticipated to reach a USD 8,087.4 million by 2024, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2024. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2016 to 2024.
Industry News
This year, the Marlborough, Massachusetts-based medical technology corporation increased its heart device acquisitions, taking a $90 million equity interest in valve treatment business Millipede and purchasing the remaining stock of ablation remote monitoring manufacturer Securus Medical Group for $40 million. Anti-arrhythmic medications or cardiac ablation, where in radiofrequency or cryothermal energy is applied to regions of the heart responsible for the disturbed heart rhythm, are often used to care for patients with heart failure, a common type of erratic heartbeat. Atrial fibrillation affects at least 2.7 million Americans, increasing the risk of blood clots and stroke.
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