Wilmington, Delaware, United States, March 18, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The implantable cardiac monitor industry was worth US$ 914.5 million in 2022. By the end of 2031, the market is expected to reach US$ 1.6 billion, advancing at a CAGR of 6.6% from 2023 to 2031. With the advancement of technology and its widespread use, implantable cardiac monitors are becoming more affordable. As a result, they could potentially be available to a wider range of patient populations and be more widely adopted.
The size and technology of ICMs have improved over time, making implantation easier and improving patient comfort. Due to sensor technology and data processing advances, monitoring has also become more accurate and detailed.
Implantable cardiac monitors can continuously monitor heart activity over extended periods of time. Short-term monitoring allows for the detection of rare or intermittent cardiac events that might otherwise go undetected.
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Global Implantable Cardiac Monitor Market: Key Players
The worldwide implantable cardiac monitor market is characterized by several companies that constantly invest in the development of unique products and innovations to gain a significant market share.
Key Market Players
- Medtronic
- Abbott
- Biotronik
- Angel Medical Systems Inc.
- Vectorious
- Boston Scientific Corporation
- Biosense Webster Inc.
Healthcare providers can remotely monitor many ICMs due to their wireless connectivity. Data can be transmitted in real-time, allowing swift medical intervention in the event of an emergency. ICM data has become increasingly important in the integration of electronic health records. In addition to enabling healthcare professionals to make better-informed decisions, this integration simplifies the monitoring process.
Artificial intelligence can enhance event detection accuracy and reduce false positives in cardiac data analysis. Machine learning algorithms can detect patterns and predict cardiac issues using continuous monitoring data. Patients are increasingly being empowered to take an active role in their health care. Implantable cardiac monitors, which allow the individual to access personal information, can achieve a more patient-centric approach.
Key Findings of the Market Report
- In terms of end user, demand for implantable cardiac monitors is likely to be driven by specialized cardiac centers.
- Based on arrhythmia, the atrial fibrillation segment will drive the demand for implantable cardiac monitors.
- In 2022, North America will account for the majority of the implantable cardiac monitor market.
- In 2022, advanced cardiac care technologies led to substantial market growth in Europe.
Global Implantable Cardiac Monitor Market: Growth Drivers
- Implantable cardiac monitors are becoming more popular because cardiac arrhythmias like atrial fibrillation are on the rise. Monitoring devices like these help find irregular heartbeats early and keep them under control.
- Technological advancements like smaller, more sophisticated devices drive a growing market for implantable cardiac monitors. A battery life improvement, remote monitoring, and data analytics are essential for adopting these devices.
- For early detection and diagnosis of cardiac conditions, implantable cardiac monitors are becoming increasingly popular as awareness of cardiac conditions grows. By integrating remote monitoring systems and telemedicine platforms, implantable cardiac monitors can transmit real-time data to healthcare providers.
- Healthcare providers and patients have adopted implantable cardiac monitoring devices due to favorable reimbursement policies. In addition to making these technologies more accessible, improved reimbursement can significantly influence market growth.
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Global Implantable Cardiac Monitor Market: Regional Landscape
- The implantable cardiac monitor market is expected to grow fastest in North America. As a result of the high prevalence of heart disease found in North America, including the United States as well as Canada, In recent years, implantable cardiac monitors have become a big deal because of conditions like atrial fibrillation and other arrhythmias.
- Healthcare technology advancements in the region have been at the forefront of the industry. Integrated data analytics, miniaturization, and enhanced battery life are driving North America's implantable cardiac monitor market.
- A growing number of hospitals in North America are adopting remote patient monitoring solutions to monitor their patients. Healthcare providers can access real-time patient data from implantable cardiac monitors, enhancing cardiac disease management without frequent in-person visits.
- Implantable cardiac monitors are widely adopted in North America because of reimbursement policies, particularly in the United States. Incentives for reimbursement can help make these devices more attractive to healthcare providers.
- The market's growth has been attributed to increased awareness of early detection of cardiac conditions among healthcare professionals and the general population. The well-established healthcare infrastructure makes advanced medical technologies easier to adopt in North America.
Key Developments
- In June 2023, BIOTRONIK, a provider of implantable medical devices, announced the first global installation of its BIOMONITOR IV implantable cardiac monitor (ICM). As cardiac monitoring technology advances, this first implant represents an important step.
- In October 2023, Boston Scientific unveiled its latest insertable cardiac monitor (ICM), the LUX-Dx II+. Syncope, cryptogenic stroke, and AFib are all monitored with the system over the long term.
Global Implantable Cardiac Monitor Market: Segmentation
By Arrhythmia
- Atrial Fibrillation
- Bradycardia
- Others
By End User
- Hospitals
- Specialized Cardiac Centers
- Ambulatory Surgical Centers
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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