Cardiac Monitoring Devices Market To Reach USD 41.6 Billion By 2032 | DataHorizzon Research
The cardiac monitoring devices market size was valued at USD 25.9 Billion in 2023 and is expected to reach a market size of USD 41.6 Billion by 2032 at a CAGR of 5.4%.
Fort Collins, Colorado, May 04, 2024 (GLOBE NEWSWIRE) —
Demand for cardiac monitoring devices is projected to grow in the forecast period.
The aging global population presents a significant challenge in managing cardiovascular health, as older individuals are more susceptible to cardiovascular conditions. As a result, there’s an increasing need for cardiac monitoring devices to cater to this demographic’s long-term healthcare needs.
The rise of remote patient monitoring (RPM) solutions has been instrumental in addressing this demand. These technologies facilitate remote monitoring of patient’s heart health, allowing healthcare providers to track physiological parameters in real-time and intervene promptly when necessary. This approach improves patient outcomes, reduces healthcare costs, and enhances access to care, particularly in remote or underserved areas.
Cardiac monitoring devices are integral to RPM programs, providing healthcare professionals with valuable insights into patients’ cardiovascular health. By detecting deviations from baseline and identifying early signs of clinical deterioration, these devices enable timely interventions, leading to better outcomes and reduced hospitalizations. Additionally, they offer patients greater convenience and peace of mind, as they can receive quality care without frequent visits to healthcare facilities.
Furthermore, there’s a growing emphasis on preventive healthcare strategies aimed at early detection and intervention to mitigate the burden of cardiovascular diseases. Cardiac monitoring devices play a crucial role in these efforts by enabling the continuous monitoring of physiological parameters, such as electrocardiograms (ECGs) or heart rate variability, and detecting abnormalities before they escalate into serious health issues.
For example, ambulatory ECG monitors can detect silent arrhythmias in asymptomatic individuals, allowing for early intervention to prevent complications like strokes. By enabling proactive healthcare management, these devices reduce the overall incidence and severity of cardiovascular diseases, ultimately improving public health outcomes.
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Segmentation Overview:
The cardiac monitoring devices market has been segmented into device type, end-user, and region.
ECG is the leading segment and remains in a prominent position in the forecast period.
- The market is further divided by device type into ECG monitors, event recorders, implantable cardiac loop recorders, pacemakers, defibrillators, cardiac resynchronization therapy (CRT) devices, smart wearables, and others. The ECG monitor segment holds a significant position in the market, with the majority of the revenue share.
Hospitals and clinics registered a significant share in 2023.
- The end-user segment is categorized into hospitals, clinics, and home care settings. The hospital and clinic segment has dominated the overall market growth. Hospitals are witnessing tremendous growth in providing optimal care to patients suffering from cardiovascular diseases and ensuring early diagnosis.
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Cardiac Monitoring Devices Market Report Highlights:
- The cardiac monitoring devices market growth is anticipated at a CAGR of 5.4% by 2032.
- The rising incidence of cardiovascular diseases globally is a primary driver of the cardiac monitoring devices market. As heart-related ailments continue to be a leading cause of mortality and morbidity worldwide, there is an increasing demand for effective monitoring solutions to manage and prevent these conditions.
- North America dominates the global cardiac monitoring devices market, driven by factors such as the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and significant investments in healthcare technology.
- Some prominent players in the cardiac monitoring devices market report include Koninklijke Philips N.V., Zoll Medical Corporation, BIOTRONIK, GE Healthcare, Stryker Corporation, Schiller, Medtronic, Abbott, Boston Scientific Corporation, Microport Scientific Corporation, Hill-Rom Holdings, Nihon Kohden Corporation, Biotelemetry, and Spacelabs healthcare.
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