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Arrhythmia Monitoring Devices Market Forecast to Reach USD 8,087.4 million Value by 2024-End
Global Arrhythmia Monitoring Devices Market Report Information by Device Type (Resting ECG, Event Monitor, Holter Monitor, Others), by Application (Tachycardia, Bradycardia, Others), By End User (Hospitals and Clinics, Others) and Region - Forecast till 2024
The Global Arrhythmia Monitoring Devices Market is Expected to Register a CAGR of 6.44% and is Anticipated to Reach USD 8,087.4 Million by 2024. Cardiac arrhythmia monitoring devices are extremely useful in tracking the functions of the heart function and report any abnormalities in the normal function (rhythm). Hence, they do not just help in maintaining a continuous record of heart functions but have also proven to be lifesavers due to their ability to report abnormalities in normal heart functions, like in the case of a cardiac event. The global market for arrhythmia monitoring devices is expected to propel owing to factors such as increasing use of telecardiology, ease of use and portability of cardiac arrhythmia monitoring devices, and development of smart cardiac monitors. However, the factors such as an increase in recalls of arrhythmia monitoring devices and complications related to these devices may hamper the growth of the market over the forecast period.
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The global arrhythmia monitoring devices market has been segmented into device type, application, and end user. By device type, the market has been segmented into resting ECG, event monitor, implantable cardiac monitor (ICM), Holter monitor, mobile cardiac telemetry (MCT) devices, others. On the basis of application, the market has been segmented into tachycardia, bradycardia, atrial fibrillation (A-fib), ventricular fibrillation (V-fib), premature ventricular contractions (PVC), conduction disorders, and others. By end user, the market has been segmented into hospitals & clinics, diagnostic centers, home care settings, ambulatory surgery centers (ASC), and others.
Market Research Future (MRFR) recognizes the following companies as the key players in the global arrhythmia monitoring devices market that includes are Biotronik (Germany), Abbott Laboratories (US), Medtronic plc (Ireland), GE Healthcare (US), BioTelemetry, Inc. (US), Applied Cardiac Systems, Inc. (US), Alive Cor, Inc. (US), Nihon Kohden Corporation (Japan), Fukuda Denshi Co. Ltd (Japan), and Spacelabs Healthcare (US).
Geographically, the Americas is expected to dominate the global arrhythmia monitoring devices market. In this region, the growing prevalence of cardiac diseases along with growing awareness created by several government organizations as well as private firms is estimated to support the market growth. The Europe arrhythmia monitoring devices market is expected to be the second largest market owing to the growing occurrences of cardiac disorders in the region. In the European region, Spain accounted for a market share of 5.5% in 2018. Asia-Pacific is anticipated to be the fastest growing market owing to the developing healthcare infrastructure and rising disposable income. Furthermore, the Middle East and Africa is expected to witness steady growth due to limited access and healthcare affordability among the population.
Key Findings of the Study
- Global arrhythmia monitoring devices market is projected to reach USD 8,087.4 million by 2024 with 44% CAGR during the review period of 2019 to 2024.
- Americas accounted for the largest share in the region due to the high adoption rate of the low-cost electrocardiogram and the rising prevalence of cardiac diseases.
- The hospital and clinics segment accounted for the largest share, holding a market value of USD 1,740.0 Million in 2018.
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