The Global Cardiac Ambulatory Monitoring Industry is on track for a stable and promising expansion, fueled by growing public awareness about heart health. A recent analysis by Future Market Insights (FMI), a leading market research firm, projects a steady Compound Annual Growth Rate (CAGR) of 5.2% for the market over the next decade. This translates to a significant increase, with the market valuation expected to reach US$21.6 billion by 2032, up from an estimated US$13.3 billion in 2021.
The global escalation in cardiac conditions can be attributed to various factors, including rising obesity rates, the prevalence of diabetes mellitus, smoking habits, elevated blood cholesterol levels, hypertension, and increasingly unhealthy lifestyles. These alarming trends are propelling the demand for advanced cardiac ambulatory monitoring devices, thereby creating a substantial market for innovative solutions that cater to the growing healthcare needs of individuals worldwide.
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During the projected period, the global market is anticipated to be driven by the steadily rising use of cardiac ambulatory monitoring devices for the treatment of cardiac arrhythmia and other cardiac disorders. Cardiac ambulatory monitors can be used both inside and externally. For instance, implantable loop recorders with a three-year battery life can be placed transdermal. As a result, the electrical activity of the heart is continuously monitored.
Due to the rapid advancement of technology, rising rates of cardiovascular disorders around the world, and an aging population, the market for cardiac ambulatory monitoring is growing at a rapid rate. The market for cardiac ambulatory monitoring devices is anticipated to grow significantly over the next few years as a result of improvements in technology and innovations in cardiac ambulatory monitoring devices.
As cardiac ambulatory monitoring devices are not reaching the customer at their full potential due to associated side effects and the pricey nature of the devices, companies are introducing portable cardiac ambulatory monitoring devices at reasonable costs, and this might significantly improve the usability and adoption of cardiac ambulatory monitoring devices.
Manufacturers releasing products like portable/wearable gadgets with cutting-edge features like Bluetooth connectivity, integral ECG monitors, fitness trackers, and other numerous functions, will help in growing sales of the devices, as a result, the Global Cardiac Ambulatory Monitoring Industry will expand during the forecast period.
“Rising initiatives to promote a healthy lifestyle, as well as the increasing awareness about the cardiac monitoring devices is set to propel the sales of Global Cardiac Ambulatory Monitoring Industry,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways from Global Cardiac Ambulatory Monitoring Industry Study
- ECG devices are the leading segment as a product and hold approximately 42.2% market share in 2021. Owing to their lower pricing, these devices can also be utilized in medical operations, along with a variety of other cardiac diagnostic tests, telemetry monitoring equipment, and other tools.
- Hospitals are the leading segment as end users, and held about 35.0% market share in 2021, due to the rising incidence of CVDs, the rising number of hospital visits, and the rising number of cardiac device implantation procedures.
- By region, North America is leading the Global Cardiac Ambulatory Monitoring Industry and is expected to continue to do so with a projected CAGR of 4.4% during the forecasted years.
- The region of Europe is slated to be the second dominant segment in terms of growth, holding a market share of around 25.6% in the global cardiac ambulatory monitoring market, in 2021.
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Global Cardiac Ambulatory Monitoring Industry Competition
Major manufacturers concentrate on a range of strategic goals, including regional growth, product development, and strategic alliances and partnerships. For quick and simple diagnosis, new portable monitoring devices are being introduced for heart activity monitoring.
- Boston Scientific Corporation stated in January 2021 that it has acquired Preventice Solutions Inc. to provide ambulatory cardiac monitors (including short- and long-term Holter monitors), cardiac event monitors, and MCT.
- To increase the production of AEDs for cardiac monitoring and provide related services and accessories, ZOLL Medical Corporation announced in August 2019 that it had acquired Cardiac Science Corporation.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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