Ambulatory ECG Monitoring Devices Market Outlook 2032
The global ambulatory ECG monitoring devices market size was USD XX Billion in 2023 and is projected to reach USD XX Billion by 2032, expanding at a CAGR of XX% during 2024–2032. The market growth is attributed to the increasing demand for remote patient monitoring solutions.
Rising geriatric population with cardiovascular disorders is fueling demand for ambulatory ECG monitoring devices. For instance, according to the report published by the WHO, the global population aged 60 years and older numbered 1.4 billion in 2020. Moreover, by 2050, this demographic is projected to double, reaching 2.1 billion individuals. Ambulatory ECG monitors enable real-time analysis of cardiac data, predictive analytics help in the early detection of abnormalities, and personalized insights of patients. Furthermore, strategic collaborations and partnerships between manufacturers and research institutes to facilitate the adoption of advanced ECG monitoring devices further boost the market.
Impact of Artificial Intelligence (AI) in Ambulatory ECG Monitoring Devices Market
The use of artificial intelligence is likely to boost the ambulatory ECG monitoring devices market. AI-powered ECG analysis tools enable healthcare providers to quickly and accurately diagnose of arrhythmias, ischemia, and other cardiac abnormalities. Moreover, AI algorithms predict adverse cardiac events, such as heart attacks or strokes, by analyzing ECG data and identifying high-risk patients.
Ambulatory ECG Monitoring Devices Market Dynamics
Major Drivers
Increasing prevalence of cardiovascular diseases globally is anticipated to drive the market. Ambulatory ECG monitoring devices are being used for continuous monitoring of heart activity outside clinical settings, enabling early detection of abnormalities and timely intervention. Moreover, the increasing focus on preventive healthcare and remote patient monitoring is expected to fuel the demand for ambulatory ECG monitoring devices in the coming years.
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According to the report published by the WHO on June 11, 2021, revealed that in 2019, approximately 17.9 million individuals died from cardiovascular diseases (CVDs), accounting for 32% of all global deaths. Among these deaths, 85% were caused by heart attacks and strokes.
Existing Restraints
High cost of ambulatory ECG monitoring devices is expected to hinder the market during the forecast period. Ambulatory ECG monitors are sophisticated medical devices equipped with advanced sensors, data processing capabilities, and wireless connectivity features contributing to their high manufacturing costs. Moreover, the stringent regulatory requirements for medical devices by governmental healthcare organizations are expected to hamper the market.
Emerging Opportunities
Rising demand for remote patient monitoring solutions is expected to create immese opportunities for the players competing in the market. Manufacturers are focusing on developing advanced remote patient monitoring for early detection of abnormalities and timely intervention. Ambulatory ECG monitoring provides continuous real-time data on heart rhythm and activity, facilitating proactive management of cardiovascular conditions. Moreover, the surging adoption of wearable technology for health monitoring, including ambulatory ECG monitoring devices further boosts the market.
Scope of the Ambulatory ECG Monitoring Devices Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes
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Details
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Report Title
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Ambulatory ECG Monitoring Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2023
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Historic Data
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2017 -2022
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Forecast Period
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2024–2032
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Segmentation
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Device Type (Holter Monitors, Event Monitors, and Mobile Cardiac Telemetry (MCT) Devices), End-user (Hospitals, Ambulatory Surgical Centers, Cardiac Centers, and Home Care Settings), and Application (Arrhythmia Diagnosis, Atrial Fibrillation Monitoring, Ischemia Detection, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Biotronik; FUKUDA DENSHI; General Electric Company; Hill-rom Services, Inc; iRhythm Technologies Inc; Koninklijke Philips N.V; Nihon Kohden Corporation; Shenzhen Mindray Bio-Medical Electronics Co., Ltd; and ZOLL Medical Corporation
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Ambulatory ECG Monitoring Devices Market Segment Insights
Devices Type Segment Analysis
Based on device type, the ambulatory ECG monitoring devices market is divided into holter monitors, event monitors, and mobile cardiac telemetry (MCT) devices. The holter monitors segment held the major share of the market in 2023, due to their widespread use in diagnosing and monitoring various cardiac conditions.
Holter monitors are compact and portable devices that continuously record a patient's heart rhythm for valuable insights into cardiac function and identify arrhythmias or abnormalities. Furthermore, the increasing aging population contributed to the rising demand for Holter monitors across various healthcare settings for effective management of cardiac conditions.
The mobile cardiac telemetry (MCT) segment is expected to expand at a significant growth rate in the coming years. MCT devices offer continuous remote monitoring of cardiac activity for extended periods allowing for comprehensive assessment of cardiac function. Additionally, the ease of use offered by mobile telemetry systems and their ability to capture symptomatic events effectively than Holter monitors further propels the segment.
End-user Segment Analysis
On the basis of end-user, the global market is segregated into hospitals, ambulatory surgical centers, cardiac centers, and home care settings. The home care settings segment is anticipated to grow at a substantial CAGR during the forecast period, owing to the increasing emphasis on remote patient monitoring devices, including ambulatory ECG monitoring devices.
Patients prefer the comfort and convenience of home-based monitoring, avoiding the need for frequent hospital visits and reducing healthcare costs. Moreover, the growing trend towards home-based care further fuels the demand for ambulatory ECG monitoring devices in these settings.
Application Segment Analysis
Based on application, the ambulatory ECG monitoring devices market is segmented into arrhythmia diagnosis, atrial fibrillation monitoring, ischemia detection, and others. The arrhythmia diagnosis segment led the market in terms of revenue in 2023, due to the the growing prevalence of arrhythmias.
Ambulatory ECG monitoring devices enable continuous monitoring of patients heart rhythms over an extended period to facilitate the detection of arrhythmias and provide valuable diagnostic information. Moreover, the advancements in technology, such as enhanced data analysis algorithms and remote monitoring capabilities, further boost the adoption of ambulatory ECG monitoring devices for arrhythmia diagnosis.
The atrial fibrilllation segment is projected to register a robust growth rate during the assessment years, owing to the growing utilization of ambulatory ECG devices to manage these types of medical conditions. Ambulatory ECG monitoring devices, particularly MCT devices offer continuous monitoring of patients' heart rhythms for early detection and monitoring of atrial fibrillation episodes. Moreover, the increasing adoption of telemedicine and remote patient monitoring solutions facilitates the integration of ambulatory ECG monitoring devices into atrial fibrillation management programs.
Regional Outlook
In terms of region, the global ambulatory ECG monitoring devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023, due to the presence of advanced healthcare infrastructure. This facilitates the widespread adoption of ambulatory ECG monitoring devices among healthcare providers and patients. Additionally, the high prevalence of cardiovascular diseases further fuels the demand for continuous cardiac monitoring solutions to manage and prevent cardiac conditions effectively.
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As per the report published by the Centers for Disease Control and Prevention on May 15, 2023, cardiovascular disease causes one death every 33 seconds in the US. In 2021, approximately 695,000 individuals in the US lost their lives to heart disease, equating to 1 out of every 5 deaths.
The market in Asia Pacific is projected to grow at a significant pace in the years to come, owing to the increasing prevalence of cardiovascular diseases. Moreover, the presence of a large elderly population suffering from heart disease in this region further boosts the demand for advanced cardiac monitoring solutions, including ambulatory ECG monitoring devices.
Segments
The ambulatory ECG monitoring devices market has been segmented on the basis of
Device Type
- Holter Monitors
- Event Monitors
- Mobile Cardiac Telemetry (MCT) Devices
End-user
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Centers
- Home Care Settings
Application
- Arrhythmia Diagnosis
- Atrial Fibrillation Monitoring
- Ischemia Detection
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global ambulatory ECG monitoring devices market are Biotronik; FUKUDA DENSHI; General Electric Company; Hill-rom Services, Inc; iRhythm Technologies Inc; Koninklijke Philips N.V; Nihon Kohden Corporation; Shenzhen Mindray Bio-Medical Electronics Co., Ltd; and ZOLL Medical Corporation
These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base worldwide. For instance,
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On January 26, 2022, Koninklijke Philips N.V, a medical devices and solutions manufacturer, announced the launch of the industry's first 12-lead, at-home electrocardiogram (ECG) solution. This clinical-grade solution represents a significant advancement in patient-centric ECG offerings within their cardiac monitoring portfolio. It pairs data readings comparable to clinical, site-based ECGs with Philips' leading cloud-based data collection and analysis services, enhancing convenience and accessibility for patients and researchers.
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