Global Cardiac Arrhythmia Monitoring Devices Market - Segmented by Devices, Service Providers, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global cardiac arrhythmia monitoring devices market is expected to register a CAGR of 6% during the forecast period of 2018–2023.Cardiac arrhythmia monitoring devices are extremely useful in tracking the heart function and report any abnormalities in normal function (rhythm). Hence, they do not just help in maintaining a continuous record of heart function but have also proven to be lifesavers due to their ability to report abnormalities in normal heart function, like in the case of a cardiac event.
Increasing Use of Telecardiology
In disorders like cardiac arrhythmia, cardiac monitoring is not just essential but is needed continuously. Cardiac arrhythmia is not fully curable and since it is not practical to retain a patient in the hospital for extremely long durations or to ask a patient to visit the hospital every day (that too for several times a day in some cases). The best possible way to continuously monitor the patients suffering from cardiac arrhythmia is through remote patient monitoring by using cardiac arrhythmia monitoring devices. This in technical terms, is referred to as telecardiology. In telecardiology, the patients suffering from cardiac arrhythmia are given a cardiac arrhythmia monitoring device which is then superficially fixed on the chest area of the patient. These devices monitor heart rhythm through a set of two or three electrodes and record any abnormalities in heart function and some of these devices can even autonomously record an abnormality or a cardiac event and alert the healthcare professionals. Most of these devices can be monitored remotely and make it possible to effectively and efficiently monitor the patients suffering from cardiac arrhythmia. As it is extremely convenient to monitor the patients remotely when compared to regular patient visits to hospitals, telecardiology is becoming extremely popular both among the patients and the doctors. For instance, currently more than 5 million cardiac arrhythmia patients are being monitored globally through telecardiology and is expected to grow with double digit growth percentage in the next five years. This huge growth in telecardiology means the increase in demand for cardiac arrhythmia monitoring devices, which will ultimately drive the market for these devices. The other factors, such as ease of use, portability of cardiac arrhythmia monitoring devices, and development of smart cardiac monitors are driving the cardiac arrhythmia monitoring devices market.
Quality cannot be controlled by the Devices
Most of the cardiac arrhythmia monitoring devices come with an automatic analysis software, which analyses the signal. But this analysis depends entirely on signal quality, which in turn is dependent on several different factors, such as proper attachment of the electrodes to the patient’s body, electromagnetic disturbance due to other devices in the vicinity, like the smartphones, and other factors, such as muscle tremors. These devices cannot control these factors and often result in a bad quality signal, which results in the wrong analysis by the analysis software. Often, this wrong analysis is considered by patients as the defect in the device itself and this is leading to a loss of faith in these devices. This is ultimately affecting the sales of these devices and is hindering the market. The other factors, such as poor adoption of telemetry technology in emerging markets and the high cost of remote cardiac arrhythmia monitoring are also hindering the market.
United States Leads the Market in North America
In 2017, the United States cardiac arrhythmia monitoring devices market held the largest market share in North America due to the presence of high-quality healthcare systems and increasing prevalence of cardiac diseases in the region. In the Asia-Pacific sector, China and South Korea have been identified as potential emerging markets.
Key Developments in the Market