ALBANY, N.Y., April 6, 2021 /PRNewswire/ -- The global implantable cardiac monitor market is expected to expand as the occurrence of cardiac arrhythmias like bradycardia and atrial fibrillation rises. The demand is further expected to be powered by technological innovations and an increase in the global geriatric population. Augmented understanding of and acceptance of sustained ECG tracking of the rhythm of the heart, as well as a surge in the occurrence of stroke, are expected to boost demand for implantable cardiac monitors in the coming years. Besides that, developments in healthcare systems and an increase in demand for subcutaneously implanted cardiac monitors are predicted to augment the growth of the global implantable cardiac monitor market in the near future.
In the coming years, the global implantable cardiac monitor market is anticipated to be propelled by increased investments by prominent stakeholders through alliances, acquisitions, and mergers, as well as increased demand for the production of miniaturized devices. The installation of cardiac monitors, on the other hand, is quite a lengthy procedure. The competition is anticipated to be hampered as a result of this. Furthermore, the implantable cardiac monitor market is estimated to be hindered by high treatment costs and strict guidelines regulating implantable device's approval. Cardiac monitors compatible with smartphone, on the other hand, are likely to present enticing business scope to the global market.
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In 2017, the global implantable cardiac monitor market was worth around US$ 679.24 million. The market is projected to hit approximately US$ 1,464.26 Mn through 2026, rising at a growth rate of 8.7% CAGR over the projected timeframe. From 2018 to 2026, the global demand is envisioned to be boosted by a high occurrence of cardiac arrhythmia and an expansion in the geriatric population. The global implantable cardiac monitor market is expected to develop due to extended ECG monitoring feature and increased technological innovations. Furthermore, increasing adoption of subcutaneously implantable cardiac devices, as well as technological innovations, are expected to bode well for the market over the forecast period.
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Key Findings of Market Report
- High Occurrence of Cardiac Arrhythmia to Present Immense Growth Opportunities
Due to a rise in the occurrence of cardiac arrhythmia, the global implantable cardiac monitor market is developing rapidly According to study, nearly14 million people in the US suffer from cardiac arrhythmia, with even more than 4 million people experiencing chronic arrhythmia and 5 million individuals actually dealing with heart disorders. Japan is predicted to have around 1 million patients of cardiac arrhythmia in the years to come, in Asia Pacific. A tiny electrophysiology (EP) system known as an implantable cardiac monitor is commonly utilized for continual monitoring of a patient's heart's electrical activity. The primary objective of this monitoring activity is to examine if the patient has any arrhythmias. In the last few years, healthcare practitioners all over the world have been leaning toward the utilization of innovative technologies to provide patients with improved healthcare. In the coming years, this factor is predicted to create immense scope for sale of implantable cardiac monitor.
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- Technological Developments to Facilitate Treatment of Geriatric Patients with Cardiac Conditions
The increased incidences of cardiovascular disorders such as heart failure and heart stroke are likely to drive the demand for cardiac monitoring devices to track abnormal heart rhythms. Cardiovascular arrhythmias, specifically atrial fibrillation, are common in the elderly, necessitating the use of cardiac monitors. External heart monitors are not practical to wear or bear on a daily basis for the elderly. As a result, the use of implantable cardiac monitors has increased, which is likely to add to the growth of the implantable cardiac monitor market in the years to come. Implantable cardiac monitors have improved ECG tracking and have a three-year battery life. The increasing geriatric population necessitates more efficient options for treatment, which is estimated to present opportunities for businesses in the global implantable cardiac monitor market.
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Implantable Cardiac Monitor Market: Growth Drivers
- Leading companies in the global implantable cardiac monitor market are directing their efforts on research and development activities. This action encourages businesses in raising the standard of their products. Because of such continued technological progress in the healthcare sector, the market is expected to expand at rapid pace in the coming years.
- The global implantable cardiac monitor market is expected to expand as the occurrence of cardiac arrhythmias such as bradycardia and atrial fibrillation increases.
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Global Implantable Cardiac Monitor Market: Key Competitors
- Biosense Webster, Inc.
- Boston Scientific Corporation
- Angel Medical Systems, Inc.
- Abbott Laboratories
- Medtronic plc
- Biotronik SE & Co. KG
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