Heart Monitoring Devices Market

Heart Monitoring Devices Market Outlook (2023 to 2033)

The global heart monitoring devices market valuation stands at US$ 25 billion in 2023 and is projected to reach US$ 45 billion by 2033. Worldwide demand for heart monitoring devices is forecasted to increase at a CAGR of 6% from 2023 to 2033.

Heart monitoring devices are medical instruments or tools used to monitor and record the electrical activity of the heart over a specific period. These devices are essential in diagnosing and assessing various heart conditions, such as arrhythmias, myocardial infarction, and other cardiac abnormalities. They play a crucial role in the early detection and management of cardiovascular diseases, aiding healthcare professionals in making accurate diagnoses and providing appropriate treatment plans.

When there is a requirement for long-term monitoring of symptoms that do not occur every day, cardiac event monitors are used. A cardiac monitoring device lowers the need for medical visits and enables the care team to remotely monitor patients' heart health by tracking, recording, and sending important heart health data to patients' doctors.

• Use of heart monitoring systems in hospitals is predicted to increase at a significant rate over the coming years.
• A majority of cardiovascular disease treatments, including those for coronary heart disease, stroke, sudden cardiac arrest, and arrhythmia, are provided in hospitals. Hospitals have experienced remarkable expansion because they offer patients with cardiovascular diseases the best care possible and enable early diagnosis.

Heart health is directly impacted by variables, including excessive alcohol consumption, poor diet, high cholesterol, obesity, smoking, and physical inactivity. Because of lifestyle changes, it is now necessary to continuously monitor cardiac health; as a result, medical technology businesses are introducing a range of devices. The market is expanding as a result of longer life expectancies and technological advancements in cardiovascular devices.

• In 2021, Biotricity Inc. released Bioheart, a direct-to-consumer heart monitor that allows for 48 hours of continuous rhythm monitoring on a full battery.

Patients are extensively utilizing cardiac rhythm management devices due to favorable reimbursement rules. The market is expanding due to increasing expenditures on healthcare, which have prompted the adoption of technological innovations and a rise in demand for telehealth solutions. Market growth is projected to increase substantially over the coming years as monitoring devices are widely used in hospitals.

Report Attributes	Details
Heart Monitoring Devices Market Size (2023)	US$ 25 Billion
Forecasted Market Value (2033)	US$ 45 Billion
Global Market Growth Rate (2023 to 2033)	6% CAGR
Market Share of Holter Monitoring Devices (2023)	50%
Market Share of North America (2023)	40%
Key Companies Profiled	Stryker Corporation Medtronic Bexen Cardio Zoll Medical Corporation Abbott Laboratories AliveCor, Inc. Boston Scientific Corporation GE Healthcare iRhythm Technologies, Inc. TZ Medical Inc. Biotronik, Inc.

What are the Major Forces Powering a Surge in the Demand for Heart Monitoring Devices?

“Increasing Worldwide Prevalence of Cardiovascular Diseases”

Cardiovascular disease (CVD) is the primary cause of death in the world. The World Health Organization (WHO) reports that cardiovascular disease (CVD) is the major cause of mortality globally, with almost 30 million individuals experiencing a heart attack or stroke each year. Age, race, and family history are all significant CVD risk factors. Risk factors include the use of tobacco products, high blood pressure (hypertension), high cholesterol, obesity, diabetes, poor diets, and alcohol usage.

Lifestyle changes have increased the prevalence of disorders, including hypertension, diabetes, dyslipidemia, and obesity, which has led to an increase in cardiovascular diseases globally. Increasing demand for heart attack diagnostics and treatment services is shaping market growth.

A majority of CVDs can be avoided through pre-monitoring and pre-diagnosis. Similar to these irregularities in heartbeat, arrhythmias can be prevented with early identification. Due to their ability to save patients who are at high risk of cardiac arrest, CM and CRM devices are in greater demand.

“Constant Innovations in Heart Monitoring Systems”

Rapid integration of medical device technologies such as web-based, automated, and remote monitoring systems is driving market growth. Medical professionals can monitor several patients thanks to cardiac rhythm remote monitoring equipment.

It is anticipated that more compact devices with higher precision and reliability are created. Furthermore, the inclusion of artificial intelligence (AI) and machine learning (ML) algorithms in these devices will boost their accuracy even further and allow for real-time data analysis, which can help with the early detection of cardiac arrhythmias.

In the past, cardiac monitoring equipment had to be linked to the chest and was difficult to use. Development of these instruments has benefited from significant research and development. Arrhythmia monitoring gadgets now come in a variety of designs because of increasing advances in technology. More precise and valuable information is provided by these cutting-edge technologies.

The technology makes it easier for patients to comply with follow-ups, reduces in-office patient follow-ups, and can alert doctors to patients' cardiac problems before they become serious. The market is anticipated to be driven by rising public awareness and accelerating technological advancements. The market offers good opportunities for the healthcare and pharmaceutical industries in terms of extended therapeutic and diagnostic procedures due to its high treatment potential.

“Surging Usage of Wearable Heart Monitoring Devices”

Increasing demand for wearable heart monitoring equipment is driving market demand. These devices, which are designed to be worn on the body, can continuously monitor the patient's heart rhythm. These wearable technologies are growing in popularity because they are easy to use, and provide real-time monitoring data. They are also used in clinical trials and research studies, providing crucial data on the efficacy of various cardiac arrhythmia treatments.

The market has been fueled by the development of wearable technology. The primary use of wearable monitoring technology is to track irregular heart rhythms. Some arrhythmia monitoring devices have extensive therapy possibilities and can be implanted inside the body. Defibrillators and pacemakers, two implantable medical devices, aid in the automatic diagnosis, detection, and treatment of bradycardia or tachycardia.

What’s Negatively Impacting the Sales Growth of Heart Monitoring Devices?

“High Initial and Maintenance Cost and Stringent Regulatory Approvals”

The main factors restraining the demand growth for heart monitoring devices are:

• High Cost: Heart monitoring devices can involve substantial initial costs, especially for implantable devices and advanced remote monitoring systems. The high expenses can deter some patients and healthcare facilities from adopting these devices. Maintenance costs associated with heart monitoring devices can be relatively high, limiting their demand in some regions.
• Stringent Regulatory Approvals: The stringent regulatory process for medical devices, including heart monitoring systems can pose challenges for new entrants in the heart monitoring devices market, affecting innovation and growth.
• Lack of Awareness: Some individuals are not aware of the benefits of heart monitoring devices or cannot fully understand their importance in managing cardiovascular health. A lack of awareness and education about heart monitoring devices can result in reduced demand and slower adoption rates.
• Patient Compliance: In certain cases, patients find it challenging to comply with wearing or using heart monitoring systems consistently. Factors such as discomfort, inconvenience, or forgetfulness can lead to reduced adherence and limit the devices' effectiveness.

How are Emerging Market Players Carving their Path in This Industry?

“New Companies Offering Cloud-based, AI-enabled ECG Analysis Platforms for Accurate Arrhythmia Detection”

Start-ups are introducing cutting-edge technologies and advancements in heart monitoring devices. They focus on developing novel sensors, miniaturized components, and AI-driven algorithms to enhance the accuracy, portability, and usability of their products.

New companies are creating wearable heart monitoring products that offer continuous monitoring and real-time data transmission to healthcare providers. These devices enable remote monitoring and timely interventions, improving patient care and reducing the burden on healthcare facilities.

• A start-up based in the United States called ZBeats LLC offers a cloud-based ECG monitoring system with the capacity to gather, store, and access data in real-time for arrhythmia detection. Hardware for adhesive patches that has Bluetooth built-in for wireless communication. Using digital twin technology, it focuses on creating individualized healthcare solutions for the cardiovascular life cycle of the human body.

Which Region Leads the Global Market for Heart Monitoring Devices?

“Presence of Well-established Healthcare Infrastructure in North America”

• In 2023, North America leads the global market with 40% share.

North America dominates the industry due to increased FDA approvals for arrhythmic monitoring devices. Medical device manufacturers continuously spend on the R&D of monitoring equipment, which leads to innovations in monitoring and diagnostic technologies.

The market in North America is predicted to maintain its leadership over the projected period due to the rising demand for structural heart devices and advancements in medical technology. Ongoing technological advancements, a well-established healthcare infrastructure, and favorable reimbursement policies are the major factors assisting market expansion.

Country-wise Insights

Will the United States Remain a Key Market for Heart Monitoring Equipment?

“Rise in Government Initiatives for Treatment of Cardiovascular Diseases”

Growing prevalence of cardiac arrhythmias, the increased usage of telemedicine, and the rising demand for remote cardiac monitoring equipment are the factors contributing to market growth in the United States. A rise in government funding and initiatives for the management and treatment of cardiovascular diseases is fueling market expansion.

The market in the United States is estimated to have profitable growth due to the rising use of advanced cardiovascular disease monitoring and diagnostic devices. Other factors influencing market expansion include an increase in spending on healthcare and rising disposable income.

Why is China Creating Lucrative Opportunities for Heart Monitoring Device Manufacturers?

“Rapid Increase in Geriatric Population in the Country”

Market expansion in China is attributed to the development of portable and home-based arrhythmia monitors and increasing patient awareness of cardiac monitoring. An increase in the geriatric population and the development of wearable technologies such as fitness trackers, and mobile monitoring systems are boosting market value in China.

Category-wise Insights

What’s Leading to Extensive Usage of Holter Monitoring Devices?

“Holter Monitoring Devices Widely Used in Early Diagnosis of Unusual Heart Rhythms”

Based on type, the market is classified into electrocardiogram (ECG) monitors, insertable cardiac monitors (ICM), holter monitoring devices, event recorders, mobile cardiac telemetry (MCT) devices, smart wearable monitors, portable heart monitors, heartbeat measuring instruments, and others.

• Holter monitoring devices account for 50% share of global product sales in 2023.

Holter monitors are small and wearable devices that capture the heart's rhythm. They are used to assess or find the risk of irregular heartbeats. Holter monitoring is painless and non-invasive. These devices can detect abnormal cardiac rhythms that an ECG might miss.

Holter monitoring devices are gaining popularity because they can be utilized in the early diagnosis of unusual heart rhythms. They are easy to conceal the sensors and wires under clothing and can be worn over a strap or fastened to a belt.

If a conventional ECG is unable to provide enough information regarding the condition of the heart, a holter monitor test is usually performed. Holter monitoring devices are worn for one to two days, during which time it records every heartbeat.

Competitive Landscape

As per Fact.MR, a market research and competitive intelligence provider, leading heart monitoring device companies are implementing tactics, including new developments, product standards, and supply chain management to increase their market share. With ongoing innovation and technological advancements, heart monitoring devices are safer and more efficient than before, which has raised the acceptance of these devices.

For instance,

• In 2021, to identify abnormal heart rhythms, Abbott introduced the Jot Dx insertable cardiac monitor in the United States market.
• The innovative injectable cardiac monitor BIOMONITOR III from Biotronik enables the identification of irregular heart rhythms.

Key Segments of Heart Monitoring Devices Industry Research

• By Type :

  • Electrocardiogram (ECG) Monitors
  • Insertable Cardiac Monitors (ICM)
  • Holter Monitoring Devices
  • Event Recorders
  • Mobile Cardiac Telemetry (MCT) Devices
  • Smart Wearable Monitors
  • Portable Heart Monitors
  • Heart Beat Measuring Instruments
  • Others

• By Application :

  • Bradycardia
  • Tachycardia
  • Arrhythmia
  • Atrial & Ventricular Fibrillation
  • Others

• By End User :

  • Hospitals & Clinics
  • Ambulatory Surgical Centers
  • Home Care Settings

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa