The heart beat irregularity detection device market crossed USD 6.83 billion in 2021 and is expected to grow at a CAGR of 6.7% during the forecast period. The heart beat irregularity detection device market will expand due to the rising frequency of serious cardiovascular disorders throughout the world. Cardiovascular disorders cause roughly 17.9 million deaths worldwide each year, according to the World Health Organization (WHO). People with severe CVD are more likely to develop arrhythmic disorders, including tachycardia and bradycardia, which need constant monitoring to avoid catastrophic heart failure. As a result of the rising frequency of cardiac ailments, the demand for heart beat irregularity detection devices is predicted to skyrocket throughout the study period.
In 2020, the COVID 19 pandemic had a somewhat beneficial influence on heart beat irregularity detection device adoption. The product demand for heart beat irregularity detection devices has been impacted by the diminishing number of COVID-19 patients and the continuance of all healthcare services. Several healthcare businesses are collaborating to increase the manufacturing capacity of heart beat irregularity detection device in order to give medical assistance while maintaining tabs on patients’ development. As a result of the decreased number of people infected with COVID-19, the heart beat irregularity detection device market is expected to increase significantly in the near future.
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The heart beat irregularity detection device market’s growth is likely to be aided by the development of technologically improved monitoring equipment, such as wireless monitors, that give the benefit of early detection. Due to expanding life expectancy and ongoing developments that have expanded their capabilities and reach, the usage of cardiac rhythm monitoring (CRM) devices has increased dramatically in recent years. Recent advancements in CRM devices are having a beneficial influence on the rate of product acceptance in developed countries, which will help the sector grow even more. The Holter monitor category is expected to lead in terms of device. The Holter monitor segment’s expansion is attributed to an increase in illness prevalence as a result of increased intake of unhealthy foods and a hurried lifestyle, both of which has an impact on heart health and lead to cardiac blockages and arrests.
During the analysis period, the tachycardia monitoring devices sector is predicted to increase at a 6.8% CAGR based on application. Atrial tachycardia and ventricular tachycardia are two types of tachycardia. In the next years, the use of technologically improved products for illness monitoring is likely to drive up demand for heart beat irregularity detection devices. In 2021, atrial tachycardia accounted for the bulk of the heart beat irregularity detection devices market, and it is predicted to continue to increase in the near future. The hospitals and clinics segment led the heart beat irregularity detection devices market revenue share by end-use and is expected to increase significantly during the projected period. The rising global prevalence of heart beat irregularity, along with an ageing population, is likely to push hospital admission rates for treatment.
The heart beat irregularity detection devices market in North America has a large revenue share. The regional heart beat irregularity detection devices market will develop as the prevalence of heart beat irregularity disorders rises, and as people become more aware of modern monitoring procedures. The presence of major heart beat irregularity detection devices market players involved in advanced device commercialization will also help to expand regional markets. Furthermore, the regional heart beat irregularity detection devices market demand is expected to be boosted by improved healthcare infrastructure, which would lead to an increased usage of technologically sophisticated heart beat irregularity detection devices.
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Key Takeaways:
- The Holter monitor segment of the heart beat irregularity detection devices market was worth more than USD 2.8 billion in 2021, and it is predicted to expand significantly during the forecast period.
- During the analysis period, the tachycardia monitoring devices sector is expected to increase at a 6.8% CAGR based on application.
- By the end of the year, the heart beat irregularity detection devices market for resting ECG devices is expected to be worth more than US$ 2.8 billion, with a CAGR of 4.6% during the projection period.
- The largest region, North America, has a high heart beat irregularity detection devices market attractiveness rating. By the end of the projected period, the heart beat irregularity detection devices market in this area is expected to be worth US$ 2,900 Mn.
- During the projection period, the mobile heart beat irregularity detection devices market sector is expected to increase at a substantial rate, with a CAGR of 8.4%.
- With a 5.8% CAGR, the ventricular fibrillation segment is expected to achieve a heart beat irregularity detection devices market worth over US$ 2,500 Mn.
- During the projection period in heart beat irregularity detection devices market, the hospitals segment is expected to develop at a high CAGR of 6.9%.
Competitive Landscape:
- Philips agreed to buy Cardiology, a medical technology startup focusing on combining cloud technology and artificial intelligence to enhance heart diagnostics, in November 2021. (AI). This purchase expands the company’s heart beat irregularity detection devices product line, providing revenue growth potential in the market.
- The Federal Commission for the Protection against Sanitary Risk (COFEPRIS) gave AliveCor permission to launch KardiaMobile in Mexico in February 2020. The business has teamed up with Inpharamo to roll out the medical-grade ECG across the United States. As a result, the firm has been able to extend its global reach as well as its client base.
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