According to “The Insight Partners” latest market research study, titled “The global Cardiac Monitoring Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product Type, Application, and End User,” the cardiac monitoring devices market is expected to reach US$ 43,334.36 million by 2028 from US$ 28,098.08 million in 2021; it is estimated to grow at a CAGR of 6.4% from 2021 to 2028. The report highlights the trends prevailing in the global cardiac monitoring devices market and market drivers and deterrents. An increase in the incidence of cardiovascular diseases, the surge in the geriatric population base, and an increase in the number of product launches and approvals are driving the global cardiac monitoring devices market. However, the risk of associated cyber security vulnerabilities challenges is hampering the market growth.
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.
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. The COVID-19 pandemic marks the beginning of a new era of cardiac management with remote patient monitoring (RPM). Real-time cardiovascular disease monitoring based on wearable medical devices can effectively reduce COVID 19 mortality. The COVID 19 pandemic accelerated the implementation of cardiac monitoring devices worldwide. The demand for cardiac monitoring devices is expected to grow continuously in the forecast period as there is a rise in the number of product approvals and launches by many market players. Thus, the COVID-19 pandemic has a significant positive impact on the market.
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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; Biotronik, 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.
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