Cardiac Monitoring Market To Reach USD 26.83 Billion By 2027 | CAGR:3.9% | Reports And Data
- Rise in cardiovascular disorders worldwide, expanding geriatric population, growing prevalence of obesity, favorable reimbursement policies, increasing strategic initiatives such as product launch or collaboration, lifestyle factors like smoking are key factors contributors to a high CAGR of the cardiac monitoring market during the forecast period
- Market Size - USD 19.71 billion in 2019, Market Growth - CAGR of 3.9%, Market Trends- Increasing development of technologically advanced products
NEW YORK, July 27, 2020 /PRNewswire/ -- According to the current analysis of Reports and Data, the global Cardiac Monitoring Market was valued at USD 19.71 billion in 2019 and is expected to reach USD 26.83 billion by the year 2027 registering a CAGR of 3.9%. Cardiac monitoring, also referred to as continuous or intermittent monitoring, concerns the monitoring of the activity of the heart, which is generally examined using ECG. The rise in heart related diseases due to growing elderly population, obesity, lifestyle changes like smoking, consumption of alcohol, besides the advancements in treatment methods and technology are the factors for boosting the cardiac monitoring market.
The WHO has reported that the rise in heart related diseases is the primary cause of death globally. It is estimated that cardiovascular diseases cause the death of 17.9 million people every year; it includes 31% of all global deaths. Cardiac monitoring is one of the most efficient and proficient options for the tracking of various heart dysfunctions. Obesity often affects vascular health and an increased risk of cardiovascular disease (CVD). Obesity or overweight eventually result in an increase in total blood volume and cardiac output, and these hemodynamic changes elevate arterial wall stress, smooth muscle cell proliferation, vessel wall thickness and diameter, and eventually lead to heart related disorders. In 2019, around 38.2 million children under the age of 5 years were overweight or obese according to the WHO. The prevalence is expected to grow continuously leading to rising incidences of heart related disorder thus adding considerable impetus to the demand in cardiac monitoring market.
In addition to larger target population favorable reimbursement policies is major factor driving the cardiac monitoring market share. Insurance companies like Medicare cover cardiac monitoring for inpatient, outpatient as well as ambulatory for Holter, event or patch type monitoring and for implantable devices in the cardiac monitoring market. Moreover, development of advanced products in the field to achieve unmet users' gaps in medical crisis like pandemic outbreak of COVID-19 is another major driving factor enhancing the market growth. For instance, in March 2020, QT Medical (U.S.), a medical technology company, launched a home ECG test that provides a cost effective alternative for skilled nursing facilities and telehealth service providers. However, high expenditure of diagnosis, treatment, and strict regulatory product approval procedures are the primary restraint for the growth of this market.
The pandemic outbreak of COVID-19 is estimated to add a massive boost to the growth of cardiac monitoring market. The virus has impacted more than 200 economies and has affected around 14 million people globally. It attacks respiratory system of the body leading to altered cardiac activity, thus it is an important to monitor the vital signs and cardiac activity of patients with Covid-19 for any arrhythmia or other problems. Also, individuals with heart related disorders are vulnerable to the infection leading to high concern for continuous monitoring activity of the heart.
To maintain the appropriate supply-demand curve various regulatory bodies have eased directives for the clearance of cardiac monitoring products. For instance, FDA granted Emergency Utilization Approval (EUA) to VitalConnect's cardiac monitoring in COVID-19 patients. In addition, researchers are working rigorously to develop therapeutically desirable treatments by developing new drugs or extending application range of existing drugs such as antimalarial or anti-retroviral drugs. Due to use of antimalarial drugs like hydroxychloroquine slight arrhythmia can be caused as a side effect. To avoid any further unfortunate issue such as cardiac arrest, close cardiac monitoring is must after the administration of hydroxychloroquine.
Besides, development of remote monitoring products to continue diagnosis of vital signs for critical patients as well as infected patients and avoiding accidental infection are factors estimated to enhance market growth further. For instance, recently Medtronic received U.S. FDA and CE mark clearance for its Linq II insertable cardiac monitor (ICM) with remote programming, which enables clinicians to optimize device settings without the need for patients to return to the office or hospital. Hillrom in June 2020 launched remote vital signs monitoring system thus shifting care closer to home.
In June 2020, Boston Scientific received U.S. Food and Drug Administration (FDA) 510(k) clearance for the LUX-Dx Insertable Cardiac Monitor (ICM) System, a new, long-term diagnostic device implanted in patients to detect arrhythmias associated with conditions such as atrial fibrillation (AF), cryptogenic stroke and syncope
In May 2020, Bardy Diagnostics has received CE mark certification for the 14-day version of the Carnation Ambulatory Monitor (CAM) patch, the p-wave centric ambulatory cardiac patch monitor that can detect arrhythmia. The company is also expected to launch remotely managed product to monitor patients in COVID-19 crisis with least exposure
There was a discovery of a novel ECG-based algorithm in 2019 by Ekos, a digital health company, that had received the approval of U.S. Food and Drug Administration (USFDA) for a simple screening test for heart failure. In the case of heart disorders, the algorithm inspects 15 seconds of ECG data, which is collected from the Eko Duo digital stethoscope. This data can be obtained by physical examination and will help to identify the reduction of left ventricular ejection fraction (LVEF), which is a measure commonly used to diagnose patients with heart failure
Recent researchers have developed a method that would help drivers, military personnel, and athletes to track their heart conditions. Researchers have defined that mobile ECG devices have offered a lot of opportunities for detecting atrial fibrillation, which is the most common heart disorder. These devices will help in the prevention of strokes and lower hospitalizations. It is the first research in which an ear has been used for the detection of ECG signals, this research has been presented at the annual congress of the European Heart Rhythm Association 2019 in Lisbon
In January 2019, BioTelemetry, a remote and wireless company with a specialization in health information, has acquired a start-up Geneva Healthcare, developer of remote monitoring for implantable cardiac devices, for USD 45 million
Royal Philips with the Governments of Ethiopia and the Netherlands had signed in the year 2018 a seven-year agreement to build Ethiopia's first specialized Cardiac Care Center as there is a severe shortage of cardiac monitoring devices in Ethiopia. The agreement was valued for approximately 40 million euros. Philips had given the responsibility for the design, construction, equipping and commissioning of the hospitals
North America dominated the cardiac monitoring market with a revenue of USD 8.69 billion in 2019. Due to the higher rate of obesity related heart problems, and adoption of developed technologies the region is expected to dominate the market over the forecast period
Based on the type segment ECG device type accounted for USD 7.16 billion in 2019. The development of technologically advanced, cost-effective products and easy availability of products are major factors driving the market growth
Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), Hill-Rom Holding (US), and Koninklijke Philips (Netherlands), Cardiac Science, Livanova, Schiller AG, Biotelemetry, Applied Cardiac System are the key players of the Cardiac monitoring market.
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