Demand for heart monitoring devices increases by 6%
The global heart monitoring devices market valuation stands at $25 billion in 2023 and is projected to reach $45 billion by 2033. Worldwide demand for heart monitoring devices is forecasted to increase at a CAGR of 6% from 2023 to 2033. Rohan Kute, marketing and public relations executive, Fact.MR discusses.
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.
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.
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 fuelled 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.
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, miniaturised 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.
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 fuelling 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.