Global Cardiac Monitors Market Size Worth USD 35.85 Billion in 2032 | Emergen Research

Increasing prevalence of cardiac disorders and heart failure is one of the major factors driving cardiac monitors market revenue growth

Vancouver, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global cardiac monitors market size was USD 23.9 Billion in 2022 and is expected to register a revenue CAGR of 4.1% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of cardiac disorders and heart failure among people, rising investments and funding toward production of such devices, and rapid advancements in cardiac monitor technology are some of the major factors driving the market revenue growth.

Portable cardiac monitors have grown increasingly important in building efficient cardiac care pathways as care becomes more coordinated between hospital and patient’s home. In contrast to previous cardiac monitoring approaches that caused low patient compliance and delayed access to patient data, new cardiac monitoring technology is less demanding for patients and provides doctors with immediate access to and analysis of patient Electrocardiogram (ECG) data.

The transition to more digital, compatible forms has been the biggest development in ECG systems in recent years. Over the past ten years, lighter, more portable ECG monitoring devices have gained popularity. ECG systems are starting to incorporate several innovative technologies, such as artificial intelligence, tools for correctly positioning leads, and techniques for gathering more data from ECGs to improve their diagnostic capability. Rising demand for these monitors is leading to advancements in cardiac monitoring technology that has significantly improved outcomes.

Rapid technological improvements in cardiac monitoring technology is one of the major industry trends which is expected to drive revenue growth of the market. As a result of cutting-edge technical developments, a wide variety of smart wearables, including smartwatches, chest patches/straps, and sensors incorporated into clothing and footwear, have appeared. These gadgets make it possible to record heart rates continuously and in real time, which makes it simpler to spot cardiac arrhythmias.

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The primary benefit of wearable technology in clinical cardiology workflow is the early identification of arrhythmias, as demonstrated by the non-invasive, continuous, passive monitoring of heart rate. In addition, it is projected that as technology becomes smaller, lighter, and easier to use, it will become more widely adopted by the general public. Over time, Implantable Cardiac Monitors (ICMs) have become more often utilized in clinical practice. When utilized among high-risk populations, ICMs have been shown to make it easier to diagnose bradyarrhythmias and tachyarrhythmias that need to be treated.

One of the major challenges restraining revenue growth of the market is rising number of product recalls by federal regulatory agencies. Cardiac devices were full of ups and downs in 2022 which include recall announcements, potential safety issues, along with improvements in digital monitoring and pediatric devices. For instance, an urgent medical device rectification notice announcing the voluntary recall of a small batch of Confirm RxTM Insertable Cardiac Monitors (ICM) due to a communication problem that prevents the implanted device from connecting to the smartphone app. These factors are restraining revenue growth of the market.

Scope of Research

Report Details Outcome
Market size in 2022 USD 23.90 Billion
CAGR (2023–2032) 4.1%
Revenue forecast to 2032 USD 35.85 Billion
Base year for estimation 2022
Historical data 2019-2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product Type, Modality, Application, End-Use, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled Medtronic, Abbott., Boston Scientific Corporation, Berlin Heart, Abiomed, Koninklijke Philips N.V., BIOTRONIK, BIVACOR, INC., Zywie, Inc., and Shenzhen Comen Medical Instruments Co., Ltd.
Customization scope 10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global cardiac monitors market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cardiac monitor solutions. Some major players included in the global cardiac monitors market report are:

  • Medtronic
  • Abbott.
  • Boston Scientific Corporation
  • Berlin Heart
  • Abiomed
  • Koninklijke Philips N.V.
  • Zywie, Inc.
  • Shenzhen Comen Medical Instruments Co., Ltd.

Strategic Development

  • On 18 May 2023, Abbott announced that the U.S. Food and Drug Administration (FDA) has cleared its Assert-IQTM Insertable Cardiac Monitor (ICM), giving doctors a new tool for diagnosing and long-term monitoring of patients with irregular heartbeats. This approval adds to Abbott’s line-up of remote patient management and treatment tools that can support doctors more effectively.
  • On 5 January 2021, Retia Medical and Capsule Technologies announced a partnership in which the former would be the first business to integrate its Argos Cardiac Monitor using the latter’s new Device Driver Interface (DDI) development technique. The Integrating Healthcare Enterprise-Patient Care Device (IHE-PCD) framework is used in Capsule’s new DDI development approach to expedite device connectivity to other systems, enhance clinician workflow effectiveness, and safeguard patient safety through quick and precise identification.

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Some Key Highlights from the Report

  • The ECG monitors segment accounted for largest revenue share in 2022. Portable Electrocardiogram (ECG) machines are small, battery-powered devices that can detect cardiac rhythms and save them on an SD card. Heart wave recordings using portable Electrocardiographic Imaging (ECGI) have become possible with advancements in electronic sensor technology. Several variables, including a rise in home ECG machine sales, are driving this transformation.
  • Portable ECG machines come in a variety of designs on the market; some are compatible with smartphones, while others are standalone devices with built-in finger and chest electrodes, recording storage, and user-friendly controls. Portable ECG machines are made to be utilized at home or on the job by paramedics, which is driving revenue growth of this segment.
  • The heart failure segment is expected to register a steady revenue CAGR during the forecast period. Heart Failure (HF) is a worldwide pandemic that affects at least 26 million people and is becoming more common. The costs of HF healthcare are high and will rise sharply as population ages. Nearly 6.5 million Americans over 20 are thought to suffer heart failure, according to the Heart Failure Society of America.
  • According to a study, 960,000 new cases of heart failure occur each year. Patients with chronic heart failure can now quickly identify any deviation from normal heart activity because of advancements in medical technology. Over time, Implantable Cardiac Monitors (ICMs) have become more often utilized in clinical practice. When used in high-risk populations, ICMs have been shown to make it easier to diagnose bradyarrhythmias and tachyarrhythmias that need to be treated. These are the major factors that are contributing to revenue growth of the segment.

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Emergen Research has segmented the global cardiac monitors market on the basis of product type, modality, application, end-use, and region:

  • Product Type Outlook (Revenue, USD Billion; 2019-2032)
    • ECG Monitors
    • Holter Monitors
    • Event Monitors
    • Implantable Loop Recorders
  • Modality Outlook (Revenue, USD Billion; 2019-2032)
    • Wired Monitors
    • Wireless Monitors
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Arrhythmia
    • Ischemia
    • Heart Failure
    • Others
  • End-Use Outlook (Revenue, USD Billion; 2019-2032)
    • Hospitals
    • Cardiac Centers
    • Ambulatory Surgical Centers
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

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