Cardiac Monitoring Market To Generate Revenue worth $16,124 Million by 2030
- Published: May 2022
The global cardiac monitoring market is projected to generate $16,124.0 million revenue by 2030, advancing at a CAGR of 8.2% during 2021–2030. This will be on account of the rising prevalence of heart diseases, surging aging population, which is more susceptible to coronary heart disease; technological advancements in cardiac monitoring equipment, to reduce the risk of infection; and enhanced device efficiency.
As per the WHO, CVDs claim around 17.9 million human lives every year (31% of all global deaths). Regular cardiac monitoring has become imperative for the monitoring of various heart diseases and detection of any potential one. Hence, the introduction of various advanced cardiac monitoring devices, such as subcutaneous implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs), and MRI-compatible pacemakers, is driving the market growth.
Moreover, on account of the increasing incidence of CVDs, government agencies in various countries have eased the directives for the clearance of cardiac monitoring products. For instance, in May 2020, VitalConnect Inc. received the Emergency Use Authorization (EUA) for its VitalPatch from the FDA. VitalPatch can be used to detect changes in the QT interval of hospitalized COVID-19 patients.
Similarly, in January 2020, the FDA approved the Micra AV device of Medtronic, which is a small pacemaker with atrioventricular (AV) synchrony.
MCT To Witness Fastest Growth
The mobile cardiac telemetry (MCT) category generated around $876.2.7 million revenue in 2021, and it will grow at a CAGR of 12.6% during 2021–2030. This will be on account of the high burden of cardiac diseases, increase in the awareness regarding MCT, rise in the frequency of product launches, and high adoption of mobile devices in hospitals and cardiac centers. For instance, in May 2021, VitalConnect Inc. launched its VitalPatch RTM MCT solution, which allows for cardiac monitoring with a flexible, programmable platform covering multiple cardiac monitoring needs.
Mergers & Acquisitions Are Most-Effective Strategic Measures
Companies operating in the market have been involved in mergers & acquisitions to remain competitive. For instance,
- In August 2021, Nihon Kohden Corporation announced the acquisition of Advanced Medical Predictive Devices, Diagnostics, and Displays Inc. (AMP3D). The continuous monitoring of event trajectories (CoMET) software offered by AMP3D utilizes the continuous monitoring data, medical records, vital signs, and laboratory test data of patients, to display real-time and continuous risk trajectories.
- In July 2020, Spacelabs Healthcare, a global patient monitoring and diagnostic cardiology solution company, announced the acquisition of a cloud platform developed by BoxView LLC. Through this acquisition, the former is able to manage patient monitoring information, coordinate care, and track the metrics aimed at improving quality, throughput, and efficiency.
Major players operating in the global cardiac monitoring market are Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, GE Healthcare, BIOTRONIK, Koninklijke Philips N.V., Asahi Kasei Corporation, MicroPort Scientific Corporation, Hill-Rom Holdings, and Nihon Kohden Corporation.