Onward and Upward: Heart Monitoring Devices Market Charts Course to...

Onward and Upward: Heart Monitoring Devices Market Charts Course to $45 Billion by 2033

Posted 2024-05-08 19:41:29

A thorough analysis by Fact.MR estimates that the global Heart Monitoring Devices Market is estimated to be worth US$ 25 billion in 2023 and US$ 45 billion by the end of 2033.

Heart monitoring devices are utilized in home care, clinic, and hospital settings to track cardiac rhythm, identify irregularities, and support the diagnosis of cardiovascular disorders. Globally, there has been a surge in cardiovascular disorders due to the growth in lifestyle-related illnesses like obesity and hypertension. In order to help with the early diagnosis and treatment of cardiac disorders, this has led to a significant need for heart monitoring equipment.

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Integration of heart monitoring devices with telemedicine platforms has gained momentum, enabling real-time monitoring and remote consultations with healthcare professionals. AI-driven algorithms are being developed to enhance the accuracy of heart rhythm analysis and detect abnormalities, further improving the efficacy of heart monitoring devices.

The move towards remote patient monitoring is another element boosting market revenue growth. Due to advancements in telemedicine, remote heart monitoring devices are growing in popularity. By using these devices, patients can monitor their heart rhythms at home instead of having to travel to the hospital.

An increase in patients with arrhythmias and significant technological advancements are driving the demand for holter monitoring devices. Additionally, they provide quick monitoring to improve patient compliance and treatment outcomes. The cost-effectiveness of holter monitors is a factor in revenue growth, which raises the adoption rate of procedures. They provide the advantage of cardiac rhythm treatment without interfering with a patient's regular activities.

It is anticipated that the development of technologically advanced monitoring tools, such as wireless monitors that benefit from early detection, will accelerate industry growth. Due to longer life expectancies and ongoing technological improvements that have increased their capabilities and use, the use of heart monitoring devices has considerably increased in recent years.

Key Takeaways from Market Study

The global heart monitoring devices market is valued at US$ 25 billion in 2023.
Worldwide sales of heart monitoring devices are predicted to rise at a CAGR of 6% from 2023 to 2033.
Global heart monitoring device demand is set to reach a market value of US$ 45 billion by 2033.
North America leads the global market with 40% share in 2023.
Holter monitoring devices account for 50% share of the global market in 2023.

“Demand for heart monitoring devices in hospitals is being driven by increasing need for accurate and timely cardiac arrhythmia diagnosis as well as the availability of qualified healthcare professionals and specialized cardiac monitoring units. Easy accessibility of reimbursement policies for cardiac implants and growing usage of monitoring devices in response to an increase in hospitalizations are also driving market growth,” says a Fact.MR analyst

Key Companies Profiled in This Report

Stryker Corporation
Medtronic
Bexen Cardio
Zoll Medical Corporation
Abbott Laboratories
AliveCor, Inc.
Boston Scientific Corporation
GE Healthcare
iRhythm Technologies, Inc.
TZ Medical Inc.
Biotronik, Inc.

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Country-wise Insights:

Will the United States Continue to Be a Major Market for Heart Monitoring Devices ?

Governmental efforts to treat cardiovascular diseases have increased.

The occurrence of cardiac arrhythmias is rising, telemedicine is being used more frequently, and there is an increase in demand for technology for remote cardiac monitoring in the US. The expansion of the industry is being fueled by an increase in government financing and programmes for the management and treatment of cardiovascular illnesses.

The increased usage of cutting-edge cardiovascular disease monitoring and diagnostic technologies is predicted to drive profitable market expansion in the United States. An increase in healthcare spending and an increase in disposable income are further variables impacting market expansion.

Winning Strategy

According to this latest study by Fact.MR, a market research and competitive intelligence provider, key manufacturers are focusing on developing compact, lightweight, and wearable heart monitoring devices to enhance patient comfort and compliance. To create cutting-edge technology and increase their revenue shares, major firms are spending on R&D.

For instance,

In 2020, a direct-to-patient telecardiology service was introduced by Coala Life. The product is an electrocardiogram (ECG) monitor that runs on a smartphone without a patch and can identify the most prevalent cardiac arrhythmias in real-time.

Key Segments of Heart Monitoring Devices Industry Research Report

By Type:

Electrocardiogram (ECG) Monitors
Insertable Cardiac Monitors (ICM)
Holter Monitoring Devices
Event Recorders
Mobile Cardiac Telemetry (MCT) Devices
Smart Wearable Monitors
Portable Heart Monitors
Heart Beat Measuring Instruments
Others

By Application:

Bradycardia
Tachycardia
Arrhythmia
Atrial & Ventricular Fibrillation
Others

By End User:

Hospitals & Clinics
Ambulatory Surgical Centers
Home Care Settings

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global heart monitoring devices market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights on the heart monitoring devices market based type (electrocardiogram (ECG) monitors, insertable cardiac monitors (ICM), holter monitoring devices, event recorders, mobile cardiac telemetry (MCT) devices, smart wearable monitors, portable heart monitors, heart beat measuring instruments, others), application (bradycardia, tachycardia, arrhythmia, atrial & ventricular fibrillation, others), and end user (hospitals & clinics, ambulatory surgical centers, home care settings), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).