Global Cardiac Monitoring Market 2017-2021
About Cardiac Monitoring
Cardiac monitoring refers to the continuous or intermittent observation of heart activity to determine the health of the heart. It helps diagnose cardiac arrhythmias and other heart conditions. Cardiac monitoring devices include ECG devices, cardiac event monitors, ILRs, and COM devices.
ECG devices are non-invasive diagnostic tools that are commonly used to monitor and record the electrical and muscular activity of the heart.
Technavio’s analysts forecast the global cardiac monitoring market to grow at a CAGR of 8.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cardiac monitoring market for 2017-2021. To calculate the market size, the report considers the revenues generated from the sales of cardiac monitoring devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cardiac Monitoring Market 2017-2021
Technavio recognizes the following companies as the key players in the global cardiac monitoring market: Abbott, GE Healthcare, Hill-Rom, Medtronic, and Philips Healthcare
Other Prominent Vendors in the market are: BIOTRONIK, Cheetah Medical, Deltex Medical, dms-service, Edwards Lifesciences, LiDCO, Manatec Biomedical, Midmark, NIHON KOHDEN, Schiller, SORIN GROUP, and Spacelabs Healthcare.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing number of M&A and strategic collaborations. Strategic M&A and collaborations are common in the global cardiac monitoring market. The key vendors acquire other companies to improve their products and increase their revenues. For instance, in January 2017, Abbott announced that it had completed the acquisition of St. Jude Medical. The acquisition provides Abbott with expanded opportunities for future growth. It will also help the company develop a strong and diverse portfolio of devices, diagnostics, nutritionals, and branded generic pharmaceuticals.”
According to the report, one of the major drivers for this market is Increasing prevalence of CVDs. The prevalence of CVDs such as angina, MI, stroke, heart failure, venous thromboembolism (VTE), and heart arrhythmia is increasing. CVDs are estimated to cause approximately 19 million deaths across the world by 2020. According to Eurostat, in 2013, CVDs caused 1.9 million deaths in the EU-28. According to the CDC, in the US, each year, approximately 610,000 people die from heart disease. Every year, in the US, about 735,000 people have a heart attack and about 795,000 people have a stroke.
Further, the report states that one of the major factors hindering the growth of this market is High cost of cardiac monitoring devices. The high cost of cardiac monitoring devices such as ECG devices and ILRs is affecting their adoption. ECG devices that are offered by key vendors such as GE Healthcare, Philips Healthcare, and NIHON KOHDEN cost around $1,000-$3,000. Hence, these devices are bought mostly by Tier-1 and Tier-2 hospitals. Patients without insurance find it difficult to afford ECG tests. For instance, the average cost of a provider-administered ECG test in the US is around $1500-$2000. This includes the cost of the test and the interpretation of the result by a trained cardiologist. Many vendors are developing alternative ECG devices such as ReadMyHeart, which is by DailyCare BioMedical, and AliveCor, which is offered by AliveCor, that use one to three leads, rely solely on integrated digital displays, are handheld, and inexpensive.
Abbott, GE Healthcare, Hill-Rom, Medtronic, Philips Healthcare, BIOTRONIK, Cheetah Medical, Deltex Medical, dms-service, Edwards Lifesciences, LiDCO, Manatec Biomedical, Midmark, NIHON KOHDEN, Schiller, SORIN GROUP, and Spacelabs Healthcare.