Implantable Cardiac Monitors Market Expected to Reach $974.42 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Implantable Cardiac Monitors Market," The implantable cardiac monitors market was valued at $500.02 million in 2020, and is estimated to reach $974.42 million by 2030, growing at a CAGR of 7.2% from 2021 to 2030.

Implantable cardiac monitors (ICMs) assist physicians to assess health of a patient with respect to his/her cardiac rhythm. These devices are applicable in treatment of cardiac patients, ensuring that the patient has a well-functioning heart. These devices are used to monitor serious cardiac disorders, including heart failure, atrial fibrillation, and indications of heart attack. A patient can constantly be monitored for almost two-three years with help of implantable loop recorders or cardiac monitors, owing to increase in use of advanced batteries with a durable life, and increase the growth of implantable cardiac monitors industry. Therefore, these devices are ideal for patients who require continuous monitoring for extended period.

The major factors that drive the growth of implantable cardiac monitors market are technological advancements in cardiac monitoring devices, awareness among patients about monitoring of heart & treatment options for cardiac disorders management , and high unmet medical needs in developing & underdeveloped regions across the globe. However, limited insurance coverage, inflated cost of devices, and preference for drugs over devices during treatment restrain the implantable cardiac monitors market growth. Conversely, presence of favorable government initiatives and contribution from independent organizations are expected to offer lucrative growth opportunities for the implantable cardiac monitors market trends.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Amidst the initial outbreak of COVID-19, admissions of  patients to undergo implant surgery declined, due to fear of  infection. Moreover, demand for  diagnostic devices of implants was reduced. The manufacturing plants were shut down during the lockdown. In addition, financial crisis were observed among the market players. This disturbed import and export of the devices across the countries. Overall, COVID-19 negatively impacted the ICMs market . This was attributed to decrease in demand for implant surgeries. Moreover, market players reduced investment in raw materials and forecast resources, owing to decrease in number of hospital admission of patients to undergo implant surgeries.

The global Implantable Cardiac Monitors Market is segmented on the basis of indication, end user, and region. Depending on indication, it is categorized into cardiac arrhythmias, atrial fibrillation, and epilepsy & unexplained falls. According to end user, it is classified into hospitals and clinics, home settings, and ambulatory surgical centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on indication, cardiac arrhythmias segment dominated the Implantable Cardiac Monitors Market size in 2020, and is anticipated to remain dominant during the forecast period, due to increase in prevalence of the disease across the globe, rise in number of patients suffering from this disease, and effective product launches.

According to end user, hospitals and clinics segment dominated the market in 2020, and is anticipated to remain dominant during the forecast period, due to high usage of cardiac monitoring devices in hospitals and clinics for acute care, non-acute care, and non-treatment purposes.

North America accounted dominated the Implantable Cardiac Monitors Market share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidence of chronic heart diseases, surge in demand for implantable cardiac devices, growth in availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities along with presence of key players, and surge in the government investment in healthcare system. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period. Moreover, Japan and China are expected to grow at highest CAGR in Asia-Pacific, ICMs due to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced instruments, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of implants.

KEY FINDINGS OF THE STUDY

• Depending on indication, the cardiac arrhythmias segment held majority share in the global market in 2020.
• According to end user, the hospitals and clinics segment held majority share in the global market in 2020.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.0% during the forecast period.