The market for Cardiac Arrhythmia Monitoring Devices will achieve a market value of USD 35.41 billion by 2030.

New York, United States, July 11, 2022 (GLOBE NEWSWIRE) — The market is driven by a rising number of patients with cardiovascular diseases, increased prevalence of arrhythmias due to COVID-19, and an overall rise in patients suffering from chronic diseases such as cancer, diabetes, and obesity. 

Critical Insights into the market:

• By Product, the Holter monitor had the highest market share.
• By type, defibrillators dominated the market share.
• By End-User, hospitals commanded the maximum share in the market.
• By Region, North America held the majority of the market.

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Factors that are driving the market growth of the Cardiac Arrhythmia Monitoring Devices:

Increase in the number of patients suffering from cardiovascular diseases

An exponential rise of people who suffer from cardiovascular diseases (CVDs) has been noted worldwide. As stated by WHO, more than 17.9 million deaths are due to CVDs, which is approximately 32% of all deaths. According to the European Commission, CVD accounts for 45% of all deaths in Europe. As per the CDC, heart disease leads as the primary cause of death in the country. China had over 5 million deaths due to CVD. The American Heart Association approximates that 82.6 million citizens suffer from at least one form of CVD. Therefore, with the rising prevalence of CVDs, the market for cardiac arrhythmia monitoring devices would see accelerated growth.

COVID-19 Impact on heart disease

The COVID-19 worldwide pandemic has shot up the number of cases of heart diseases, including arrhythmias. As per a study circulated in the American Heart Association Journal, for patients who developed arrhythmia due to COVID-19, seven out of ten developed atrial arrhythmias and one out five of the remaining developed ventricular arrhythmias. According to the British Heart Foundation, people suffering from a CVD were 2.7 times more likely to die from COVID-19. Further, the report states that COVID-19 caused more than 5,800 more deaths than in 2019. Additionally, 45% of all COVID-19 death certificates mentioned cardiovascular disease as one of the reasons for death. Therefore, COVID-19 had a significant impact on cardiac arrhythmias in people, and hence, the market for monitoring devices has grown significantly since the beginning of the pandemic. 

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Rising number of Chronic Disease Patients

Chronic diseases such as anorexia, cancer, diabetes, and obesity have a significant impact on a person’s cardiac health and are associated with a higher risk of suffering from CVDs. According to the CDC, over 34.2 million people were suffering from diabetes; approximately 439 new cancer cases were detected per 100,000 of the population; 41.9% of the total population suffered from obesity. According to the ANAD (National Association of Anorexia Nervosa and Associated Disorders), 28.8 million will suffer from at least one eating disorder during their lifetime. Multiple chronic diseases have an increasing impact on CVDs, especially arrhythmias. According to the CDC, by 2030, 12.1 million Americans will have Atrial Fibrillation (AFib). Thus, with the rising chronic disease prevalence, the number of people suffering from cardiac arrhythmias will also grow. Hence, the market for their monitoring devices will also surge.

Segmentation Report of the Cardiac Arrhythmia Monitoring Devices Market as conducted by Strategic Market Research:  

Based on Product

• Holter Monitor
• ECG Devices
• Event Monitors
• Cardiac Output Monitoring
• Advanced ECG Monitors
• Implantable Loop Recorders
• Mobile Cardiac Telemetry

Based on Type

Application Basis

• Atrial Fibrillation
• Premature Contraction
• Ventricular Tachycardia
• Atrial Tachycardia
• Bradycardia
• Ventricular Fibrillation
• Others

By End-User

• Cardiac Clinics
• Hospitals
• Ambulatory Surgical Centers
• Others

Regional Segmentation

Europe

• Germany
• France
• UK
• Italy 
• Spain
• Norway
• Lithuania
• Latvia
• Hungary
• Slovakia
• Rest of Europe

North America

• Canada
• USA
• Mexico
• Rest of North America

Asia Pacific

• China
• Australia – New Zealand
• India
• South Korea
• Nepal
• Pakistan
• Georgia
• Armenia
• Azerbaijan
• Rest of Asia Pacific

Latin America, Middle East and Africa (LAMEA)

• Lebanon
• Saudi Arabia
• UAE
• Brazil
• Argentina
• South Africa
• Nigeria
• Egypt
• Rest of LAMEA

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Holter monitor dominated the product segment, as it is a device that works on the same principle as an electrocardiogram (ECG) monitor. The portable nature of the devices makes them more beneficial in tracking any heart condition that may not have been detected at the time of initial tests. The monitor is also effective in detecting if the prescribed medicines are working or not. The market for Holter monitors is worth over USD 400 million in 2022. Therefore, with rapidly advancing technologies that would make the monitors more efficient and smaller in size, the market for Holter monitors would grow rapidly.

By type, defibrillators dominated the market. They are used to assist people who have a sudden cardiac arrest. According to the NHS, when a defibrillator is used within one minute of the acute onset cardiac incident, the survival rate is 90%; and used within 3-5 minutes of the incident, the survival rate is nearly 74%. Thus, with the devices being highly effective in saving lives, they have become integral to aiding patients having acute cardiac incidents.

By end-user, hospitals dominated the market. The primary reason is the widespread application in these institutions in varied departments such as surgery, medicine and emergency rooms. According to research, over 290,000 cardiac events occur in adults, and approximately 15,200 pediatric incidents occur each year in US hospitals. According to the CDC, tachycardia occurs in 1.3% of the total population, most requiring hospitalizations. Therefore, with increasing instances of heart disease and acute onset incidents in hospitals, the hospital segment will continue to dominate the market. 

North America dominated the regional segment due to the high occurrence of heart disease in the region. According to the CDC, over 18 million adults in the US have coronary artery disease and nearly every 40 seconds, a person suffers from a heart attack. Over 805,000 people suffer from heart attacks in the US each year. In Canada, over 2.4 million Canadians suffer from heart disease. One Canadian dies of heart disease approximately every five minutes, and CVDs rank among the highest causes of death in the country. Therefore, with the high prevalence of heart diseases in the region, the market for cardiac arrhythmia monitoring devices would see high growth. 

Major Companies involved in the market:

• Abbot Laboratories
• ACS Diagnostics Inc.
• Alivecor, Inc.
• Asahi Kasei Corporation
• BioTelemetry Inc.
• BIOTRONIK LLP
• Boston Scientific Corporation
• BPL Medical Technologies Pvt Ltd
• Coala Life Inc.
• GE Healthcare
• Hill-Rom Holdings Inc.
• Koninklijke Philips
• Medtronic plc
• Metrix GmbH
• Microport Scientific India Pvt Ltd
• Narang Medical Limited
• Nihon Kohden Corporation
• OSYPKA Medical GmbH
• Progetti S.R.L
• RhythMedix
• Schiller AG
• Shenzhen Mindray Bio-Medical Electronics Ltd

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Recent Developments:

• In June 2022, the FDA cleared a feature for AppleWatch to be able to track atrial fibrillation(AFib). The feature will be provided to users above the age of 22 and above with a history of AFib and is expected to be launched in the watchOS 9 updates.
• In June 2022, Cardiology, a medical technology company, developed an algorithm to predict AFib. The company aims to use Holter monitor readings, which patients have worn for only 24 hours, to predict the short-term presence or absence of AFib in the patient. 
• In May 2022, Medtronic developed a new algorithm that would reduce the number of false-positive cases of AFib. The algorithm is going to be installed on their LINQ II devices using cloud-based software updates.

• In May 2022, researchers developed multiple wireless devices, including a bioresorbable pacemaker, that would help monitor heart conditions. The advantage would be that all the devices will be wireless, and the pacemaker is bioresorbable, meaning it would be naturally absorbed by the body.  
• In April 2022, Biotricity, a medical and consumer healthcare goods company, launched its new wireless and wearable device, Biotres, that would aid in monitoring cardiac health. It was cleared by FDA in 2021 and has been used in multiple channels such as hospitals and doctors’ offices since February 2022. The aim of launching it commercially was to expand revenue streams. 

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