Cardiac Monitoring Market

The projected size of the global cardiac monitoring market is anticipated to reach USD 32.18 Billion by 2030, with a projected revenue compound annual growth rate (CAGR) of 3.8% during the forecast period. Factors such as the increasing prevalence of Cardiovascular Diseases (CVD), growing preference for wearable cardiac devices, and rising hospital visits for heart disease diagnosis and treatment are expected to drive the revenue growth of the global cardiac monitoring market. CVD primarily affects the heart and blood vessels, characterized by the accumulation of fatty deposits within the arteries, increasing the risk of blood clots. This condition can also cause damage to various organ arteries, including those in the heart, brain, eyes, and kidneys. CVD stands as a leading cause of disability and death in both the U.S. and the U.K., with CVD-related diseases such as stroke and ischemic heart disease accounting for over 80% of global deaths. The American Heart Association reports that approximately 0.85 million lives were lost to CVDs in the U.S. in 2019, and the economic burden of these diseases is projected to exceed USD 1 billion by 2030, emphasizing the critical need for cardiac monitoring and preventive devices.

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Major Companies and Competitive Landscape

Major companies in the global market report include Boston Scientific Corporation, Biotronik, Nihon Kohden Corporation, Abbott, Stryker, Asahi Kasei Corporation, Hill-Rom Services, Inc., BPL Medical Technologies Pvt Ltd., Microport Scientific Corporation, and Medtronic PLC.

Initiatives taken by market players are driving growth of the market, for instance:

In July 2021, Nihon Kohden Digital Health Solutions Inc., the U.S. local development subsidiary of Nihon Kohden, acquired 100% shares of Advanced Medical Predictive Devices, Diagnostics, and Displays, Inc. With this acquisition, Nihon Kohden’s long-term vision is to create innovative healthcare monitoring devices to solve global medical problems and to give better future to people suffering from various diseases.

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Driving Factors of the Cardiac Monitoring Market:

  1. Increasing Prevalence of Cardiovascular Diseases (CVD): The rising incidence of cardiovascular diseases worldwide is a significant driving factor for the cardiac monitoring market. The growing burden of conditions such as heart attacks, heart failure, arrhythmias, and strokes necessitates the need for continuous monitoring and early detection.
  2. Growing Preference for Wearable Cardiac Devices: There is a growing trend towards wearable cardiac monitoring devices among both healthcare professionals and patients. These devices offer convenience, portability, and continuous monitoring capabilities, allowing individuals to track their heart health in real-time. The demand for wearable cardiac devices is driving market growth.
  3. Rising Number of Patient Visits to Hospitals: Increased patient visits to hospitals for the diagnosis and treatment of heart diseases contribute to the growth of the cardiac monitoring market. Healthcare facilities are equipped with advanced cardiac monitoring systems to monitor patients’ heart conditions, enabling timely intervention and appropriate treatment.

Restraints of the Cardiac Monitoring Market:

  1. Cost Constraints: The high cost associated with cardiac monitoring devices and procedures can limit their adoption, especially in regions with limited healthcare budgets or in resource-constrained settings. The affordability of these devices poses a challenge, hindering market growth.
  2. Limited Reimbursement Coverage: In some healthcare systems, reimbursement coverage for cardiac monitoring devices and services may be limited or insufficient. This can create financial barriers for patients and healthcare providers, affecting the adoption and utilization of cardiac monitoring technologies.
  3. Privacy and Data Security Concerns: The collection, storage, and transmission of sensitive cardiac data raise concerns about privacy and data security. Patients and healthcare providers may hesitate to adopt cardiac monitoring solutions due to worries about data breaches and unauthorized access to personal health information.
  4. Lack of Awareness and Accessibility: In certain regions, there may be a lack of awareness about the importance of cardiac monitoring and limited accessibility to advanced monitoring technologies. This lack of awareness and limited availability of resources can impede market growth and hinder timely diagnosis and management of cardiovascular diseases.

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