Implantable Cardiac Monitors Market Set to Record a CAGR of 5.1% Between 2024-2031 Owing to Growing Prevelance of Cardiovascular Diseases
The implantable cardiac monitors market has witnessed significant growth owing to rising prevalence of cardiovascular diseases across the globe. Implantable cardiac monitors are miniature self-contained devices capable of continuously monitoring the cardiac rhythm and transmitting the recorded data to an external monitoring device. These devices are smaller and more comfortable for patients as compared to traditional external holter monitors. The implantation procedure of these monitors is minimally invasive and helps in early detection of arrhythmia events.
The Global Implantable Cardiac Monitors Market is estimated to be valued at US$ 1.1 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the implantable cardiac monitors market are Medtronic, Abbott, BioTelemetry, Boston Scientific Corporation, Biotronik SE & Co. KG. Medtronic’s Reveal LINQ Insertable Cardiac Monitor and Abbott’s Confirm Rx are some of the widely used implantable cardiac monitors.
The growing demand for long term ECG monitoring owing to rising incidence of cardiac arrhythmias and technological advancements in the development of miniature devices with remote monitoring capabilities are the key opportunities in the market.
Geographies such as North America and Europe are expected to dominate the global implantable cardiac monitors market. However, Asian countries are projected to witness the highest growth over the forecast period owing to improving healthcare infrastructure and rising healthcare spending.
Market Drivers
Rising prevelance of cardiovascular diseases such as atrial fibrillation, stroke and heart failure globally is a major factor driving the growth of implantable cardiac monitors market. According to WHO, cardiovascular diseases accounted for over 17 million deaths in 2015, representing 31% of all global deaths. In addition, increasing geriatric population which is more prone to arrhythmias and remote monitoring capabilities of these devices also boosting the market growth.
PEST Analysis
Political: Guidelines made by the governments and regulatory bodies to monitor the cardiac conditions will influence the market growth. Regulations related to the use of wireless implantable devices may impact the adoption of implantable cardiac monitors.
Economic: Rising healthcare expenditures due to increasing prevalence of cardiovascular diseases will drive the demand for implantable cardiac monitors. However, high cost of these devices may limit their use in price-sensitive regions.
Social: Growing awareness about various cardiac disorders and availability of latest treatment options will promote the adoption of implantable cardiac monitors. Sedentary lifestyle leading to obesity and smoking are major social factors contributing to CVDs.
Technological: Advancements in remote monitoring technologies, small form factors, extended battery lives are expanding the applications of implantable cardiac monitors. Integration of artificial intelligence and Big Data analytics can improve monitoring of arrhythmias.
Geographical Regions with High Market Concentration
North America dominates the implantable cardiac monitors market in terms of value owing to the rising prevalence of cardiovascular diseases, growing geriatric population, and robust healthcare infrastructure. Favorable reimbursement policies and presence of key industry players in the US and Canada are boosting the regional market growth.
Fastest Growing Regional Market
Asia Pacific is projected to be the fastest growing market during the forecast period due to the increasing healthcare spending, large patient pools, and growing awareness about cardiac disorders. Rapid urbanization, lifestyle changes, and improving economic conditions in countries like China and India are contributing to the rising incidence of heart diseases, thereby driving the demand for implantable cardiac monitors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
