Cardiac Arrhythmia Monitoring Devices Market

Cardiac Arrhythmia Monitoring Devices Market Size (2024 to 2029)

The global cardiac arrhythmia monitoring devices market size is valued at USD 8.17 Billion in 2024 and is anticipated to reach USD 13.45 Billion by 2029 with a CAGR of 8.1% during the forecast period. 

Arrhythmia is the condition of irregular heartbeat with a problem in heart rate, indicating the heart is not pumping enough blood to the body. Irregular heart rhythms are expected during physical activity and sleep. Frequent irregular rhythm indicates a disease condition. If arrhythmias are not treated at the right time, they lead to life-threatening conditions like stroke, heart failure, or cardiac arrest. The monitoring devices, which record the heart rhythm and are used to detect the risk of irregular heartbeats (arrhythmia) in time, are small and wearable. These monitoring devices help physicians by detecting the cause of arrhythmia.

Market Drivers:

The rising prevalence of cardiovascular diseases worldwide contributes to market growth. According to the World Health Organization (WHO), cardiovascular diseases are the primary cause of death globally, and approximately 30 million people suffer heart attack or stroke annually. According to the American Heart Association, nearly half of the adults in the US are experiencing some cardiovascular disease, and nearly 45.5% of the US population is projected to suffer from cardiovascular diseases by 2035. Due to these conditions, healthcare expenditures on cardiac diseases are rising, which fuels market growth. The growing technological advancements in cardiac monitoring and cardiac research are boosting market value growth. Introducing wearable monitors with advanced technology, remote monitoring, artificial intelligence, and data analytics are enhancing the launch of innovative cardiac arrhythmias monitoring devices. The market players focus on implanting advanced features such as EMR, data connectivity, and extended wearability in the new products. These are beneficial in remote patient monitoring, improving diagnostic efficiency, and working efficiently by managing arrhythmias. These are fueling the adoption of cardiac monitor devices. 

The growing focus is on preventive care, where people are more concerned about health. The growing awareness among people about chronic disease conditions, which is enhancing preventive care and early diagnosis, is propelling the use of cardiac monitors for heart health management. Ambulatory cardiac telemetry devices are gaining traction in the recent period to detect asymptomatic arrhythmic events and prevent life-threatening conditions like stroke. These are driving the global cardiac arrhythmia monitoring devices market growth.

The emerging healthcare market in the Asia Pacific, Latin America, Middle East, and Africa region is expected to offer significant opportunities for the market players in the upcoming years. The growing usage of wearables such as smartwatches and fitness bands, which are incorporated with heart rate monitoring features, creates opportunities for the market players by collaborating with the consumer wearables, which is expected to increase the market revenue in the forecast period.

Market Restraints:

Cardiac monitoring devices like external loop recorders, mobile cardiac telemetry systems, and implantable monitors are expensive due to the incorporation of advanced technology in these devices. These expensive devices are unaffordable for people from low economic backgrounds, especially in developing regions and rural areas, which hampers global market revenue. The adoption rate is limited due to the high cost of the device and maintenance costs. Another factor restraining the market growth is the availability of limited reimbursements in developing countries. In most developing countries, healthcare reimbursement policies could be higher, and cardiac monitoring devices are typically absent in most areas. Due to the absence of these policies, people need help investing in advanced monitoring devices, hindering market growth. 

With stringent regulatory requirements, the devices must be launched into the market, which is complex, time-consuming, and challenging for rapid market expansion. These processes lead to delays in product launches and approvals. The new devices must demonstrate safety and efficacy through the trials and should be approved by the US Food and Drug Administration, which is challenging for the manufacturers.

Impact of COVID-19 on the arrhythmia monitoring devices market.

The Pandemic negatively impacted the cardiac arrhythmia monitoring market as all the non-emergency cases were postponed, reducing the diagnosis of patients with arrhythmias. However, with the developing cardiac complications with COVID-19, the demand for arrhythmia monitoring devices has increased. As per the article published in 2020, "COVID-19 and cardiovascular disease," COVID-19 patients with underlying cardiovascular diseases have a mortality rate. It also stated that arrhythmias and sudden cardiac arrest are common manifestations of COVID-19. The increasing number of cases of developing arrhythmias in COVID-19 patients is raising the adoption of cardiac arrhythmia monitoring devices.

Report Coverage:

This market research report on the global cardiac arrhythmia monitoring devices market has been segmented and sub-segmented into the following categories.

 has been segmented and sub-segmented into the following categories.

By Type:

• Holter Monitoring Devices
• Event Recorders
• Electrocardiogram Monitors
• Insertable Cardiac Monitors
• Mobile Cardiac Telemetry devices
• Smart Wearable Monitors

The Holter monitoring devices segment dominated the global market with the largest share in 2023 and is expected to maintain the domination during the forecast period. These monitors are accessible and have a longer duration in diagnosing symptoms in the patients as they offer continuous and rapid monitoring, which enhances the treatment outcome. The increasing prevalence of arrhythmias and growing advancements in cardiac arrhythmia monitoring devices drive the market growth in this segment. The increasing product launches and approvals fuel the growth of global market share. For Instance, RhythMedix launched a wearable cardiac monitor for diagnosing arrhythmia; the device offers heart monitoring, which connects patients and clinicians for patient care. The Holter monitoring devices possess various advantages, such as recording the cardiac rhythm without interfering with the patient's daily activities and detecting abnormalities in the early stage. 

By Application:

• Tachycardia
• Bradycardia
• Atrial Fibrillation
• Ventricular Fibrillation
• Premature Contraction
• Others

The tachycardia segment dominated the global market by holding the most significant market share in 2023. The atrial tachycardia subsegment accounted for the majority share due to increasing cardiac diseases. The increasing number of tachycardia cases demand the adoption of cardiac arrhythmia monitoring devices, increasing the market growth. 

The atrial fibrillation segment is projected to have rapid growth during the forecast period due to the growing geriatric population worldwide with chronic cardiovascular diseases demanding long-term monitoring, which is expected to boost market revenue growth in the upcoming years. 

By End-Use:

• Hospitals and diagnostic centers
• Ambulatory centers
• Others

The hospitals and diagnostic centers segment held the largest market share of 46% in 2023 and is anticipated to dominate during the forecast period. The presence of medical professionals in fully equipped hospitals allows patients to prefer hospitals, which drives the global market in this segment. The growing cardiac implant procedures and the availability of reimbursement policies in hospitals are boosting the growth of monitoring device adoption by increasing the market share. 

The Ambulatory centers are holding a steady growth rate and are expected to maintain steady, significant growth during the forecast period. 

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America dominated the global market with the largest share and is expected to grow significantly in the forecast period. The presence of advanced healthcare infrastructure and the adoption of advanced cardiovascular solutions are driving the regional market with the largest share. According to the Centers for Disease Control and Prevention, around 12.1 million people in the US are estimated to have atrial fibrillation by 2030. Atrial fibrillation is the most common type of cardiac arrhythmia observed in the North American region, which is demanding cardiac arrhythmia monitoring devices. The growing innovative product approvals and launches by the market players fuel the adoption rate in the region. The presence of advanced technology in the healthcare system and prominent R&D centers for cardiovascular research is enhancing new product approvals and launches. These factors are expected to account for the largest market share in the upcoming years. 

The European region held second in the global market due to its advanced healthcare infrastructure. The presence of major market players in the region and significant market share in the pharmaceutical companies is driving the European market due to its prominent medical devices market. Germany and the UK hold prominent market players and their franchises, fueling the market revenue. 

The Asia Pacific region is projected to have fastest growth during the forecast period due to increasing technology advancements and growing healthcare infrastructure. Growing geriatric population with chronic illness is demanding for the monitoring devices.

Key Market Players:

Applied Cardiac Systems, Biotronik, GE Healthcare, iRhythm Technologies, Koninklije Philips N.V, Medtronic plc, Spacelabs Healthcare, Welch Allyn, Abbott Laboratories, Nihon Kohden Corporation are some of the key market players in the cardiac arrhythmia monitoring devices market.

Recent Market Developments:

• In September 2022, Medtronic, a healthcare company, launched its product LINQ II Insertable Cardiac Monitor system; it is the first and only device to receive clearance by the US FDA to use in pediatric patients over the age of 2 suffering from abnormal heart rhythm and require long-term continuous monitoring. 
• In November 2021, Philips acquired Cardiologs to focus on cardiac diagnostics using AI and cloud technology. This acquisition will strengthen cardiac monitoring and diagnostic services with innovative technology. 

In May 2021, iRhythm Technologies Inc., a leading digital healthcare solutions company that prominently focuses on advancements in cardiac care, received two clearances: one for a newly developed.