(PharmaNewsWire.Com, October 16, 2019 ) The global cardiac monitoring devices market is forecasted to grow at a stable CAGR of around 5.9% during the forecast period 2019 to 2026.
Increasing prevalence of cardiovascular diseases, increasing critical care surgeries, technological advancements, increasing preference for MCT devices are some of the fundamental factors that are driving the cardiac monitoring devices market growth across the globe.
Cardiac monitoring is related to continuous monitoring of the heart activity in patients using electrocardiography (ECG) techniques. It is also used to monitor the electric functionality of the heart. Cardiac monitoring is essential in healthcare diagnosis to understand the proper functioning of the body by analyzing the heart functioning. There are various electrocardiography techniques that are used to monitor cardiac/heart activity. North America is anticipated to witness the highest growth rate over the forecast period owing to rising heart-related diseases and associated lifestyle diseases, increasing technological developments, product launches, and collaborative agreements among manufacturers.
The increasing prevalence of cardiovascular diseases is driving the demand for cardiac monitoring devices globally. The prevalence of cardiovascular diseases are found majorly in Eastern Europe, followed by Central Asia and Central Europe. Increasing rates were also seen in some parts of sub-Saharan Africa, the Middle East/North Africa region, and South Asia. Over three-quarters of cardiovascular diseases, deaths take place in low- and middle-income countries. In 2015, out of the 17 million premature deaths (under the age of 70) were due to non-communicable diseases; 82% are in low- and middle-income countries, and 37% are caused by cardiovascular diseases. Increasing preference for MCT devices by physicians, due to its ability to monitor continuously and provides real-time patient monitoring is the primary driver for the growth in the market. Built-in arrhythmia detectors and real-time communication for more prolonged periods, which delivers detailed analysis of diagnosis for physicians are also driving the market in recent years. The availability of diagnosis reimbursement for MCT tests through Independent Diagnostic Testing Facilities (IDTFs) is driving the physicians to opt for MCT devices.
Resting ECG to Grow at Highest Rate in Cardiac Monitoring Devices Market
By product type, the global cardiac monitoring devices market is segmented into Resting ECG, Stress ECG, Holter Monitors, Cardiac Event Monitors, Implantable Loop Recorder (ILR), Cardiac Output Monitoring Devices, Mobile Cardiac Telemetry, and Others. Resting ECG is expected to hold the largest market share. Factors contributing to the growth of the market are improved clinical accuracy due to advanced data analysis tools, new product launches, and various technological advancements for better care and accurate diagnosis. Partnerships among ECG manufacturers to develop better exchange of information through Cardiovascular Information Systems and Electronic Health Record are anticipated to boost the resting ECG equipment market by simplifying ECG workflow and reducing the complexity associated with custom integration.
By end-user, the global cardiac monitoring devices market is divided into hospitals, ambulatory surgical centers, and others. Although hospitals are expected to hold the largest market share over the period of forecast but ambulatory surgical centers are expected to grow at the highest CAGR of 7.1%. Ambulatory cardiac monitoring devices help to continuously watch and record the electrical activity of the heart, as people go about their daily activities. Key stakeholders are working to improve care and outcomes while reducing costs and spending. A part of that innovation includes transformational technologies and clinical trends impacting the cardiovascular market. One new trend beginning to cement itself as a rock-solid strategy is the evolution of the cardiovascular hybrid ambulatory surgery center. The Holter monitor is also known as ambulatory KEG has found a major application in ambulatory care centers. Electrocardiograms are one of the best monitoring devices that is available to identify definite diagnostics for different conditions such as palpitations and loss of consciousness.
North America to Grow at Highest Rate in Cardiac Monitoring Devices Market
Geographically, the global cardiac monitoring devices market has been divided into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. North America is forecasted to witness high growth and grow at the highest CAGR during the forecast period, and U.S. holds the largest market share in North America. A rise in cases of cardiovascular diseases and higher adoption of MCT devices are fuelling the growth of the market. High reimbursement by government organizations and private insurance also helps the growth of the market. Private insurers offer considerably better reimbursement rates than the Medicaid services in the U.S. Europe cardiac monitoring devices market is also expected to grow at a prominent CAGR owing to increased cases of cardiovascular diseases and rise in geriatric population. Favorable government policies and advancement in technologies are boosting the market in Europe.
Market Players
The global cardiac monitoring devices market is competitive and is fragmented with the presence of multiple multinational and local/regional vendors. The company profiling of key players in the market includes major business strategies, company overview, and revenues. The key players of the market are Applied Cardiac Systems, Philips Healthcare, Boston Scientific, Cardiac Science Corporation, GE Healthcare, Medtronic, Schillers, Siemens Healthcare, Abbott Laboratories, Edward Lifesciences, Preventice Solutions and iRhythm Technologies.
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
