The heart's electrical activity can be examined or recorded with the aid of cardiac arrhythmia monitoring devices. These tools help you identify the kind and source of irregular heartbeats. Patients with cardiac arrhythmias can benefit from early identification and successful intervention thanks to continuous cardiac monitoring.

The market for cardiac arrhythmia monitoring devices in 2021 was USD 24.01 billion, and by 2030 it will be worth USD 35.41 billion, growing at a 4.41% CAGR during the forecast period.

The market is being pushed by an increase in patients with cardiovascular illnesses, a surge in arrhythmias due to COVID-19, and an increase in patients with chronic diseases such as cancer, diabetes, and obesity.

Market Dynamics

Drivers

Per the World Health Organization, cardiovascular disease (CVD) is the prominent cause of death worldwide, with over 30 million people suffering from a serious heart attack or stroke each year.

Additionally, the market's expansion can be largely credited to the rise in telecardiology, the portability and ease of use of cardiac arrhythmia monitoring equipment, and the creation of smart cardiac monitors. One of the main factors accelerating the market's expansion is the rising use of telecardiology. Patients with cardiac arrhythmia can fix a monitoring device on their chest as part of telecardiology. An economical treatment for the elderly heart failure population is telecardiology. As a result, telecardiology is becoming more popular. Several companies are launching telecardiology services, accelerating market growth.

Additionally, the ease of use and portability of cardiac arrhythmia monitoring devices stimulate the market's growth. RhythMedix launched its next-generation wearable novel cardiac telemetry monitor with built-in 4G cellular connectivity for arrhythmia detection in February 2021. 

Restraints

The market's expansion is hindered by the slow uptake of telemetry technology in developing nations and the high price of remote cardiac arrhythmia monitoring equipment.

Market Segmentation

Product Insights

On the basis of product, the market is segmented into electrocardiogram (ECG) monitor, Holter monitor, event recorder, mobile cardiac telemetry, implantable cardiac monitor, and others. The Holter monitor segment held a significant position with a revenue of over USD 2.8 billion in 2021 and will grow significantly over the forecast period. The segment's expansion can be attributed to the higher disease prevalence brought on by rising unhealthy food consumption and a fast-paced lifestyle that negatively affects cardiac health and result in cardiac arrests and blockages.

Type Insights

On the basis of type, the cardiac arrhythmia monitoring devices market is segmented into defibrillators and pacemakers. In 2020, the market for cardiac arrhythmia monitoring devices was dominated by defibrillators. Throughout the projection period, this category is anticipated to have the highest CAGR. Things like technological advancements in defibrillators and an increase in the prevalence of CVD influence the growth of this industry.

Application Insights

The market for cardiac arrhythmia monitoring devices is segmented into tachycardia, bradycardia, premature contraction, and others based on application. The market for tachycardia monitoring devices is anticipated to expand at a 6.8% CAGR during the study period. In 2021, atrial tachycardia accounted for the largest market share due to the rising risk of tachycardia. Cardiac arrhythmia monitoring devices play an important role in disease diagnosis and treatment.

End Use Insights

In 2021, the hospitals and clinic segment was the biggest market, with a revenue share of more than 45%, and will expand significantly over the next five years. The rising prevalence of cardiac arrhythmias and an aging population will drive hospital admission rates for treatment.

Regional Insights

North America accounted for over 35% of the global market in 2021. The regional market is expanding due to the rising rate of cardiovascular diseases and growing awareness of advanced monitoring techniques. According to the CDC, approximately 12.1 million Americans will have atrial fibrillation (AFib) by 2030. This is expected to boost demand for cardiac arrhythmia monitoring devices.

Key Players

Major companies in the market are: 

· Abbott Laboratories

· GE Healthcare

· Lepu Medical Technology

· Medtronic

· MicroPort Scientific Corp

· Boston Scientific

· Koninklijke Philips

· BioTelemetry

· Narang Medical Limited

· BPL Medical Technology

· BIOTRONIK 

· Other Players

The market for cardiac arrhythmia monitoring devices in 2021 was USD 24.01 billion, and by 2030 it will be worth USD 35.41 billion, growing at a 4.41% CAGR during the forecast period. The demand for cardiac arrhythmia monitoring devices is expected to rise significantly with the rising incidence of cardiac disorders. As per the National Health Service, over 2 million people in the UK were affected by arrhythmias or cardiac rhythm issues in September 2021. 

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