Implantable Cardiac Monitor Market
Number of pages: 100 | Report Format: PDF | Published date: February 16, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 509.60 billion |
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Revenue Forecast in 2030 |
US$ 773.78 billion |
|
CAGR |
4.75% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
|
Segments Covered |
Indication, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global implantable cardiac monitor market was valued at US$ 509.60 billion in 2021 and is expected to register a revenue CAGR of 4.75% to reach US$ 773.78 billion by 2030.
Implantable Cardiac Monitor Market Fundamentals
An implantable cardiac monitor is a compact electrophysiological device approximately the size of a USB memory stick used to monitor electrical activity and detect arrhythmias. This novel technology has eliminated the necessity for large external Holter monitors that require wire leads to be connected to the patient. Such devices are beneficial when symptoms are intermittent (making short-term external ECG recording approaches difficult to assess) or when the aggregate long-term data (for instance, the burden of AF) is necessary.
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Implantable Cardiac Monitor Market Dynamics
The global implantable cardiac monitor market is expected to illustrate lucrative revenue growth during the forecast period from 2022 to 2030, attributed to rapidly growing cases of cardiovascular diseases (CVDs), such as atrial fibrillation and myocardial infarction. Unhealthy lifestyles and aging cause the continuous growth of such cardiological disorders. Moreover, technological advances, such as smartphone-compatible implantable cardiac monitors, allow the convenience of monitoring and the miniaturization of devices, making them comfortable for usage and enabling continuous monitoring. Additionally, the wireless feature of these devices allows patients to move around freely, contributing to the overall market development. For instance, improved ECG monitoring miniature systems with a 3-year lifetime were a major breakthrough.
However, the high cost of the monitoring devices compared to the conventional methods and stringent norms for approval of implanted devices can significantly hamper the global market development. Furthermore, other factors, such as the risk of infection caused by the implanted cardiac monitors and the scarcity of skilled professionals to evaluate the data generated by implanted cardiac monitors, are also expected to limit the market expansion.
Implantable Cardiac Monitor Market Ecosystem
The global implantable cardiac monitor market has been analyzed from three perspectives: indication, end-user, and region.
Implantable Cardiac Monitor Market by Indication
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An implantable cardiac monitor can be utilized for various indications, such as atrial fibrillation, cardiac arrhythmia, epilepsy, and others.
The cardiac arrhythmia segment registered for the largest revenue share of the global implantable cardiac monitor market in 2021 and is expected to maintain its dominance during the forecast period. Cardiac arrhythmia is a medical ailment in which the patient has irregular heartbeats that are either too slow or too fast. Arrhythmia is classified into bradycardia, tachycardia, and fibrillation as per slow, rapid, and irregular heartbeats. Arrhythmia cases are becoming increasingly common as a result of a variety of conditions, including high blood pressure, hypertension, smoking, and diabetes. Sedentary lifestyles and simultaneous increases in the intake of high-calorie and high-cholesterol eatery habits are increasing the risk of cardiovascular diseases. Furthermore, the aging population has contributed to the increasing occurrence of these diseases, as those with lower immunity are more likely to get infected with these disorders.
Implantable Cardiac Monitor Market by End-user
Based on the end-user, the global implantable cardiac monitor market has been segmented into hospitals, ambulatory surgical centers, and cardiac centers.
The hospitals segment accounts for the largest revenue share of the global market. The dominance of this segment can be attributed to the enormous patient base due to the high preference rate among the patient population. Additionally, enhanced healthcare facilities and services with the availability of advanced technologies further bolster the hospital segment, thereby propelling the market.
The ambulatory surgery centers segment is anticipated to grow significantly due to the supportive care, affordable treatment, and ease in the accessibility of care at these facilities as opposed to hospitals. These facilities are quite insightful to patients and conveniently accessible. In addition, the cardiac centers segment is expected to illustrate slow and steady growth during the projected timeframe from 2022 to 2030. The growth of this segment can be attributed to the consistently growing number of cardiac centers due to the growing demand for cardiology specialists, as these physicians can predict the risk for cardiac disorders using predictive algorithms.
Implantable Cardiac Monitor Market by Region
Based on region, the global implantable cardiac monitor market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America leads the global implantable cardiac monitor market in terms of revenue share. The growth of the market in this region can be majorly attributed to rapidly growing cases of cardiovascular disease among the population. For instance, the Centers for Disease Control and Prevention (CDC) anticipated that around 69.7 thousand individuals would die due to heart disease in 2020, which was nearly one out of every five fatalities in the U.S. Additionally, a large base of older adults is also one of the key trends in the North America implantable cardiac monitor market revenue growth. The availability of advanced healthcare infrastructure, a healthcare system with a favorable payment environment, and significant market players drive revenue growth in North America. Rise in the adoption rate of technologically advanced implanted cardiac monitors due to continuously growing strategic developments, such as collaboration, acquisitions, and/or partnerships, among regional market players fuels regional growth. Similarly, Europe is the second-largest global implantable cardiac market shareholder. The market growth in Europe can be attributed to the rapid adoption of advanced technologies and high healthcare expenditures.
Implantable Cardiac Monitor Market Competitive Landscape
The prominent players operating in the global implantable cardiac monitor market are:
Implantable Cardiac Monitor Market Strategic Developments
Asia Pacific is the fastest-growing region in the market for implantable cardiac monitors.
The high cost of the monitoring devices compared to the conventional methods and stringent norms for approval of implanted devices can significantly hamper the global market development.
The implantable cardiac monitor market is expected to be valued at US$ 773.78 million by 2030.
The global implantable cardiac monitor market is estimated to grow at a revenue CAGR of 4.75% during the forecast period from 2022 to 2030.
Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Angel Medical Systems Inc., and GE Healthcare are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain