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Cardiac Monitoring Devices Market Key Drivers Analysis Research Report by 2028
A cardiac event monitor is a device used to record the heart's electrical activity (ECG) and keeps track of the heartbeat and rhythm., Cardiac event monitors are used when there is a need for long-term monitoring of symptoms that do not happen daily. Important heart health data can be tracked, recorded, and sent to patients' doctors using a cardiac monitoring gadget, which reduces the need for frequent visits to the doctor's office, allowing the care team to monitor patients' heart health from a distance.The cardiac monitoring devices market is projected to reach US$ 43,334.36 million by 2028 from US$ 28,098.08 million in 2021; it is expected to grow at a CAGR of 6.4% from 2021 to 2028.
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A few prominent players operating in the global cardiac monitoring devices market are Medtronic; Abbott; Boston Scientific Corporation; iRhythm Technologies, Inc.; GE Healthcare; Inc.; SCHILLER Healthcare India Pvt. Ltd; Koninklijke Philips N.V.; MicroPort Scientific Corporation; Asahi Kasei Corporation; Hill-Rom Holdings, Inc.; Nihon Kohden Corporation; AliveCor, Inc; Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; ACS Diagnostics; BTL; Hemodynamics Company LLC; Mortara Instruments; LivaNova PLC; TZ Medical; Amiitalia; RHYTHMEDIX; and Medi-Lynx Cardiac Monitoring, LLC.
Companies are launching new and innovative products and services to sustain their position in the global cardiac monitoring devices market. In July 2021, Abbott launched the Jot Dx insertable cardiac monitor in the US market to detect irregular heart rhythms.
COVID-19 pandemic created a demand to monitor patients treated in emergency departments (EDs) at home for clinical deterioration, such as hypoxemia, to help raise hospital capacity. Hospitalized patients were at increased risk for unrecognized clinical deterioration with the increased number of patients coupled with high staffing ratios for all doctors' workload. The pandemic accelerated monitoring and therapy based on patient needs and risks, and a combination of technological advances, medical urgency, and payment policy supported this change.
Based on type, the global cardiac monitoring devices market is segmented into cardiovascular devices, multi-parameter ECG monitors, patient monitoring devices, ambulatory cardiac monitoring, and cardiac monitors. In 2020, the cardiovascular devices segment held the largest share of the market. However, the patient monitoring devices segment is expected to grow at the highest CAGR from 2021 to 2028. The demand for patient monitoring devices is increasing due to rising chronic disorders such as stroke, coronary heart disease, sudden cardiac arrest, congenital heart diseases, and other cardiovascular diseases. Temperature monitoring, continuous glucose monitoring, and pulsed oximetry blood pressure monitoring are several applications for wearable patient monitoring, biosensors, and smart implants. The surge in demand for the vital parameters monitors is bolstering the segment's growth.
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