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Cardiac Arrhythmia Monitoring Devices Market is anticipated to grow up to USD 10.3 billion by 2031 | Becton, Dickinson and Company, Boston Scientific Corporation, Endomed Systems
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Market Trends and Drivers
Development of technologically advanced monitoring devices including wireless monitors that offers benefit of early detection is expected to augment the industry growth. The use of cardiac rhythm monitoring (CRM) devices has significantly surged in the recent years due to rising life expectancy and constant advancements that have extended their abilities and scope. Recent developments in CRM devices are positively impacting the rate of product approval in developed markets that will further strengthen the industry growth potential. For instance, Medtronic has received approval for its exclusive device named CareLink SmartSync Device Manager that assists healthcare professionals to program and handle data from its BlueSync-equipped implanted CRM device. Thus, aforementioned industry developments are anticipated to impel the market expansion.
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Major Players in the Global Cardiac Arrhythmia Monitoring Devices Market
The key players in the cardiac arrhythmia monitoring devices market are Applied Cardiac Systems, AliveCor, Biotronik, Biotricity, GE Healthcare, iRhythm Technologies, Koninklijke Philips N.V., Medtronic plc., Nihon Kohden Corporation, and St. Jude Medical, among others.
COVID-19 Impact
The COVID 19 pandemic had a moderately positive impact on the adoption of cardiac arrhythmia monitoring devices in 2020. Furthermore, the reducing number of COVID-19 patients and the continuation of all healthcare services has influenced product demand. Several healthcare businesses are collaborating to increase the manufacturing capacity of cardiac arrhythmia monitoring equipment such as Holter monitors, patches, and wearable ECG, among others, in order to provide medical treatment while keeping track of patients' development. As a result of the reducing number of COVID-19 infections among the population, the market will witness rapid expansion in the near future.
Recent Developments
In November 2021, Philips signed agreement to acquire Cardiologs, a medical technology company focused on transforming cardiac diagnostics using cloud technology and artificial intelligence (AI). This acquisition complements the company's product portfolio of cardiac monitoring and diagnostics devices, thereby offering revenue growth opportunities in the market.
In February 2020, AliveCor received approval from the Federal Commission for the Protection Against Sanitary Risk (COFEPRIS) to launch KardiaMobile in Mexico. The company has partnered with Inpharamo to implement the medical-grade ECG across the country. This has enabled company to expand its global footprint as well as customer base in the market.
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