North America Cardiac Monitoring Market - Segmented by Type of Device and Geography - Growth, Trends, and Forecast (2018 - 2023)
The North America cardiac monitoring market is expected to register a CAGR of about 1.5% during 2018-2023 (the forecast period). A cardiac monitoring device monitors and can diagnose various abnormalities or disorders of the human heart, along with the overall cardiovascular system.
Rise in the Incidences of Cardiovascular Diseases
According to the American Heart Association (AHA), the cardiovascular diseases account for nearly 17.3 million deaths per year. The Centre for Disease Control and Prevention states that, about 610,000 people die of heart diseases in the United States every year, i.e. one in every four deaths. Coronary heart disease (CHD) is the most common type of heart disease, with a death toll of over 370,000 people, annually. The rate of diagnosis for cardiovascular diseases is increasing over time, due to high incidence and prevalence rates of cardiac diseases, controlling mortality rates by early diagnosis and treatment for CVD, with the help of cardiac monitoring devices. This, in turn, is driving the overall market growth. The other factors, such as investments in R&D activities of heart disease detection, ease and use of portability in devices, and the demand for home-based, point-of-care, and remote monitoring cardiac systems are the major drivers for the market growth.
Risk of Infection Due to Implantable Monitoring Devices
A cardiac monitoring device is used for patients who require constant heart monitoring. Monitoring the cardiac output is a common practice for the patients who undergo surgeries that use anesthesia and require critical care. Cardiac implantable devices are used for related cardiac surgeries to monitor heart rates, continuously. Patients, who undergo any invasive procedures, are at a risk of infections. Moreover, cardiac patients are more prone to infections than others. The increasing rate of infections, due to these devices, has tremendous economic implications on hospitals. Patients who are implanted with these monitoring devices are likely to require prolonged hospital stays, where the related costs can rack up quickly. However, minimally-invasive cardiac output monitors, for clinical practices, have been introduced in the market, which do not require the insertion of a Pacemaker. These devices utilize different techniques to monitor, and each has its own source of potential set of errors and degree of invasiveness. Hence, the risk of infection, due to implantable medical devices, is a constraint for the market growth. The other major restraint for the North America Cardiac Monitoring Market is the low level of accuracy with invasive cardiac output monitoring devices.
The US to Lead the Market in North America
In 2017, the US cardiac monitoring market holds the largest market share in North America, due to the large patient pool and wide acceptance for advanced technologies.
Key Developments in the Market
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