Pune, India, March 08, 2022 (GLOBE NEWSWIRE) -- The global ambulatory arrhythmia monitoring devices market size was USD 4.59 billion in 2020. The market is expected to grow from USD 5.19 billion in 2021 to USD 8.01 billion in 2028, exhibiting a CAGR of 6.4% during the forecast period. The rising prevalence of cardiovascular disorders and improving healthcare infrastructures are expected to bolster market progress. Fortune Business Insights™ presents this information in its report titled Ambulatory Arrhythmia Monitoring Devices Market, 2021-2028.
Ambulatory arrhythmia monitoring devices monitor heart rhythms in hospitals, ASCs, homecare, and other settings. The increasing prevalence of cardiovascular disorders and the rising geriatric population are expected to foster the product demand. As a result, the demand for effective monitoring systems may increase rapidly. Furthermore, improving healthcare infrastructure globally leads to the development of effective medical devices, thereby fostering industry growth in the coming years.
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COVID-19 Impact:
Limited Clinical Visits to Impede Product Sales
This market is expected to be negatively affected during the COVID-19 pandemic due to limited clinical visits. The sudden spike in COVID-19 infections led to stringent lockdowns, thereby affecting manufacturing activities. Lack of production led to supply chain disruptions, thereby affecting the product’s sales. Furthermore, lack of transport led to lack of raw materials to produce ambulatory arrhythmia monitoring devices. However, the adoption of sanitization, social distancing, and automated production machinery may enable manufacturers to balance their costs and recover their market position. This factor may propel market development during the pandemic.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.4% |
| 2028 Value Projection | USD 8.01 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 5.19 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | By Device, By Application, By End User, and Geography |
| Growth Drivers | Rising Prevalence of Arrhythmia to Drive the Ambulatory Monitoring Devices Market Growth |
| Fosters the demand and adoption of various ambulatory arrhythmia monitoring devices among healthcare professionals and drives the ambulatory arrhythmia monitoring devices market growth. | |
| The global market exhibited a huge decline of -10.8% in 2020 as compared to the average year-on-year growth during 2017-2019. The sudden rise in CAGR is attributable to this market’s growth and demand, returning to pre-pandemic levels once the pandemic is over. |
Segments
Device Type, Type, Application, End User, and Region are Studied
By device type, the market is segmented into event monitors, holter monitors, and mobile cardiac telemetry monitors. By type, the market is bifurcated into implantable and external. Based on application, it is classified into ventricular fibrillation, atrial fibrillation, bradycardia, tachycardia, and others. As per end user, it is trifurcated into diagnostics centers and clinics, hospitals and ASCs, and others. Geographically, it is clubbed into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Prevalence of Arrhythmia to Foster Market Growth
The rising prevalence of arrhythmia, such as bradycardia, tachycardia, atrial fibrillation, and others, is expected to spike the product adoption. For example, as per the information provided by the European Medical Group LTD, in 2019, nearly 1.5 million German people suffered from atrial fibrillation. Further, the rising elderly population is expected to boost the adoption of medical devices. Moreover, rising medical spending and per-capita is expected to attract effective medical products and services consumers. These factors may drive the ambulatory arrhythmia monitoring devices market growth.
However, faulty measurement by arrhythmia monitoring devices is expected to hinder the market’s progress.
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Regional Insights
Presence of Favorable Reimbursement Policies to Boost Market Growth in North America
North America is projected to dominate the ambulatory arrhythmia monitoring devices market share due to the presence of favorable reimbursement policies for diagnostic of disorders. The market in North America stood at USD 2.10 billion in 2020 and is expected to gain a considerable portion of the global industry. Further, increasing initiatives by private and government organizations to develop advanced medical devices are expected to boost market development.
In Europe, the presence of a significant geriatric population, developed infrastructure, and trained healthcare professionals may lead to the growth of the global ambulatory arrhythmia monitoring devices industry development.
In Asia Pacific, the rising prevalence of arrhythmia is expected to foster the adoption of ambulatory arrhythmia monitoring devices adoption. Furthermore, rising medical spending is expected to boost market development.
Competitive Landscape
Manufacturers Announce Novel Products to Improve Brand Image
The prominent companies operating in the market announce novel products to boost their brand image and attract consumers. For example, BIOTRONIK SE & Co. KG launched its BIOMONITOR III in June 2019. The product is an injectable cardiac monitor to provide accuracy and detect arrhythmia types using invasive methods. This launch may help the company expand its product portfolio and improve its brand image significantly. Furthermore, the adoption of research and development, mergers, acquisitions, partnerships, expansions, and collaborations may enable companies to boost their market position globally.
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Industry Development:
September 2021: Qardio, Inc. launched its QardioCore ambulatory ECG to provide precise holter monitoring for arrhythmia diagnosis using invasive methods.
List of Key Market Players Profiled in the Report
- Abbott (Lake Bluff, U.S.)
- Medtronic (Dublin, Ireland)
- Boston Scientific Corporation (Marlborough, U.S.)
- BioTelemetry (Malvern, U.S.)
- iRhythm Technologies, Inc. (San Francisco, U.S.)
- Medi-Lynx Cardiac Monitoring, LLC. (Plano, U.S.)
- CamNtech Ltd (Fenstanton, U.K.)
- ZOLL Medical Corporation (Chelmsford, U.S.)
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