by Cardiac arrhythmia monitoring devices are medical devices that help detect arrhythmias, or irregular heartbeats, through continuous electrocardiography (ECG) monitoring. These devices enable long term ECG monitoring of patients at home or during ambulatory conditions which helps diagnose arrhythmia related conditions. Cardiac arrhythmias are heart conditions that affect the rate or rhythm of the heartbeat. Some examples of cardiac arrhythmia monitoring devices include event monitors, mobile cardiac telemetry monitors, implantable cardiac monitors, and Holter monitors.
The global Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cardiac arrhythmia monitoring devices market is the growing preference for mobile cardiac telemetry (MCT) monitors. MCT monitors have undeniably led to higher diagnostic yields than traditional Holter monitors due to their increased wear time of up to 28 days and capacity to transmit real-time data wireless to a central monitoring station. MCT monitors also address limitations of event monitors that require manual activation by the patient during symptoms leading to underreporting of arrhythmic events. This has propelled adoption of MCT monitors over event monitors and Holter monitors in clinical settings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements and established brand names of existing players. However, new technologies can provide opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternative treatment options and no significant switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components can be sourced from different suppliers and collaboration helps reduce costs.
Threat of new substitutes: The threat of new substitutes is low as alternative monitoring methods have limitations and continuous technological advancements strengthen product differentiation.
Competitive rivalry: Competition is high among leading brands constantly innovating products to gain market share.
Key Takeaways
The Global Cardiac Arrhythmia Monitoring Devices Market Size is expected to witness high growth.
Regional analysis: North America dominated the market and is expected to maintain its lead position owing to growing prevalence of cardiac arrhythmias, advanced healthcare facilities and favorable reimbursement policies in the US and Canada. Asia Pacific is poised to be the fastest growing market driven by increasing healthcare expenditure, rising awareness and growing geriatric population.
Key players: Key players operating in the Cardiac Arrhythmia Monitoring Devices market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry. Medtronic and Abbott Laboratories collectively hold over half of the market share owing to their robust product portfolios and global distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
