According to a recent study from market research firm Global Market Insights, Growing emergence of smart wearable cardiac devices that facilitates continuous monitoring even at remote locations could enhance the business outlook in the future. Hence, rising availability of such devices supported by burgeoning disposable income could broaden the revenue stream for monitoring device manufacturers.
The cardiac arrhythmia monitoring devices market is expected to witness exponential growth based on rising cases of cardiovascular diseases and increasing need for health monitoring solutions. Adoption of hectic lifestyle and unhealthy habits like excess consumption of sugar-rich diet, smoking, lack of physical activity and alcoholism cause a number of chronic cardiovascular diseases (CVDs). According to the latest research report by GMI Inc., the cardiac arrhythmia monitoring devices industry to reach $9 billion by 2026.
Mobile cardia telemetry market size is projected to witness an 8% CAGR through 2026. Healthcare institutions are investing substantially in the adoption of advanced mobile cardia telemetry devices offering innovative features compared conventional monitoring devices. These devices detect both symptomatic as well as asymptomatic cardiac arrythmias. In addition, mobile cardia telemetry devices can wirelessly transmit data in real time and allow unrestricted movement.
The popularity of remote monitoring devices has increased considerably in recent years, especially across developing regions. Many cardiac healthcare device makers are focusing on development of wearable devices for continuous cardiac monitoring for patients at the comfort at their homes. With increased household income levels, consumer preference for homecare cardiac arrythmia monitoring devices will also rise. In terms of the end-user, home care settings segment is estimated to be worth over US$950 million by 2026.
Cardiac healthcare devices are typically used for monitoring of bradycardia, tachycardia, and premature contractions. In 2019, tachycardia application segment captured more than 87% revenue share of cardiac arrhythmia monitoring devices market and will witness notable growth by 2026, with growing occurrence of various types of tachycardia, including atrial fibrillation. Tachycardia is a cardiac condition where the heart beats faster than normal. Healthcare professionals generally make use of ECG devices and Holter monitors for diagnosis and management of the type of tachycardia.
Europe cardiac arrhythmia monitoring devices market size was estimated to be worth US$1.7 billion in 2019. The regional growth can be mainly associated with the presence of several notable healthcare companies and a large geriatric population base. Several European countries have witnessed a rise in occurrence of chronic heart disorders, caused by obesity, smoking, and other factors. The massive number of COVID-19 patients in the region will likely increase the adoption of remote cardiac health monitoring devices.
Abbott, Biotronik, Medtronic, Nihon Kohden, Philips, and GE Healthcare are among the leading manufacturers of cardiac arrhythmia monitoring devices market. In July 2020, the U.S. FDA had approved Biotronik’s new injectable cardiac monitoring device Biomonitor III. MB Bureau