The report covers both pre and Post – COVID analysis | The final report will include an in-depth analysis of the impact of the Russia-Ukraine war and the COVID-19 pandemic on the industry.
What is the Future Outlook of North America Cardiac Monitoring Market?
The future outlook of the North America Cardiac Monitoring market entails an analysis of its size, segmentation (including product type, application, and geography), competitor landscape, current status, and emerging development trends. Additionally, the report offers strategic insights to assist companies in navigating the challenges presented by the COVID-19 pandemic.
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The North American Cardiac Monitoring market is a growing industry that is expected to register a CAGR of nearly 4.5% during the forecast period.
The market is driven by an increased burden of heart diseases, the aging population, coronary heart diseases, and technological developments in cardiac monitoring devices that reduce the chances of infection, while improving the efficiency of devices.
The rate of diagnosis for cardiovascular diseases has been increasing since the past few years, owing to advanced monitoring capabilities of several health parameters related to heart. Such factors, in accordance with cardiovascular diseases, are driving the market’s growth.
The American Heart Association (AHA) reports that cardiovascular diseases account for 17.3 million deaths per year. The Centre for Disease Control and Prevention states that about 610,000 people die due to heart diseases in the United States every year, i.e., 1 in every four deaths can be attributed to cardiovascular diseases (CVDs).
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The ECG Monitor Segment is Poised to Dominate the North American Cardiac Monitoring Market. Long-term ECG monitoring is necessary for a growing population of patients with cardiovascular diseases. With the increasing prevalence of cardiovascular diseases, the demand for the procedure increases. Generally, this procedure is possible in hospitals. However, with the introduction of wireless ECG, the doctors can monitor and diagnose the patient remotely and on time.
There are two different types of ECG monitors available in the market, such as monitoring ECG systems and diagnostic ECG systems. The development of commercially advanced devices, with enabled bluetooth sensor technology and mobile app technology, is anticipated to drive the popularity of the ECG monitors segment, globally. Furthermore, technological advancements and product innovations are driving the development of ECG devices, which are likely to propel the market’s growth.
The North American Cardiac Monitoring market is exceptionally fragmented, consisting of numerous large, medium, and small players. The multinational players account for a substantial share of the market, globally. The companies in the cardiac monitoring market are focusing on various growth strategies, in order to enhance their market presence. The growth strategies include mergers and acquisitions, partnerships, collaborations, geographical expansions, and new product launches.
For instance, in October 2017, Abbott received the US Food and Drug Administration (FDA) clearance for the Confirm Rx? Insertable Cardiac Monitor (ICM). This device enables continuous and wireless monitoring of heart rhythm for up to three years, which is expected to benefit patients who experience irregular heartbeats. Similarly, in January 2020, Hill-Rom Holdings Inc. announced the acquisition of Breathe Technologies, Inc.,
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which produces an innovative ventilation solution for patients with chronic obstructive pulmonary disease (COPD) and other respiratory conditions. The acquisition will expand Hill-Rom’s portfolio of connected solutions for patient care.
Overall, the North American Cardiac Monitoring market is expected to grow due to the increasing burden of heart diseases and technological advancements in cardiac monitoring devices. The ECG Monitor Segment is expected to dominate the market due to the increasing prevalence of cardiovascular diseases and the development of commercially advanced devices. The market is exceptionally fragmented, with numerous large, medium, and small players focusing on various growth strategies to enhance their market presence.
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