The global implantable cardiac monitor market size is expected to reach US$ 1.5 bn by the end of 2030, expanding at a high single digit CAGR of 8.7% during the forecast period 2021 to 2030.
Rise in the prevalence of cardiac arrhythmia such as atrial fibrillation and bradycardia is likely to boost the global implantable cardiac monitor market. Moreover, technological advancements and rise in the geriatric population across the globe are projected to drive the market. Furthermore, rise in the prevalence of stroke, adoption of and awareness about prolonged ECG monitoring of the heart rhythm, improvements in health care infrastructure, and rise in demand for subcutaneous implanted cardiac monitors are some factors that are expected to boost the global implantable cardiac monitor market during the forecast period. Rise in investments by key players through collaborations, mergers, and acquisition and increase in demand for the development of miniature devices are expected to propel the global implantable cardiac monitor market in the next few years. However, the implantation of cardiac monitors is a time consuming process. This is likely to hamper the market. Moreover, high cost of treatment and stringent regulations related to the approval of implantable devices are expected to hamper the implantable cardiac monitor market. Nevertheless, smartphone compatible cardiac monitors are likely to offer attractive investment opportunities to the global market.
High Occurrence of Cardiac Arrhythmia to Present Immense Growth Opportunities
Due to a rise in the occurrence of cardiac arrhythmia, the global implantable cardiac monitor market is developing rapidly According to study, nearly14 million people in the US suffer from cardiac arrhythmia, with even more than 4 million people experiencing chronic arrhythmia and 5 million individuals actually dealing with heart disorders. Japan is predicted to have around 1 million patients of cardiac arrhythmia in the years to come, in Asia Pacific. A tiny electrophysiology (EP) system known as an implantable cardiac monitor is commonly utilized for continual monitoring of a patient's heart's electrical activity. The primary objective of this monitoring activity is to examine if the patient has any arrhythmias. In the last few years, healthcare practitioners all over the world have been leaning toward the utilization of innovative technologies to provide patients with improved healthcare. In the coming years, this factor is predicted to create immense scope for sale of implantable cardiac monitor.
Technological Developments to Facilitate Treatment of Geriatric Patients with Cardiac Conditions
The increased incidences of cardiovascular disorders such as heart failure and heart stroke are likely to drive the demand for cardiac monitoring devices to track abnormal heart rhythms. Cardiovascular arrhythmias, specifically atrial fibrillation, are common in the elderly, necessitating the use of cardiac monitors. External heart monitors are not practical to wear or bear on a daily basis for the elderly. As a result, the use of implantable cardiac monitors has increased, which is likely to add to the growth of the implantable cardiac monitor market in the years to come. Implantable cardiac monitors have improved ECG tracking and have a three-year battery life. The increasing geriatric population necessitates more efficient options for treatment, which is estimated to present opportunities for businesses in the global implantable cardiac monitor market.
Rise in Prevalence of Cardiac Arrhythmia is Propelling the Global Cardiac Monitor Market
The global implantable cardiac monitor market is expanding at a high growth rate, driven by an increase in prevalence of cardiac arrhythmia. As per research, about 14 million people are suffering from some forms of cardiac arrhythmia in the U.S. with more than 4 million Americans have recurrent arrhythmia and 5 million Americans are currently living with heart conditions. In Asia Pacific, Japan is expected to reach 1 million cardiac arrhythmia patients in the coming years.
Increase in the Global Geriatric Population is Driving the Need for Effective Treatment, Globally
Prevalence of cardiovascular diseases such as heart stroke and improper function of the heart are driving the need for cardiac monitoring devices in order to monitor irregular heart rhythms. Elderly people are often prone to cardiac arrhythmia, especially atrial fibrillation, which occurs in old age, resulting in need for cardiac monitors. External cardiac monitors are not feasible for old people to wear or carry on a day to day basis. This has led to an increase in the adoption of insertable cardiac monitors. Implantable cardiac monitor devices offer better ECG monitoring service and also last for three years. Rise in the geriatric population demands better treatment options, which in turn, is likely to provide opportunities for companies operating in the global implantable cardiac monitor market.
North America Dominates the Global Implantable Cardiac Market Owing to Rise in Demand for Implantable Cardiac Monitors
North America dominates the global implantable cardiac monitor market, owing to the approval of cardiac monitors and the presence of major players in this region. Implantable cardiac monitors are niche, and this offers significant opportunities for companies to expand and invest in the region. Also, a rise in the prevalence of cardiovascular conditions that need further monitoring contributes to the demand for implantable cardiac monitors. Rise in atrial fibrillation, a type of cardiac arrhythmia, and other arrhythmias drives the market in the region.
A subcutaneous cardiac monitor is a new innovation that is gaining trust and popularity among the geriatric population, owing to its prolonged ECG monitoring benefits. Therefore, easy adoption of ICM is fuelling the market in the region.
The global implantable cardiac monitor market has been segmented based on arrhythmia, end-user, and region. In terms of arrhythmia, the global market has been classified into atrial fibrillation, bradycardia, and others. The atrial fibrillation segment dominates the global implantable cardiac monitor market. The segment is likely to expand at a significant CAGR, owing to an increase in the geriatric population across the globe. The bachycardia segment is expected to expand at a significant CAGR, owing to the higher prevalence of cardiovascular indications. Bachycardia is very common in athletes. In the condition, the heart rate comes down to less than 60 per minute.
In terms of end-user, the global implantable cardiac monitor market has been classified into hospitals, specialized cardiac centers, and ambulatory surgical centers. The hospitals segment held a major share of the market in 2019, followed by the ambulatory surgical centers and specialized cardiac centers segment, owing to the implantation surgical process requiring hospitalization. The ambulatory surgical centers segment is projected to expand at a considerable CAGR during the forecast period, owing to supporting personal care, low cost of treatment, and the ready availability of treatment in ambulatory surgical centers compared to crowded hospital. In developing countries, medical care is not funded completely by the government. Therefore, ambulatory surgical centers are easily accessible and are advantageous to patients.
In terms of region, the global implantable cardiac monitor market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global implantable cardiac monitor market, owing to high acceptance of implantable loop recorders, high health care investments by the government, rise in the incidence of cardiac arrhythmia, and presence of major players in the region. As per research, in the U.S., approximately 14 million people are suffering from some form of cardiac arrhythmia. This, in turn, attracts more investments in research & development for the monitoring of heart disease. Europe is a prominent region of the market. The market in the region is likely to expand at a significantly high CAGR during the forecast period, owing to a rise in the prevalence of atrial fibrillation. Moreover, rise in the geriatric population, increase in obesity, and improvements in survival after cardiovascular events are likely to offer prominent opportunities for the increasing usage of cardiac monitoring devices.
Major players operating in the global implantable cardiac monitor market include Medtronic, Abbott, Biotronik Angel Medical Systems, Inc., vectoriousmedtech.com. Boston Scientific Corporation or its affiliates, and Biosense Webster, Inc. Key players are focusing on developing more implantable cardiac monitor devices with significant investment support from the government or funding from giant pharmaceutical companies. There are very few players in the market for internal cardiac monitors, which also acts as an opportunity for key players to explore this area of innovative technology.
Specialized Cardiac Centers
Ambulatory Surgical Centers
Middle East & Africa
This report analyzes the current and future scenario of the global implantable cardiac monitor market for the period 2017 to 2030. Rise in atrial fibrillation indication, increase in the geriatric population, rise in the prevalence of cardiac arrhythmia, and high unmet medical needs are likely to be major drivers of the global implantable cardiac monitor market during the forecast period.
The global implantable cardiac monitor market report comprises an elaborate executive summary, including a snapshot that provides information on various segments of the market. It also provides information and data analysis of the global market with respect to segments based on arrhythmia, end-user, and region. A detailed qualitative analysis of drivers, restraints, and opportunities of the market has been provided in the market overview section. Additionally, the section comprises a competitive matrix and profiles of key market players, along with business overview, to project the competitive landscape of the market. The section also provides market attractiveness analysis based on region and market share analysis in terms of key players, thereby presenting a thorough analysis of the overall competitive scenario in the global implantable cardiac monitor market.
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