(MENAFN- iCrowdNewsWire) According to the current analysis of Reports and Data, the global Cardiac Monitoring Market valued at USD 19.71 billion in 2019 and is expected to reach USD 26.83 billion by the year 2027 at a CAGR of 3.9%. Cardiac monitoring is referred to as continuous or intermittent monitoring of the activity of the heart, which is generally examined using ECG. The rise in heart related diseases, growing elderly population, obesity, lifestyle changes like smoking, consumption of alcohol, and the advancements in treatments are the factors for boosting the cardiac monitoring market.
The WHO has reported that the rise in heart related diseases is the primary cause of death globally. It is estimated that cardiovascular diseases cause the death of 17.9 million people every year; it includes 31% of all global deaths. Cardiac monitoring is one of the most efficient and proficient options for the tracking of various heart dysfunctions. Obesity often affects the vascular health and an increased risk of cardiovascular disease (CVD). Obesity or overweight eventually result in an increase in total blood volume and cardiac output, and these hemodynamic changes elevate arterial wall stress, smooth muscle cell proliferation, vessel wall thickness and diameter, and eventually lead to heart related disorders. In 2019, around 38.2 million children under the age of 5 years were overweight or obese according to the WHO. The prevalence is expected to grow continuously leading to rising incidences of heart related disorder thus the demand for cardiac monitoring is estimated to boom rapidly.
In addition to larger target population favorable reimbursement policies is major factor driving the pool of population in cardiac monitoring market. Insurance companies like Medicare cover cardiac monitoring for inpatient, outpatient as well as ambulatory for Holter, event or patch type monitoring and for implantable devices in the cardiac monitoring market. Moreover, development of advanced products in the field to achieve unmet users' gaps in medical crisis like pandemic outbreak of COVID-19 is another major driving factor enhancing the market growth. For instance, in March 2020, QT Medical (U.S.), a medical technology company, launched a home ECG test that provides a cost effective alternative for skilled nursing facilities and telehealth service providers. However, high expenditure of diagnosis, treatment, and strict regulatory product approval procedures are the primary restraint to this market.
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The COVID-19 impact:
The pandemic outbreak of COVID-19 is estimated to boom the market growth of cardiac monitoring. The virus has impacted more than 200 economies and has affected around 14 million health globally. It attacks respiratory system of the body leading to altered cardiac activity, thus it is an important procedure to monitor the vital signs or cardiac monitoring for any arrhythmia or other problems. Also, individuals with heart related disorders are vulnerable to the infection leading to high concern to continuous monitoring activity of the heart to comfort the requirements various authorities have published guidance. To maintain the appropriate supply-demand curve various regulatory bodies have published an ease on guidance for the clearance of cardiac monitoring products. For instance, FDA granted Emergency Utilization Approval (EUA) to VitalConnect’s cardiac monitoring in COVID-19 patients. In addition, researchers are working rigorously to develop therapeutically desirable treatments by developing new drug or extending application range of existing drugs such as antimalarial or anti-retroviral drugs. Due to use of antimalarial drugs like hydroxychloroquine as a side effect it causes slight arrhythmia to avoid any further unfortunate issue such as cardiac arrest close cardiac monitoring is must. Besides, development of remotely monitoring products to continue diagnosis of vital signs for critical patients as well as infected patients and avoid accidental infection by market players is estimated to enhance the growth further. For instance, recently Medtronic received U.S. FDA and CE mark clearance for its Linq II insertable cardiac monitor (ICM) with remote programming, which enables clinicians to optimize device settings without the need for patients to return to the office or hospital. Hillrom in June 2020 launched remote vital signs monitoring system and shifting care closer to home.
Market Dynamics:
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2027.
Competitive Outlook:
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R & D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Further key findings from the report suggest
In June 2020, Boston Scientific received U.S. Food and Drug Administration (FDA) 510(k) clearance for the LUX-Dx Insertable Cardiac Monitor (ICM) System, a new, long-term diagnostic device implanted in patients to detect arrhythmias associated with conditions such as atrial fibrillation (AF), cryptogenic stroke and syncope
In May 2020, Bardy Diagnostics has received CE mark certification for the 14-day version of the Carnation Ambulatory Monitor (CAM) patch, the p-wave centric ambulatory cardiac patch monitor and to detect arrhythmia. The company also is expected to bring remotely managed product to monitor patients in COVID-19 crisis with least exposure
There was a discovery of a novel ECG-based algorithm in 2019 by Ekos a digital health company that had received the approval of U.S. Food and Drug Administration (USFDA) for a simple screening test for heart failure. In the case of heart disorders, the algorithm inspects 15 seconds of ECG data, which is collected from the Eko Duo digital stethoscope. This data can be obtained by physical examination and will help to identify the reduction of left ventricular ejection fraction (LVEF), which is a measure commonly used to diagnose patients with heart failure
Recent researchers have developed a method that would help drivers, military personnel, and athletes to track their heart conditions. Researchers have defined that mobile ECG devices have offered a lot of opportunities for detecting atrial fibrillation, which is the most common heart disorder. These devices will help in the prevention of strokes and lower hospitalizations. It is the first research in which an ear has been used for the detection of ECG signals, this research has been present at the annual congress of the European Heart Rhythm Association 2019 in Lisbon
In January 2019, BioTelemetry, a remote and wireless company with a specialization in health information, has acquired a startup Geneva Healthcare, developer of remote monitoring for implantable cardiac devices, for USD 45 million
Royal Philipswith the Governments of Ethiopia and the Netherlands had signed in the year 2018 a seven-year agreement to build Ethiopia's first specialized Cardiac Care Center as there is a severe shortage of cardiac monitoring devices in Ethiopia. the agreement was valued for approximately 40 million euros, Philips had given the responsibility for the design, construction, equipping and commissioning of the hospitals
North America dominated the cardiac monitoring market with a revenue of USD 8.69 billion in 2019. Due to the higher rate of obesity caused heart problems, and adoption of developed technologies the region is expected to dominate in 2019
Based on the type segment ECG device type accounted USD 7.16 billion in 2019. The development of technologically advanced products and cost-effective availability of products are major factors driving the market growth
Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), Hill-Rom Holding (US), and Koninklijke Philips (Netherlands), Cardiac Science, Livanova, Schiller AG, Biotelemetry, Applied Cardiac System are the key players of the Cardiac monitoring market.
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For the purpose of this report, Reports and Data has segmented the Cardiac monitoring market on the basis of types, end use and region:
Type Outlook (Revenue in Million USD; 2017–2027)
ECG devices
Product
Resting ECG Devices
Stress ECG Devices
Holter Monitors
Lead
Single Lead ECG Wires
ECG Lead Wires
Others
Event Monitors
Product
Pre Symptom Loop
Post Symptom Loop
Technology
Auto Detect
Manual Detect
Cardiac output monitoring
Invasive Cardiac Output Monitoring
Non-Invasive Cardiac Output Monitoring
Implantable Loop Recorders
Mobile Cardiac Telemetry Monitoring(MCT)
Smart wearable ECG monitors
Cardiac Rhythm Monitors
Defibrillators
Implantable Cardioverter Defibrillators
External Defibrillators
Pacemaker
End Use outlook (Revenue in Million USD; 2017–2027)
Hospitals
Clinics
Ambulatory Surgical Centers,
Home Care Settings
Regional Analysis covers:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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