North America Cardiac Monitoring Market is Expected to Register a Rapid Growth: High Demand for ECG, Mobile Cardiac Telemetry Devices, and Others
The global cardiac monitoring market size is expected to reach USD 32.18 Billion in 2030 and register a revenue CAGR of 3.8% over the forecast period, according to latest report by Reports and Data. Rapid technological developments in healthcare sector and increasing launch of advanced and innovative cardiac monitoring devices are factors driving market revenue growth. Cardiac monitoring generally refers to continuous monitoring of heart rate or activity by Electrocardiogram (ECG) or any other cardiac monitoring devices according to patient’s condition. Various types of cardiac monitoring devices have been developed, manufactured, and procured on a mass scale in several hospitals, clinics, and ambulatory surgery centers to help discover cardiac arrhythmias and other heart conditions, which help determine heart health. Development in hardware and software of cardiac monitoring devices over the period has introduced new features within the device which has helped in understanding of prominent technicalities of functioning of the heart.
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Some Key Highlights from the Report
- Clinics, cardiac centers, and ambulatory surgery centers segment is expected to register significant growth rate during the forecast period. Traveling long distances to hospitals has been difficult for people in rural areas which has led to development of small clinics, cardiac centers, and surgery centers to promote diagnosis and treatment with less healthcare expenditure. Doctors are facilitating this healthcare infrastructure due to increase in population worldwide facing cardiac issues. These institutes also create mass health awareness programs, which help to drive knowledge among people. Increasing preference for mobile cardiac monitoring devices is allowing physicians to procure these devices in the centers for immediate monitoring of patients, which is expected to boost market growth during the forecast period.
- ECG devices segment accounted for largest market revenue share in 2021, due to numerous technological advancements in healthcare sector, such as incorporation of advanced algorithms and workflow improvement features including simplified operations, touchscreen systems, better connectivity, wireless features, and electronic medical records. ECG machine helps in painless and quick detection of the condition of heart with electrical signals. ECG machines are standard equipment, which are used to monitor the heart in operating rooms and ambulances.
- Market in North America accounted for largest revenue share in 2021, due to increase in geriatric population, rapid development in cardiac monitoring devices such as long battery life, miniaturization, leadless or biocompatible materials, and improving rate of government regulatory approvals. In addition, presence of well-developed healthcare infrastructure, skilled professionals, and rising investment by government and private organizations in research activities for development of advanced health monitoring devices are contributing to growth of market in this region.
- In July 2021, Nihon Kohden Digital Health Solutions Inc., the U.S. local development subsidiary of Nihon Kohden, acquired 100% shares of Advanced Medical Predictive Devices, Diagnostics, and Displays, Inc. With this acquisition, Nihon Kohden’s long-term vision is to create innovative healthcare monitoring devices to solve global medical problems and to give better future to people suffering from various diseases.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Boston Scientific Corporation, Biotronik, Nihon Kohden Corporation, Abbott, Stryker, Asahi Kasei Corporation, Hill-Rom Services, Inc., BPL Medical Technologies Pvt Ltd., Microport Scientific Corporation, and Medtronic PLC.
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Cardiac Monitoring Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2019–2030)
- ECG Devices
- Implantable Loop Recorders
- Mobile Cardiac Telemetry Devices
- Cardiac Output Monitoring Devices
- Event Monitors
End-use Outlook (Revenue, USD Million; 2019–2030)
- Clinical, Cardiac Centers and Ambulatory Surgery Centers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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