Ambulatory Cardiac Monitoring Devices Market: Introduction
According to the report, the global ambulatory cardiac monitoring devices market was valued at US$ 13.5 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Ambulatory cardiac monitor tracks and records heart activity during the day. Most devices are about the size of a mobile phone. Rise in prevalence of cardiac disorders, aging population, and increase in access to healthcare are key factors propelling the global ambulatory cardiac monitoring devices market. Obesity, diabetes mellitus, smoking, high cholesterol, high blood pressure, and sedentary lifestyles are the leading causes of heart failure. The rise in the number of people affected by these diseases fuels the demand for ambulatory cardiac monitoring devices.
According to the American Heart Association’s 2017 Heart Diseases and Stroke Statistics update, the number of people diagnosed with heart failure is increasing and projected to rise by 46% by 2030, resulting in over 8 million people with heart failure. Around 22 million people are living with congestive heart failure globally, with 2 million people diagnosed every year. According to the American Heart Association, congestive heart failure is one of the leading causes of deaths in the U.S., accounting for 8.5% of the deaths. According to the World Journal of Cardiovascular Diseases, over 7 million deaths occur due to sudden cardiac arrest globally every year. Moreover, sudden cardiac arrest accounts for about 20% of all mortalities in the West.
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The utilization of implantable cardiac monitors has increased to keep track of the irregularity of heart rhythm compared to Holter and other external patch. Insertable cardiac monitors (ICMs, or implantable loop recorders, ILRs) are small subcutaneous devices that continuously monitor the heart rhythm and record events for several years. Insertable cardiac monitors are commonly used to monitor patients with syncope or stroke of unknown origin for infrequent rhythm abnormalities, as well as for long-term monitoring of atrial fibrillation post ablation. ICMs i.e., insertable cardiac monitors, are small, subcutaneously implanted devices offering continuous ambulatory electrocardiogram (ECG) monitoring with a lifespan of up to three years.
Rise in Demand for Prolonged ECG Monitoring, Self-Care Management to Drive Global Market
The steady increase in the usage of ambulatory cardiac monitors for the treatment of cardiac arrhythmia and other cardiac diseases is expected to drive the global market during the forecast period. Ambulatory cardiac monitors are for external as well as internal use. For instance, implantable loop recorders can be implanted subcutaneously with a battery life of three years. This results in prolonged monitoring of electrical activity in the heart. This, in turn, boosts the demand for implantable cardiac monitors. Ambulatory cardiac monitors also promote self-care management, owing to continuous monitoring and reporting of irregular heartbeats to the physician. These monitors have made data transmission easier.
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Most people have cellphones with them all the times and hence, it is feasible to consider mHealth as an effective mechanism not only to transmit real-time ECG data to a healthcare provider and receive immediate feedback, but also to improve patient engagement and self-management.
Increase in Burden of Cardiovascular Diseases, Early Detection to Track Heart Conditions to Propel Global Market
Ambulatory cardiac monitoring devices help monitor the heart continuously, which leads to the detection of chronic heart conditions such as stroke and heart failure. By focusing on functional and structural abnormalities of the arteries and heart, it should, therefore be possible to identify and track the progression of disease.
Ambulatory Cardiac Monitoring Devices Market: Prominent Regions
In terms of region, the global ambulatory cardiac monitoring devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ambulatory cardiac monitoring devices market in 2020, followed by Europe and Asia Pacific. North America is projected to be a highly attractive market from 2021 to 2031. Significant revenue from the region can be attributed to increase in government and private funding and large volume of tests performed for cardiac diseases. Moreover, high prevalence of heart failure due to aging population and changes in dietary habits are anticipated to drive the global ambulatory cardiac monitoring devices market in North America.
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The ambulatory cardiac monitoring devices market in Asia Pacific is expected to be driven by high adoption of ambulatory cardiac monitoring devices. According to a study published in the Radcliffe Cardiology journal, heart failure is a major health problem in Asia Pacific and its prevalence seems to be higher than countries in the West. Rise in awareness about heart failure and risk of sudden cardiac arrest associated with this condition propels the market in the region.
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