Ambulatory Cardiac Monitoring market is driven by an increase in the prevalence of heart diseases, growing ageing population who are very susceptible to the coronary heart diseases and technological developments in cardiac monitoring devices that minimizing the chances of infection and improved efficiency of devices.
According to the WHO reports, it is estimated that cardiovascular diseases take the lives of 17.9 million people every year, 31% of all global deaths. However, rising incidences of infection, high cost associated with the monitoring and stringent regulatory procedures may act as restraints for the growth of ambulatory cardiac monitoring market over the forecast period.
Key Market Trends
ECG Monitors Projected to Have Notable Growth Rate
- As there is an increase in the incidence of cardiovascular diseases (CVD), long-term ECG monitoring is necessary. Usually, this procedure is possible in hospitals. However, with the introduction of wireless ECG, the doctors can monitor and diagnose the patient remotely and on time. There are two different types of ECG monitors available in the market namely the ECG Monitors and diagnostic ECG systems.
- The wireless ECG monitors were developed by many several market players. These devices can be used for the continuous monitoring of patients suffering from CVD and for the detection of problems when they are usually easier to treat while avoiding life-threatening and expensive emergency admissions.
- Frequent product launches in the respective segment are one of the major factors driving the market. For instance, in September 2018, Icentia Inc., a medical device company offering ambulatory medical testing solutions, today announced it has received Class II Medical Device CE Mark approval for its CardioSTAT continuous ECG monitoring system.
Asia Pacific is expected to grow with a significant CAGR over the forecast period
The Asia Pacific expected to witness significant growth due to the increasing prevalence of cardiovascular disease, growing technological advancements, rapid growth in the economy and favourable initiatives by the government. Additionally, the launch of several health awareness programs, the introduction of several new products, and new techniques in minimally invasive surgery are expected to reinforce growth prospects over the forecast period in the Asia Pacific region. For instance, In 2018, Qardio, Inc., received the approval from Australia’s Therapeutic Goods Administration (TGA) for QardioCore, its revolutionary ECG monitor.
Ambulatory Cardiac monitoring market is highly fragmented and focused owing to the presence of a large number of market players. The companies in ambulatory cardiac monitoring market are focusing on various growth strategies such to enhance their market presence such as M&A, partnerships, collaborations, geographical expansions, new product launches.
For instance, in May 2018, GE Healthcare and Preventice Solutions entered into a collaboration to provide customers with an extension of the hospital heart station and to expand GE Healthcare ECG services into the home, creating a more holistic solution for monitoring ambulatory ECG patients.
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