NEW YORK, July 27, 2020
- Rise in cardiovascular disorders worldwide, expanding geriatric population, growing prevalence of obesity, favorable reimbursement policies, increasing strategic initiatives such as product launch or collaboration, lifestyle factors like smoking are key factors contributors to a high CAGR of the cardiac monitoring market during the forecast period
- Market Size – USD 19.71 billion in 2019, Market Growth - CAGR of 3.9%, Market Trends– Increasing development of technologically advanced products
NEW YORK, July 27, 2020 /PRNewswire/ -- According to the current analysis of Reports and Data, the global Cardiac Monitoring Market was valued at USD 19.71 billion in 2019 and is expected to reach USD 26.83 billion by the year 2027 registering a CAGR of 3.9%. Cardiac monitoring, also referred to as continuous or intermittent monitoring, concerns the monitoring of the activity of the heart, which is generally examined using ECG. The rise in heart related diseases due to growing elderly population, obesity, lifestyle changes like smoking, consumption of alcohol, besides the advancements in treatment methods and technology are the factors for boosting the cardiac monitoring market.
The WHO has reported that the rise in heart related diseases is the primary cause of death globally. It is estimated that cardiovascular diseases cause the death of 17.9 million people every year; it includes 31% of all global deaths. Cardiac monitoring is one of the most efficient and proficient options for the tracking of various heart dysfunctions. Obesity often affects vascular health and an increased risk of cardiovascular disease (CVD). Obesity or overweight eventually result in an increase in total blood volume and cardiac output, and these hemodynamic changes elevate arterial wall stress, smooth muscle cell proliferation, vessel wall thickness and diameter, and eventually lead to heart related disorders. In 2019, around 38.2 million children under the age of 5 years were overweight or obese according to the WHO. The prevalence is expected to grow continuously leading to rising incidences of heart related disorder thus adding considerable impetus to the demand in cardiac monitoring market.
In addition to larger target population favorable reimbursement policies is major factor driving the cardiac monitoring market share. Insurance companies like Medicare cover cardiac monitoring for inpatient, outpatient as well as ambulatory for Holter, event or patch type monitoring and for implantable devices in the cardiac monitoring market. Moreover, development of advanced products in the field to achieve unmet users' gaps in medical crisis like pandemic outbreak of COVID-19 is another major driving factor enhancing the market growth. For instance, in March 2020, QT Medical (U.S.), a medical technology company, launched a home ECG test that provides a cost effective alternative for skilled nursing facilities and telehealth service providers. However, high expenditure of diagnosis, treatment, and strict regulatory product approval procedures are the primary restraint for the growth of this market.
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The COVID-19 impact:
The pandemic outbreak of COVID-19 is estimated to add a massive boost to the growth of cardiac monitoring market. The virus has impacted more than 200 economies and has affected around 14 million people globally. It attacks respiratory system of the body leading to altered cardiac activity, thus it is an important to monitor the vital signs and cardiac activity of patients with Covid-19 for any arrhythmia or other problems. Also, individuals with heart related disorders are vulnerable to the infection leading to high concern for continuous monitoring activity of the heart.
To maintain the appropriate supply-demand curve various regulatory bodies have eased directives for the clearance of cardiac monitoring products. For instance, FDA granted Emergency Utilization Approval (EUA) to VitalConnect's cardiac monitoring in COVID-19 patients. In addition, researchers are working rigorously to develop therapeutically desirable treatments by developing new drugs or extending application range of existing drugs such as antimalarial or anti-retroviral drugs. Due to use of antimalarial drugs like hydroxychloroquine slight arrhythmia can be caused as a side effect. To avoid any further unfortunate issue such as cardiac arrest, close cardiac monitoring is must after the administration of hydroxychloroquine.
Besides, development of remote monitoring products to continue diagnosis of vital signs for critical patients as well as infected patients and avoiding accidental infection are factors estimated to enhance market growth further. For instance, recently Medtronic received U.S. FDA and CE mark clearance for its Linq II insertable cardiac monitor (ICM) with remote programming, which enables clinicians to optimize device settings without the need for patients to return to the office or hospital. Hillrom in June 2020 launched remote vital signs monitoring system thus shifting care closer to home.
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Further key findings from the report suggest:
For the purpose of this report, Reports and Data has segmented the Cardiac monitoring market on the basis of types, end use and region:
Type Outlook (Revenue in Million USD; 2017–2027)
End Use outlook (Revenue in Million USD; 2017–2027)
Regional Outlook (Revenue in Million USD; 2017–2027)
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