Implantable Cardiac Monitor Market Segmentation by Indication (Atrial Fibrillation, Cardiac Arrhythmias, Epilepsy & Others); By End Use Industry (Hospitals, Specialized Cardiac Centers, Ambulatory Surgical Centers & Others) – Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1657 | Published Date: Apr 07, 2022
According to statistics provided by W.H.O. (World Health Organization), the geriatric population, aged 60 years and older is anticipated to reach 2 Billion around the globe by the year 2050. Elderly people are more prone to diseases such as atrial fibrillation and cardiac arrhythmia, which occurs in old age and drives the need for monitoring the heart rate. The cardiovascular diseases such as heart stroke and improper functioning of the heart are becoming more prevalent, thereby increasing the demand for cardiac monitoring. External monitors are not realistic for old people to wear and carry on a daily basis. Implantable cardiac monitors offer better ECG monitoring and lasts for three years. The growing old age population is projected to create huge opportunities in the market during the forecast period.
The advancements in technology such as smartphone compatible cardiac monitors have been launched which provide ease of monitoring that are expected to considerably drive the growth of the market.
Technological advancements in the cardiac monitor devices such as easier implant procedures is raising the demand for these devices on account of their ability to detect the cardiac arrhythmias and atrial fibrillation. Additionally, growing number of cardiac diseases and the rising need to monitor epilepsy disorder are some of the notable factors adding to the growth of the market.
The global implantable cardiac monitor market is anticipated to record a CAGR of around 7.9% over the forecast period i.e. 2019-2027. The market is segmented by indication & end use industry. The market is segmented by indication into atrial fibrillation, cardiac arrhythmias, epilepsy & others, out of which, the cardiac arrhythmias segment is anticipated to have leading shares on account of increase in the geriatric population and rise in the prevalence of the cardiac diseases worldwide. Additionally, atrial fibrillation segment is anticipated to grow at a significant rate over the forecast period.
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The market is further segmented by end users into hospitals, specialized cardiac centers, and ambulatory surgical centers among others, out of which, the hospitals segment is anticipated to garner highest shares on account of implantation of the devices requiring hospitalization. Furthermore, the ambulatory surgical centers segment is expected to expand at a considerable rate on the back of supporting care, low cost treatment and ready availability of treatment at these centers as compared to hospitals. These centers are easily accessible and beneficial to patients.
The players in the market have invested in improving the treatment process for the patients by providing innovative ways of monitoring irregular heart rhythms on smartphones. This allows the doctors to directly keep the track of patient’s condition. Moreover, various companies holding a strong portfolio on the back of significant opportunities and innovative technologies pertaining to the product are now ready to enter the market.
The implantation of cardiac monitors is a time consuming process. Additionally, the implantation requires hospitalization which is usually not preferred by people. They prefer taking medications instead of implantation of the monitor. Moreover, the treatment requires huge cost. These factors are expected to hamper the growth of the market during the forecast period.
Our-in depth analysis of the global implantable cardiac monitor market includes the following segments:
On the basis of regional analysis, the global implantable cardiac monitor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America region is anticipated to hold highest market share on account of high acceptance of these devices, high investments in health care and presence of major players in the region. According to a study conducted in the U.S., approximately 14 Million people are suffering from cardiac arrhythmia. This attracts investments in the research and development activities for observing the heart disease. Europe market is anticipated to have significant growth owing to rise in the prevalence of atrial fibrillation, increase in obesity along with rise in the geriatric population. Asia Pacific region is expected to hold a productive market with maximum growth potential on the back of improvement in the economic conditions and increase in the disposable income of the people.
The global implantable cardiac monitor market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
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