Cardiac Arrhythmia Monitoring Devices
Real-time cardiac disease monitoring has made revolutionary changes inpatient care across homecare settings, clinics, outpatient centres and outdoor care models. The integration of real-time patient monitoring platforms with diagnostic equipment has helped physicians to take more precise treatment decisions. This has led to an increase in the efficacy of overall treatment and also reduced the patient morbidity caused due to late diagnostics.
The integrative approach between computer science, communication technology, and medicine has enabled the service provider to cater to patient need efficiently. The emergence of telemedicine and popularisation smartphone technology has changed the landscape of cardiac monitoring. Furthermore, the companies operating in the market are competing on the basis of more advanced and connected cardiac arrhythmia monitoring devices which is anticipated to fuel the market growth in the near future.
The global cardiac arrhythmia monitoring devices market is poised to observe steady growth during the forecast period and is estimated to register a CAGR of 5.7%.
Increasing Incidence of Cardiac Arrhythmia and Conduction Disturbance Disorder among Geriatric Population
Atrial fibrillation is one of the most common types of cardiac arrhythmia disorder caused to 1-2% of the total world population. The prevalence of atrial fibrillation is high among the ageing population. Moreover, the growth of atrial fibrillation is anticipated to witness acceleration due to an increase in the prevalence of diabetic patient suffering from CVS related disorder and arterial hypertension.
According to World Population Prospects the 2017 revision by the United Nations, the number of geriatric population (60 years +) is anticipated to get double by the end of 2050 rising from 962 million globally in 2017 to 2.1 billion in 2050. Globally, the population for this age group is growing at a much faster rate, especially in the EU and Japan, boosting the demand for more advanced and real-time heart rhythm monitoring systems.
Limited Penetration Across Homecare Setting Environment in Asian Countries
The lesser availability of advanced cardiac arrhythmia and lack of awareness pertaining to usage of holter monitoring system among the patient population are the primary factors hindering the adoption of cardiac arrhythmia monitoring devices in some Asian countries such as India, China, Indonesia, and other South East Asian countries. Patient population prescribed with real-time cardiac rhythm monitoring are facing challenges in terms of device usage. This is mainly due to limited knowledge about integrated patient monitoring devices amongst patients. The study states Asia Pacific Cardiac Arrhythmia Monitoring Devices market is expected to grow at a CAGR of 6.5% during the forecast period.
Furthermore, the study states North America & Europe Cardiac Arrhythmia Monitoring Devices market are collectively accounted for US$ 3,068.2 Mn in 2018 and is expected to reach US$ 4,702.6 Mn by the end of 2026. Europe Cardiac Arrhythmia Monitoring Devices market exhibits incremental opportunity of US$ 729 Mn over 2018-2026.