PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635099
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635099
The global cardiac monitoring market is projected to grow from an estimated $27.1 billion in 2024 to $36.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.9% during the forecast period. This growth is driven by the rising prevalence of cardiovascular diseases (CVDs), which are the leading cause of death worldwide, accounting for approximately 17.9 million deaths annually. Factors such as high tobacco use, elevated cholesterol levels, obesity, physical inactivity, diabetes, poor diet, and alcohol consumption contribute significantly to heart health issues, necessitating continuous cardiac monitoring.
Key Insights
The introduction of innovative cardiac monitoring devices, such as wearable technologies with ECG capabilities, has enhanced early detection and management of arrhythmias like atrial fibrillation. Modern smartwatches equipped with ECG apps can detect irregular heart rhythms, facilitating timely medical intervention.
Mobile cardiac telemetry (MCT) systems represent a significant advancement in cardiac monitoring, offering real-time, continuous observation of cardiac activity. The demand for MCT is expected to grow substantially during the forecast period, driven by the increasing incidence of cardiac diseases and the need for efficient remote monitoring solutions.
The economic burden of heart diseases is substantial, emphasizing the need for effective cardiac monitoring solutions. Early detection and management of CVDs through advanced monitoring can potentially reduce healthcare costs and improve patient outcomes.
The rising adoption of digital health services is intensifying market growth. Major acquisitions in the healthcare sector are integrating in-office and virtual care, on-site labs, and comprehensive health programs, enhancing the accessibility and efficiency of cardiac monitoring services.
North America holds the largest market share, attributed to the high prevalence of CVDs, advanced healthcare infrastructure, and early adoption of innovative technologies. The Asia-Pacific region is anticipated to experience the fastest growth, propelled by increasing healthcare investments, rising awareness of heart health, and a growing aging population susceptible to heart diseases.
Despite the advancements, challenges such as the high cost of advanced cardiac monitoring devices, regulatory hurdles, and concerns regarding data privacy and security may hinder market growth. However, ongoing technological innovations and supportive government initiatives are expected to mitigate these challenges over time.