Cardiac Arrhythmia Monitoring Devices Market

Market Overview

The global cardiac arrhythmia monitoring devices market size was valued at USD 6.7 billion in 2023 and is projected to reach USD 12.0 billion by 2032, registering a CAGR of 6.7% during the forecast period (2024-2032). The rising frequency of serious cardiovascular disorders worldwide will boost the Cardiac Arrhythmia Monitoring Devices market growth.

Cardiac arrhythmia monitoring devices are medical devices that monitor and record the heart's electrical activity over a given period. These devices are critical in diagnosing and treating a variety of cardiac arrhythmias or irregularities in the heart's rhythm. The monitoring allows healthcare professionals to assess the frequency, duration, and type of arrhythmias, which aids in accurate diagnosis and treatment planning. 

In a nutshell, Telecardiology is becoming increasingly popular, particularly among older patients with heart arrhythmias. Telecardiology provides affordable monitoring devices, with companies such as Coala Life introducing direct-to-patient telecardiology services. The simplicity and mobility of cardiac arrhythmia monitoring equipment are propelling market expansion. RhythMedix's wearable innovative cardiac telemetry monitor with 4G cellular connectivity for arrhythmia detection sparked the creation of similar portable cardiac monitors. However, the low adoption of telemetry technology in emerging regions and the expensive cost of remote cardiac arrhythmia monitoring equipment impede market expansion.

Highlights

• Holter Device accounts for the largest share of the market by device.
• Atrial Fibrillation (A.F.) generates the highest revenue share by application.
• Hospitals & Clinics dominate the market by end-users.

Market Dynamics

Global Cardiac Arrhythmia Monitoring Devices Market Drivers:

Increasing Incidence of Cardiovascular Disease

The global rise in cardiovascular diseases, including cardiac arrhythmias, has raised serious health concerns. Sedentary lifestyles, poor dietary habits, and an aging population all contribute to an increased prevalence of heart disease, necessitating effective monitoring solutions for early detection and management. According to the World Health Organization (WHO), cardiovascular disease (CVD) is the leading cause of death worldwide. The World Heart Federation estimates that cardiovascular diseases (CVDs) will cause 20.5 million deaths in 2021. This accounts for nearly one-third of all deaths worldwide, an increase over the estimated 121 million CVD deaths. Arrhythmias account for a significant portion of CVDs, which drives demand for cardiac arrhythmia monitoring devices.

Additionally, according to a 2023 PubMed article, the global prevalence of atrial fibrillation (AF) is 37,574 million cases, representing 0.51% of the worldwide population. This represents a 33% increase over the last 20 years. The most common cardiac arrhythmia is atrial fibrillation (AF). It is estimated that one out of every four adults over the age of 40 will develop atrial fibrillation. By 2050, AF cases are expected to rise by more than 60%. The rising prevalence of cardiovascular diseases, combined with an increase in specific conditions such as atrial fibrillation, has a direct impact on the market for cardiac arrhythmia monitoring devices. Healthcare providers and patients recognize the value of continuous monitoring in detecting arrhythmias early, managing risks, and avoiding adverse outcomes. 

Global Cardiac Arrhythmia Monitoring Devices Market Restraints:

Cost Constraints and Reimbursement Issues

Affordability and reimbursement issues may impede the adoption of cardiac arrhythmia monitoring devices. High initial costs for purchasing devices, associated monitoring services, and reimbursement restrictions may limit patient access and healthcare provider adoption. According to a 2021 study presented at the ESC Congress 2023, cardiovascular disease (CVD) will cost the European Union an estimated 282 billion Euros in 2021. This figure includes 155 billion Euros (55%) for health and long-term care and 48 billion Euros (17%) for productivity losses. 

Furthermore, Hospital care is responsible for 60% of CVD-related healthcare costs, followed by drug expenditure, outpatient care, primary care, and emergency care. CVD costs the US healthcare system USD 216 billion annually, resulting in USD 147 billion in lost productivity on the job. The cost implications extend to monitoring devices and services, making them more affordable for healthcare systems and patients. Cost constraints and reimbursement challenges may slow the adoption of cardiac arrhythmia monitoring devices, especially in areas with limited resources or healthcare reimbursement policies that do not adequately cover monitoring costs. This could impact market growth and the ability to reach a larger patient population. 

Global Cardiac Arrhythmia Monitoring Devices Market Opportunity:

Rising Demand for Wearable Technologies

The growing use of wearable technologies with integrated cardiac monitoring capabilities creates a significant opportunity for the cardiac arrhythmia monitoring devices market. These devices, which include smartwatches and fitness trackers, allow for continuous heart rate monitoring and, in some cases, electrocardiogram (ECG) readings. Apple's technology is consistently ahead of the competition. The Apple Watch is the only wearable device to detect abnormal heart rhythms and accurately read ECGs. However, despite its advanced technology, the Apple Watch cannot detect heart attacks, blood clots, strokes, or other heart-related conditions like congestive heart failure.

Furthermore, Western European countries are seeing an increase in demand for wearable medical devices, which are helping to improve the treatment of chronic illnesses. According to Statista, the global wearable devices market is expected to exceed 87 billion US dollars by 2025. The use of wearables for health and fitness monitoring, including cardiac parameters, helps to drive market growth. Wearables provide a user-friendly and accessible platform for continuous monitoring, aligning with personalized healthcare trends. The growing use of wearable technologies for health monitoring positively impacts the cardiac arrhythmia monitoring device market. Wearables meet consumer demands for non-intrusive, portable, and stylish monitoring solutions. The market can capitalize on this trend by creating advanced monitoring features for wearable devices that improve early detection and user engagement.

Regional Analysis

The global cardiac arrhythmia monitoring devices market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global cardiac arrhythmia monitoring devices market shareholder and is estimated to grow at a CAGR of 6.9% over the forecast period. The US market for cardiac arrhythmia monitoring devices is expected to proliferate in North America as advanced cardiovascular solutions and sophisticated healthcare infrastructure become more widely adopted. The Centers for Disease Control and Prevention (CDC) predict that 12.1 million people in the United States will have atrial fibrillation (AFib) by 2030. Because AFib is the most common type of cardiac arrhythmia diagnosed in the patient population, such statistics suggest that demand for cardiac arrhythmia monitoring devices is likely to rise, contributing to market growth.

Furthermore, mobile cardiac outpatient telemetry (MCOT) is widely adopted in the United States. For example, Biotricity's Biotres Cardiac Monitoring Device received 510(k) clearance from the US FDA in January 2022 for ECG and arrhythmia monitoring. The Biotres Cardiac Monitoring Device is a wearable Holter patch device that records ECG data continuously over three channels. This strategy has helped the company expand its wireless device market product portfolio in the United States. 

Asia-Pacific is anticipated to exhibit a CAGR of 7.1% over the forecast period. The increasing prevalence of cardiovascular diseases primarily drives the Asia-Pacific cardiac arrhythmia monitoring market. The rate of diagnosis of cardiovascular diseases is increasing over time due to the growing burden of cardiac diseases and the need to control mortality rates through early detection and treatment of CVD with cardiac monitoring devices. According to the WHO, smoking causes approximately 1 million cardiovascular deaths in the Asia-Pacific region each year. According to the Heart Foundation, cardiovascular disease (CVD) is the leading cause of death in Australia, accounting for 26% of all deaths. All forms of CVD are estimated to have cost Australians 666,000 years of healthy life by 2023. The need to monitor heart disease ultimately drives the use of these devices. 

In addition, as geriatric populations more susceptible to cardiovascular disease increase, the market's growth is expected to accelerate in the coming years. For example, Japan has the world's fastest-aging population. According to the World Ageing 2019 report, the population over 65 was 35.524 million in 2019 and is expected to reach 37.278 million by 2030.

Europe holds a significant market share. Technological advancements in Europe's healthcare systems are altering the market dynamics for cardiac rhythm remote monitoring devices. Furthermore, due to research and development in the monitoring device field, the accuracy and precision of monitoring the heart and its functions have improved. This has resulted in people in the region, particularly in the United Kingdom, Germany, and the Netherlands, relying on cardiac monitoring devices. 

Additionally, the number of cardiac arrhythmia monitoring devices in France is increasing as the country's alcohol consumption rises, and initiatives by key market players are entering the country. According to the Organisation for Economic Cooperation and Development (OECD), in France, over 40% of people, or nearly one in ten, are overweight (including obese), and the rate of overweight people will rise by an additional 10% over the next ten years. Obesity is a significant risk factor for heart disease, and the market under study will grow as the country's obesity rate rises. 

In Latin America, cardiovascular diseases are the leading cause of death, highlighting the need for the development of cardiac monitoring devices in the region. According to a study published in Diabetes and Metabolic Syndrome in January 2022, the prevalence of CVD and atherosclerotic CVD in the Brazilian sample was 43.9% and 37.6%, respectively. Other factors driving the market of Latin American cardiac arrhythmia monitoring devices include ease of use and portability and the development of smart cardiac monitors. However, the high cost of cardiac monitoring devices may limit market growth during the forecast period. 

Segmental Analysis

The global cardiac arrhythmia monitoring devices market is segmented based on devices, applications, and end-users.

The market is further segmented by device into Holter Devices, Event Recorder, Mobile Cardiac Telemetry Monitors, Implantable Cardiac Monitors, and Electrocardiogram (ECG) Monitors.

Holter devices are portable, battery-powered monitors that continuously record the heart's electrical activity for an extended period, usually 24 to 48 hours. These devices use electrodes attached to the chest to record data, which is then analyzed to identify irregularities in heart rhythm. Holter devices are helpful in detecting intermittent arrhythmias that may not be visible during a brief clinical visit, providing a complete picture of the patient's cardiac activity.

ECG monitors are a broad term for various devices that use electrodes to record the heart's electrical activity. Portable ECG monitors, commonly found in healthcare settings or as components of wearable devices such as smartwatches, can be recorded in real-time or on demand. These monitors are simple to use and can be used for routine checks and detecting irregularities in heart rhythm. ECG monitors' ease of use and accessibility make them popular for clinical and personal health monitoring.

By application, the segment can be further bifurcated into Bradycardia, Tachycardia, Atrial Fibrillation (A.F.), Ventricular Fibrillation (V.F.), and Premature Ventricular Contractions (PVC).

Atrial fibrillation (AF) is a common arrhythmia marked by irregular and often rapid heartbeats. Monitoring devices in this segment are designed to detect and record episodes of AF. Continuous monitoring of AF is critical for determining stroke risk, guiding anticoagulation therapy, and managing symptoms. It also helps to evaluate the efficacy of treatment strategies for restoring normal heart rhythm.

Bradycardia is an abnormally slow heart rate, usually below 60 beats per minute. Monitoring devices in this category are intended to detect and record bradycardia, which can cause dizziness, fatigue, and fainting symptoms. Continuous monitoring allows healthcare providers to assess the severity of bradycardia and plan appropriate interventions, such as pacemaker implantation.

Based on end-user, the market is fragmented into Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgery Centers (ASC), and Homecare Settings.

Hospitals and clinics are the primary settings for cardiac arrhythmia monitoring, offering comprehensive cardiac care services. Healthcare professionals can use various monitoring devices in these settings, including standard ECG machines, Holter monitors, and event recorders. Continuous monitoring in hospitals and clinics is critical for patients experiencing acute symptoms, those undergoing cardiac procedures, and those who require close medical supervision. 

Furthermore, factors such as rising CVD prevalence, increased hospital diagnostic patient visits, and rising cardiac implant procedures contribute to this segment's size. According to the American Heart Association (AHA), arrhythmias affect over 4 million people in the United States and cause nearly half a million deaths each year. Integrating medicine and technology has resulted in the twenty-first century transforming once bulky, single-function devices into mobile, portable, and multifunctional platforms. Over the last decade, a trend has been toward smaller, more portable handheld ECG tracking systems. These devices are easily integrated within a hospital or clinic or between patient rooms on a cart for mobility.

Ambulatory Surgery Centers (ASCs) are outpatient facilities that perform specific surgical procedures and medical interventions. In the context of cardiac arrhythmia monitoring, ASCs may use monitoring devices for preoperative assessments, mainly when cardiac conditions must be evaluated before planned surgical interventions. ASCs contribute to a comprehensive approach to cardiac health in conjunction with other medical procedures.

Recent Developments

• February 2024- Freesolve, the next-generation metallic bioresorbable scaffold from BIOTRONIK, received CE approval.
• February 2024- The FDA Advisory Committee approved Abbott's innovative TriClip™ system for treating leaky tricuspid heart valves.
• December 2023- Medtronic received FDA approval for its PulseSelect™ Pulsed Field Ablation System, which treats atrial fibrillation.