Cardiac Arrhythmia Monitoring Devices Market are Estimated to Witness High Growth
Cardiac arrhythmia monitoring devices are medical devices used for continuous monitoring of heart rhythms in patients. These devices help detect irregular heartbeats and arrhythmias through ECG and heart rate monitoring which further help in diagnosis and treatment. The growing prevalence of cardiovascular diseases and adoption of remote monitoring devices drives the demand for these monitoring solutions. The global Cardiac Arrhythmia Monitoring Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing geriatric population worldwide prone to chronic illnesses and cardiac disorders create an opportunity for manufacturers to cater to this demographic. As per the UN, the population aged 60 years and above is expected to double by 2050. This growing pool of elderly people will drive the demand for continuous remote monitoring solutions like cardiac arrhythmia monitoring devices for timely diagnosis and treatment of underlying conditions. Focusing on innovative devices integrated with advanced connectivity and remote monitoring capabilities can help manufacturers tap into this lucrative market opportunity.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as this market requires large R&D investments and clinical trials for approval. However, smaller companies can partner with larger players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the needs are specialized. However, larger hospitals can negotiate on price and influence new product developments.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of component manufacturers and intellectual property. Suppliers depend on key players for revenue.
Threat of new substitutes: The threat of new substitutes is low as alternative monitoring devices require similar technologies and approvals. New substitutes need to demonstrate clear advantages.
Competitive rivalry: The competition is high among key players to launch innovative products and solutions.
SWOT Analysis
Strengths: Minimal invasive nature, continuous monitoring capabilities, and ability to identify arrhythmias in real-time.
Weaknesses: High costs of advanced devices, limited portability of traditional holter monitors, difficulty in interpreting summarized data from mobile cardiac outpatient telemetry devices.
Opportunities: Growth in remote patient monitoring, increasing focus on ambulatory services, and rising focus on preventing Sudden Cardiac Arrests.
Threats: Data security risks, reimbursement cuts, preference for alternative diagnostics, and unfavorable regulations.
Key Takeaways
The Global Cardiac Arrhythmia Monitoring Devices Market Growth is expected to witness high at a CAGR of 5.9% during the forecast period of 2023 to 2030. The market size is anticipated to reach US$ 3.8 Bn by 2024.
Regional analysis: North America dominates with a share of over 35% in 2023due to supportive reimbursements, advanced healthcare infrastructure, and rising focus on remote monitoring. Asia Pacific is expected to grow at the fastest pace due to growing incidences of arrhythmias, increasing healthcare spending, and penetration of key players in the region.
Key players operating in the Cardiac Arrhythmia Monitoring Devices market are Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products. These players are focused on new product launches, collaborations, and geographic expansions using strategies like mergers and acquisitions to strengthen their market presence.
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