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| Report Code: A11909 | Nov 2023 | Pages: NA | ||
| Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cardiac Arrhythmia Monitoring Devices Market
Request Now !A range of treatments have been developed for the management of cardiac arrhythmias. These include antiarrhythmic drugs, artificial pacemakers, implanted cardiac defibrillators and ablation of damaged or malfunctioning cardiac tissue. However, to allow a physician to choose the most suitable course of treatment for a patient, it is important that the correct diagnosis be made in an appropriate period of time. Cardiac monitors can provide the physician with electrocardiogram (ECG) data that can either confirm or rule out the presence of an arrhythmia. The symptoms described by the patient should allow the physician to decide which method of cardiac monitoring is most suitable in order to maximise the outcome of a successful diagnosis. Several types of device are used to remotely assess cardiac rhythm abnormalities in ambulatory patients. The largest category of devices includes patient- and event-activated intermittent recorders. These devices may be pre-symptom continuous-loop or post-symptom recorders, and can be worn externally or implanted into the body. Continuous real time remote cardiac monitoring is the newest category with four devices commercially available. These devices can transmit ECG data to a central, attended monitoring station.
Covid-19 Scenario analysis:
At the early phase of COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global market. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.
Owing to such factors, COVID 19 is expected to have a significant impact on the cardiac arrhythmia monitoring devices market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact analysis:
Drivers:
Technological advancements and Increased number of cardiac patients:
One of the significant factors in this context has been the rise in the rate of occurrence of arrhythmias and the associated mortality. Such an increase in the mortality rate associated with arrhythmias is a significant factor that has boosted the industry. Increased cases of patients with cardiovascular diseases, the market is anticipated to witness the lucrative growth over the coming years. Growing technological advancements and innovations are further expected to boost the growth of the market. For instance, in 2016, researchers at the Polytechnic University of Valencia and Hospital Gregorio Maranon in Madrid developed a system for diagnosing and treating atrial fibrillation in real-time that has reduced the cost & duration and has further increased the effectiveness of surgical intervention. Such innovations, leading to emergence of heart rhythm monitors will spur the cardiac arrhythmia monitoring devices industry growth.
Increasing demand for home monitoring devices booming:
Real-time cardiac disease monitoring has made revolutionary changes in patient 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.
Restraints:
Patient-activated devices will only record what the patient perceives to be symptomatic events. Patients may also have difficulty activating the recorder while symptoms are being experienced, which may lead to the event being partially recorded. These limitations will not apply to automatic event-activated recorders as they can record both symptomatic and asymptomatic arrhythmias. However, depending on the programming used, the device may activate unnecessarily (i.e. false event) or may not record during some symptomatic events.
This would be a result of pre-programmed rhythm specification that causes the device to activate and record. Limited device memory could also lead to a false event erasing a previously recorded true event. Less memory will also mean that more frequent downloads or transmissions will be required for multiple recorded events. Post-symptom looping devices are limited in that the arrhythmia may have ended before the recorder is activated post-event.
Regional analysis:
Countries in the Asia pacific region, such as China and India, are the hotspots for investment opportunities because of higher growth rate of diagnosis, treatment and research activities, quality improvisations, increasing number of partnerships and healthcare modernization. To increase the revenue share, EGC monitoring device manufacturing companies are focusing on the development of advanced ECG monitoring devices such as, cardiac telemetry monitors and implantable cardiac monitors with advanced facilities, that will indirectly pump the demand of cardiac arrhythmia monitoring devices and also boost the services and software market over the forecast period.
Market analysis:
Increasing demand for high end, advanced ECG monitoring devices from end users, such as hospitals, ambulatory surgical centres, diagnostics centres, homecare settings and emergency medical services for better output and performance, will generate opportunities for launching of novel ECG monitoring devices in the market in the long run. Use of ECG monitoring devices and services has skyrocketed over the past decade. ECG has penetrated into different departments owing to its extensive use in mobile cardiac outpatient telemetry and currently in data management for electronic medical records (EMR). The growing number of life threatening cardiac diseases has led to a threefold increase in the demand for ECG monitoring devices and services in hospitals and diagnostics laboratories with the necessary and advanced software services. The aforesaid factors will increase the demand for ECG monitoring devices, data management and services in large integrated healthcare systems.
Key benefits of the report:
Questions answered in the Cardiac arrhythmia monitoring devices Market research report:
Cardiac Arrhythmia Monitoring Devices Market Report Highlights
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| Key Market Players | AliveCor, General Electric, Fukuda Denshi, Nihon Kohden, Medronic, Biotronik, Koninklijke Philips, Biotelemetry, NUUBO, Abbott, Hill-Rom, OSI Systems |
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