According to a new report published by Allied Market Research, titled, Implantable Cardiac Monitors Market by Indication and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global implantable cardiac monitors market was valued at $410.4 million in 2016, and is projected to reach $678.3 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. The cardiac arrhythmias indication accounted for nearly half of the market share in 2016.
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Implantable cardiac monitors assist physicians to assess a patients health with respect to his/her cardiac rhythm. These devices help in the treatment of cardiac patients ensuring that the patient has a well-functioning heart. They are used to monitor several serious cardiac disorders such as heart failure, atrial fibrillation, and indications of recent heart attack. A patient can constantly be monitored for almost two to three years with the help of implantable loop recorders or cardiac monitors, due to an increase in the use of advanced batteries with a durable battery life. Therefore, these devices are ideal for the patients who require continuous monitoring for extended period.
Technological advancements in cardiac monitoring devices, awareness among patients about monitoring of the heart & treatment options for management of cardiac disorders, and high unmet medical needs in developing & under developed regions of the world are projected to drive the market growth. However, limited insurance coverage, inflated cost of devices, and preference for drugs over treatment devices are the factors expected to restrain the market growth. Conversely, presence of favorable government initiatives and contribution from independent organizations are anticipated to offer several opportunities for market growth.
The atrial fibrillation occupied about one-third share of the total implantable cardiac monitors market in 2016, and is expected to retain its position throughout the forecast period.
Hospitals segment accounted for about two-thirds of the market share in 2016, and is anticipated to maintain its dominance during the forecast period. This is attributed to high usage of cardiac monitoring devices in hospitals for acute care, nonacute care, and nontreatment purposes.
Key Findings of the Implantable Cardiac Monitors Market:
- The epilepsy & unexplained falls are anticipated to grow at a steady rate during the analysis period.
- U.S. was the major shareholder in the North American implantable cardiac monitors market, accounting for the highest share in 2016.
- China occupied one-sixth share of the total Asia-Pacific implantable cardiac monitors market in 2016, and is expected to register a CAGR of 9.4% from 2017 to 2023.
- The cardiac centers & clinics segment witnessed the highest growth, and is anticipated to grow at a CAGR of 8.4% from 2017 to 2023.
- In terms of volume, the global implantable cardiac monitors market is forecasted to reach 261 thousand units by 2023 at a CAGR of 10.3% from 2017-2023.
In 2016, Asia-Pacific and LAMEA collectively accounted for nearly one-fifth share of the market, and are expected to continue this trend throughout the forecast period. Increase in awareness regarding cardiac monitoring; availability of cardiac monitors specifically in China, India, and the other developing economies and surge in prevalence of the cardiac diseases drive the market growth. Moreover, the massive target population and growth in economy catering to the establishment of healthcare facilities boost the growth of the market.
The report provides a comprehensive analysis of the key players operating in the global implantable cardiac monitors market such as Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, Edwart, General Electric Company, Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation and Phoenix Heart Center. The other players of the global implantable cardiac monitors market include Astellas Pharma, Inc., Sigma-Aldrich Corporation, Agilent Technologies, Inc., ReliantHeart Inc., Abiomed, Inc., Basilea Pharmaceutical Ltd., Berlin Heart GmbH, Schiller AG, and Jarvik Heart, Inc.