The cardiac monitoring market is expected to grow with a healthy CAGR of nearly 5.2 % during the forecast period. The cardiac monitoring market is driven by an increase in the prevalence of heart diseases, a growing aging population who are very susceptible to coronary heart diseases, technological developments in cardiac monitoring devices that minimize the chances of infection, and improved efficiency of devices.
According to the WHO reports, cardiovascular disease is one of the leading causes of death, worldwide. It is estimated that cardiovascular diseases take the life of 17.9 million people every year (31% of all global deaths). Furthermore, cardiac monitoring is one of the most reliable and efficient options for the monitoring of various cardiac conditions.
However, rising incidences of infection, high costs associated with the monitoring and stringent regulatory procedures are likely to restrain the growth of the global cardiac monitoring market over the forecast period.
Key Market Trends
ECG Monitor is Expected to Dominate the Cardiac Monitoring Market
Cardiovascular disease (CVD) like stroke and heart disease are the leading cause of death across the globe. The increase in the incidence of cardiovascular diseases (CVD), necessitates the need for long-term ECG monitoring. 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 monitoring ECG systems and diagnostic ECG systems. The development of commercially advanced devices, with enabled Bluetooth sensor technology and mobile app technology, is anticipated to drive the popularity of the ECG monitors segment, globally.
Furthermore, technological advancements and product innovations taking place in the development of ECG devices are likely to propel the market growth.
North America is Expected to Hold the Largest Market Share in the Cardiac Monitoring Market
North American holds the leading position in the cardiac monitoring market. Especially countries, like the United States and Canada, owing to a drastic increase in the patient pool of cardiovascular diseases. As per the report from the American Heart Association on heart disease and stroke, in 2017, around 800,000 deaths occurred due to cardiovascular diseases.
Furthermore, continuous advancements in the technology, growing awareness in patients about cardiac monitoring, well-established healthcare infrastructure, and favorable reimbursement policies are expected to boost the cardiac monitoring market in the North America region.
In addition, the growing economies of Asia Pacific is also expected to show high growth owing to the rising number of cardiovascular disorders and increase in disposable income.
The cardiac monitoring market is exceptionally fragmented and focused because of the presence of many large, medium, and small players. The multinational players possess a substantial share of the worldwide market. The companies in the cardiac monitoring market are focusing on various growth strategies, like M&A, partnerships, collaborations, geographical expansions, and new product launches to enhance their market presence.
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