Cardiac Monitoring Devices Market Research Report and Outlook by 2028

The global market for cardiac monitoring devices is projected to expand significantly, reaching approximately US$ 43,334.36 million by 2028, up from US$ 28,098.08 million in 2021. This growth represents a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028.

Several factors are driving the growth of the cardiac monitoring devices sector, including the increasing prevalence of cardiovascular diseases (CVDs), a growing elderly population, and a rise in the number of product launches and regulatory approvals. However, challenges such as cybersecurity risks and privacy concerns pose significant hurdles to the market's expansion.

A cardiac event monitor is a specialized device designed to capture the heart's electrical activity (ECG) and monitor heartbeats and rhythms. These devices are particularly useful for long-term monitoring of symptoms that do not occur daily. They enable the collection, recording, and transmission of vital heart health data to healthcare providers, reducing the necessity for frequent in-person consultations and allowing for remote patient monitoring.

Over the past decade, advancements in cardiac monitoring technology have provided both healthcare professionals and patients with innovative methods to manage various heart conditions, including atrial and ventricular arrhythmias, as well as atrial fibrillation. The rising incidence of CVDs, such as coronary artery disease, sudden cardiac arrest, congenital heart defects, heart failure, and pulmonary hypertension, has spurred the demand for enhanced monitoring solutions. The ease of use and rapid detection capabilities of these devices contribute to their growing popularity. According to the World Health Organization (WHO), approximately 30 million individuals suffer a stroke annually, while the American Heart Association projects that over 130 million people in the United States will have CVD by 2035.

Each year, CVDs account for around 17.9 million deaths globally, representing 32% of all reported fatalities. Key risk factors for CVDs include genetic predisposition, ethnicity, and age, along with lifestyle factors such as tobacco use, high blood pressure, obesity, elevated cholesterol levels, physical inactivity, diabetes, poor diet, and alcohol consumption. Additionally, lifestyle changes have led to increased rates of diabetes, hypertension, dyslipidemia, and obesity, further exacerbating the global CVD crisis. Proactive monitoring and early diagnosis can prevent many CVD cases, highlighting the critical need for cardiac monitoring devices.

Type Insights

The global cardiac monitoring devices market is categorized by type into cardiovascular devices, multi-parameter ECG monitors, patient monitoring devices, ambulatory cardiac monitoring, and cardiac monitors. In 2020, the cardiovascular devices segment dominated the market. However, the patient monitoring devices segment is anticipated to experience the highest CAGR from 2021 to 2028, driven by the increasing prevalence of chronic conditions such as stroke, coronary heart disease, and sudden cardiac arrest. Applications for wearable patient monitoring include temperature tracking, continuous glucose monitoring, and blood pressure monitoring, which are all contributing to the growth of this segment.

Product Type Insights

In terms of product type, the market is divided into portable monitors, smart wearable monitors, and standard monitors. The standard monitor segment held the largest market share in 2020, but the smart wearable monitor segment is expected to grow at the fastest rate from 2021 to 2028. The rise of smart wearable technology, particularly during the COVID-19 pandemic, has led to increased demand for these devices, which offer a wide range of clinical applications and enhance personalized patient care.

Application Insights

From an application perspective, the cardiac monitoring devices market is segmented into coronary heart diseases, sudden cardiac arrest, stroke, arrhythmia, congenital heart diseases, heart failure, pulmonary hypertension, heart function (HF/LVEDP), pulmonary artery pressure (PA), and others. The coronary heart diseases segment was the largest in 2020 and is expected to maintain its leading position by 2028, driven by the high prevalence and mortality rates associated with chronic diseases like diabetes and hypertension, which elevate the risk of cardiovascular conditions.

End User Insights

The market is also segmented by end user into hospitals, ambulatory surgery centers (ASCs), and clinics. Hospitals represented the largest market share in 2020 and are projected to continue leading through 2028. This growth is attributed to the increasing number of cardiovascular disease cases, as hospitals serve as primary treatment centers for conditions such as coronary heart disease, stroke, and arrhythmia.

In preparing this report, various primary and secondary sources were consulted, including the World Health Organization (WHO), American Heart Association, Centers for Disease Control and Prevention, World Heart Federation, and the National Center for Biotechnology Information (NCBI).