DUBLIN--(BUSINESS WIRE)--The "North America Cardiac Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Type; Product Type, Application and End User" report has been added to ResearchAndMarkets.com's offering.
Cardiovascular Devices Segment to Lead Cardiac Monitoring Devices Market During 2021-2028
The North America cardiac monitoring devices market is expected to reach US$ 16.43 billion by 2028 from US$ 10.52 billion in 2021. It is estimated to grow at a CAGR of 6.6% from 2021 to 2028.
the market growth is attributed to an increase in the incidence of cardiovascular diseases, a surge in the geriatric population base, and a rise in the number of product launches and approvals. However, the risk of associated cybersecurity vulnerabilities and privacy issues hamper the market growth.
A cardiac event monitor is used to record the heart's electrical activity (ECG). It keeps the track of the heartbeat and rhythm. These monitors are employed for the long-term monitoring of symptoms that don't occur every day. Important heart health data can be tracked, recorded, and sent to patients' doctors in real time using cardiac monitoring systems, allowing the care teams to monitor patients' heart health from a distance. This reduces the need for frequent visits to the doctor's office.
In the last decade, the world has witnessed notable developments in cardiac monitoring devices, offering physicians and patients new approaches to manage many diseases, including atrial arrhythmias, ventricular arrhythmias, and ventricular atrial fibrillation. The growing prevalence of cardiovascular diseases (CVDs), such as coronary heart diseases, sudden cardiac arrest, congenital heart diseases, heart failure, pulmonary hypertension, and pulmonary artery pressure (PA), is encouraging the introduction of improved monitoring methods.
The simplicity of use and the ability of a quick detection of CVDs are the factors adding to the popularity of cardiac monitoring devices. According to the World Health Organization (WHO), ~30 million people experience a stroke each year. Moreover, the American Heart Association states more than 130 million people in the US, i.e., 45.1% of the population, are projected to have a type of CVD by 2035.
Based on type, the North America cardiac monitoring devices market is segmented into cardiovascular devices, multi-parameter ECG monitors, patient monitoring devices, ambulatory cardiac monitoring, and cardiac monitors. In 2020, the cardiovascular devices segment held the largest share of the market.
The market for the patient monitoring devices segment is expected to grow at the highest CAGR during the period from 2021 to 2028. With a growing prevalence of chronic disorders such as stroke, coronary heart disease, sudden cardiac arrest, and congenital heart diseases, the demand for patient monitoring devices is increasing. Temperature monitoring, continuous glucose monitoring, and pulsed oximetry blood pressure monitoring are several applications of wearable patient monitoring, biosensors, and smart implants.
Product Type Insights
Based on product type, the North America cardiac monitoring devices market is segmented into portable monitor, smart wearable monitor, and standard monitor.
In 2020, the standard monitor segment held the largest share of the market. Moreover, the market for the smart wearable monitor segment is expected to grow at the fastest CAGR during 2021-2028.
The PMMA is a plastic with excellent mechanical properties and minimal toxicity. The growing trend encourages the usage of commercial smart wearable monitors for health management. In the era of remote and personalized patient care, especially catalyzed by the COVID-19 pandemic, there is a high demand for wearable technologies for a wide range of clinical applications.
Based on application, the North America cardiac monitoring devices market is segmented into coronary heart diseases, sudden cardiac arrest, stroke, arrhythmia, congenital heart diseases, heart failure, pulmonary hypertension, heart function (HF/LVEDP), pulmonary artery pressure (PA), and others.
The coronary heart diseases segment held the largest market share in 2020, and it is further expected to be the largest shareholder in the market by 2028. The increased prevalence of diabetes, hypertension, and high cholesterol levels is contributing to the growing risk of cardiovascular disease and accelerating the cases of coronary heart diseases.
End User Insights
Based on end user, the North America cardiac monitoring devices market is segmented into hospitals, ambulatory surgery centers (ASCs), and clinics.
The hospitals segment held the largest market share in 2020, and it is further expected to be the largest shareholder in the market by 2028. Hospitals are the primary healthcare centers where cardiovascular diseases, including coronary heart diseases, stroke, sudden cardiac arrest, and arrhythmia, are extensively treated.
Key Market Dynamics
- Increase in Incidence of Cardiovascular Diseases
- Surge in Geriatric Population Base
- Rise in Number of Product Launches and Approvals
- Risk of Associated Cybersecurity Vulnerabilities
- Measures to Reduce Infections Caused due to Cardiac Implantable Electronic Devices (CIED)
- Market Consolidations
- Boston Scientific Corporation
- Irhythm Technologies, Inc.
- GE Healthcare
- Biotronik, Inc.
- Schiller Healthcare India Pvt. Ltd
- Koninklijke Philips N.V.
- Microport Scientific Corporation
- Asahi Kasei Corporation
- Hill-Rom Holdings, Inc.
- Nihon Kohden Corporation
- Alivecor, Inc
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Acs Diagnostics
- Hemodynamics Company LLC
- Mortara Instruments
- Livanova plc
- Tz Medical
- Medi-Lynx Cardiac Monitoring, LLC
- Infinium Medical
- Bionet America, Inc.
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