According to the latest market research study published by P&S Intelligence, the cardiac monitoring market is expected to grow at a CAGR of 8.2%, reaching USD 16,124 million by 2030.
This growth is driven by the rising incidence of heart diseases, technological advancements in cardiac monitoring devices to reduce infection risks, improved device efficiency, and the growing elderly population, which is more susceptible to heart conditions.
According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, responsible for 17.9 million deaths annually. In response to the increasing prevalence of heart conditions, governments in various countries have relaxed regulations for the approval of cardiac monitoring devices.
Risk factors for heart health include high cholesterol, tobacco use, obesity, diabetes, inactivity, alcohol consumption, and poor diet. Due to lifestyle changes, continuous heart health monitoring has become crucial, prompting medical technology companies to introduce new products.
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In recent years, the resting ECG segment has held the largest share of the cardiac monitoring market, primarily because these devices offer faster and more accurate diagnoses compared to other monitoring technologies. Additionally, resting ECG devices are more cost-effective than alternative options.
These devices are also compatible with various other cardiac diagnostic tests, medical treatments, and telemetry monitoring systems.
Meanwhile, the mobile cardiac telemetry (MCT) segment is projected to grow at the fastest rate, with a CAGR of 12.6%. This is driven by the increasing incidence of cardiac diseases, frequent product launches, the growing adoption of mobile devices in hospitals and cardiac centers, and rising awareness of MCT.
In terms of end users, hospitals have dominated the market and will continue to do so with a projected 7.8% CAGR. This is due to the increasing number of cardiac device implantations, the availability of reimbursement for procedures, and the growing number of patient visits to hospitals.
North America is expected to grow at an 8.7% CAGR, primarily due to the increasing prevalence of cardiovascular diseases, rising disposable income, increasing healthcare expenditure, the availability of advanced medical devices, and greater health awareness.
The continued adoption of digital health services, combined with advancements in cardiac monitoring technology and the rising burden of heart diseases, will ensure that the cardiac monitoring industry experiences ongoing growth in the years ahead.
