The global cardiac ambulatory monitoring market, valued at USD 13.3 billion in 2021, is set for substantial growth, with a projected compound annual growth rate (CAGR) of 5.2% over the forecast period. By 2031, the market is expected to reach approximately USD 21.8 billion, according to a recent study by Future Market Insights.
A key driver of this growth is the increasing adoption of ECG devices, which currently dominate the cardiac ambulatory monitoring market. In 2021, ECG devices accounted for approximately 42.2% of the market share, reflecting the rising demand for efficient cardiac monitoring solutions in outpatient settings.
This steady market expansion is attributed to advancements in technology, the growing prevalence of cardiovascular diseases, and a shift towards more accessible, patient-centric healthcare solutions. As the healthcare industry continues to innovate, the cardiac ambulatory monitoring market is poised for sustained growth in the years to come.
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 cardiac ambulatory monitoring market will expand during the forecast period.
Key Takeaways from Market 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 market 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.
“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 cardiac ambulatory monitoring devices across the globe,” says an analyst of Future Market Insights.
Market 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.
- In order to increase the production of AEDs for cardiac monitoring and provide related services and accessories, ZOLL Medical Corporation announced in August 2019 that it has acquired Cardiac Science Corporation.
Author By:
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 areas such as 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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