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Cardiac Arrhythmia Monitoring Devices Market Segments, Analysis, Trends, Opportunities And Strategies 2024-2033
Cardiac Arrhythmia Monitoring Devices Market
The cardiac arrhythmia monitoring devices market size is expected to see strong growth in the next few years. It will grow to $11.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to expansion of telehealth services, focus on continuous monitoring, development of smart clothing for monitoring, focus on early intervention, focus on user-friendly device design, patient empowerment and engagement. Major trends in the forecast period include rise in wearable technologies, integration of artificial intelligence (ai), continuous ecg monitoring devices, miniaturization and portability, smartphone connectivity and apps, long-term monitoring solutions, innovations in implantable devices.
Market Overview -
The cardiac arrhythmia monitoring device is a device used for monitoring the arrhythmia (irregular beating) condition of the heart.
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Rising Prevalence Of Cardiovascular Diseases To Drive Market Growth
The growing prevalence of cardiovascular diseases is expected to propel the growth of the cardiac arrhythmia monitoring devices market going forward. Cardiovascular diseases refer to the group of diseases associated with conditions affecting the heart and blood vessels such as atherosclerosis, angina, heart attacks, aortic disease, and others. In cardiovascular diseases, cardiac arrhythmia monitoring devices help in event monitoring to keep track of the electrical activity of a patient's heart rhythm and beat (ECG) and detect or determine the risk of irregular heartbeats (arrhythmias). For instance, in April 2023, according to HMP Global, a US-based multi-accredited patient-centered education company, it is projected that the prevalence of peripheral arterial disease in the US will reach 23.8 million in 2030, from 21.0 million in 2020. Therefore, the growing prevalence of cardiovascular diseases is driving the growth of the cardiac arrhythmia monitoring devices market.
Competitive Landscape -
Major companies operating in the cardiac arrhythmia monitoring devices market report are AliveCor Inc., Biotronik SE & Co. KG, General Electric Company, iRhythm Technologies Inc., Koninklijke Philips N.V., Medtronic plc, Nihon Kohden Corporation, Smart Solutions Technologies S.L., Abbott Laboratories, OSI Systems Inc., Hill-Rom Holdings Inc., Applied Cardiac System Diagnostics Inc., Biotricity Inc., Boston Scientific Corporation, Medicalgorithmics S.A., Siemens AG, Edwards Lifescience Corporation, LivaNova PLC, Phoenix Heart Center, Fukuda Denshi Co. Ltd., Royal Philips, NUUBO SMART SOLUTIONS S.L, Cardiac Insight Inc., CardioComm Solutions Inc., Vascular Solutions Inc., Johnson & Johnson Services Inc., MicroPort Scientific Corporation, Osypka AG, AtaCor Medical, Spacelabs Healthcare
Technological Advancements Driving Innovation In Cardiac Arrhythmia Monitoring Devices Market
Technological advancement is the key trend in the cardiac arrhythmia monitoring devices market. Major companies operating in the cardiac arrhythmia monitoring devices market are focused on research and development for product innovations using advanced technologies to provide superior patient care. For instance, in May 2021, iRhythm Technologies, Inc., a US-based company operating in ambulatory cardiac monitoring solutions, introduced the AI capabilities in the Zio monitor, their flagship monitor, to improve rhythm and beat diagnostic accuracy by collecting high-quality data for analysis which helps physicians identify, diagnose, and manage a wide array of significant arrhythmias, including atrial fibrillation. Zio monitors are 50% lighter than the current monitors present in the market with the new breathable and waterproof outer layer which provides a more flexible design for a secure attachment and more comfortable wear. Additionally, AI capabilities enhance the average rhythm detection sensitivity of iRhythm's detection algorithm by 21% to provide accurate diagnostic data.
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Key Segments -
The cardiac arrhythmia monitoring devices market covered in this report is segmented -
1) By Type: Standards in Ambulatory Cardiac Monitoring, Patient- and Event-activated Intermittent Recorders, External Loop Recorder Pre-symptom Memory Loop Cardiac Event Recorder, Post-symptom Event Recorder, Contnous Real-time Attended Remote Cardiac Monitors, Mobile Cardiac Outpatient Telemetry System, Vital Signs Transmitter (Bio Watch Medical)
2) By Device: Holter Monitor, Event Recorder, Mobile Cardiac Telemetry, Implantable Cardiac Monitor, Electrocardiogram (ECG) Monitor, Other Devices
3) By Application: Tachycardia, Bradycardia, Premature Contraction, Other Applications
4) By End-use: Hospitals and Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings, Other End-uses
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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