Why Will North America Rule the Cardiac Monitoring Market?
By 2030, the cardiac monitoring market is predicted to touch $16,124 million, from $7,965.7 million in 2021. The market is projected to advance at a CAGR of 8.2% from 2021 to 2030, owing to the escalating prevalence of cardiovascular diseases, which is the major reason for death globally, accounting for about 17.9 million deaths per year. Alcohol consumption, imbalanced diet, diabetes, lack of physical activity, obesity, rising cholesterol levels, and extensive tobacco use are some of the factors that directly impact the health of the heart.
Moreover, fast technological developments will spur cardiac monitoring market growth. Cardiac monitoring practices and mobile cardiac telemetry (MCT) will become much better with gradual developments in heart monitoring devices. For instance, the next-generation RhythmStar wearable device accompanied by in-built 4G cellular connectivity was launched by RhythMedix LLC in February 2021. Without the requirement of any communication device, such as a phone, the cardiac telemetry monitor is developed for correct and extended evaluation of cardiac rhythm in real-time. Furthermore, the rising integration of digital health services in a digital era will drive the market.
Within the product segment, approximately 38% of the total revenue share in the cardiac monitoring market in 2021 was held by the resting ECG category. This is credited to the improved and swift diagnosis of cardiac health through these devices over the long-term and short-term monitoring systems. Moreover, the costs of the resting ECG devices are lower than others in comparison. Furthermore, these devices can also be used with different medical procedures, telemetry monitoring equipment, and cardiac diagnostic tests.
In 2021, the cardiac monitoring market was dominated by North America, accounting for $2,998.3 million, and this trend will be exhibited in the forecast period as well, advancing at a CAGR of 8.7%. This can be ascribed to the greater integration of technologically developed devices, rising healthcare awareness, surging disposable income, mounting healthcare expenditure, and increasing prevalence of cardiovascular diseases. For instance, in 2020, U.S. adults diagnosed with coronary heart disease were 4.6% of the total population.
Hence, the escalating prevalence of cardiovascular diseases and the surging adoption of technologically advanced devices will drive the market.