Pluggable Cardiac Monitor Market Size, Share, Growth, and Industry Analysis by Type (Smartphone Compatible, and Smartphone Incompatible) By Application (Public Hospital, and Private Hospital), Regional Forecast To 2031

Updated On: 08 April 2024

Pluggable Cardiac Monitor Market Report Overview

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The global pluggable cardiac monitor market size was USD 844.6 million in 2022 and is projected to touch USD 1552.7 million by 2031, exhibiting a CAGR of 7.0% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the pluggable cardiac monitor market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A cardiac monitor displays the electrical and pressure waveforms of the cardiovascular system. An electrocardiogram tracing is sent continuously from the cardiac monitor to the main monitor in the nursing station. Cardiovascular monitoring is most commonly used in emergency rooms and critical care areas. As well as monitoring cardiac patients, continuous monitoring is useful for monitoring postoperative patients, patients with electrolyte imbalances, and other unstable patients. When cardiac arrhythmias and other conditions are continuously monitored, they can be identified early and treated promptly. Many patient parameters are displayed on the monitor. The alarm can be set to sound if any parameter changes outside of the physician's expected range.  Pluggable cardiac monitors are the type of pluggable device of normal cardiac monitors.

A primary focus of cardiac monitoring in the ED is monitoring arrhythmias, myocardial infarctions, and QT intervals. Monitoring is categorized by the American College of Cardiology Emergency Cardiac Care Committee rating system, as a noninvasive diagnostic tool. There are chances for consequences that include, during electrode placement, skin breakdown is possible. It is possible that the patient was allergic to the adhesive used, or that the electrode had been left on the skin for too long. Using hypoallergenic electrodes if necessary, the electrodes should be removed and replaced.

COVID-19 Impact: Halt on Healthcare to Hamper Market

Initially, the COVID-19 pandemic adversely affected the pluggable cardiac monitor market. Remote monitoring of patients with cardiovascular conditions has become more popular since the outbreak of COVID.  In order to minimize the risk of COVID-19 infection, many medical procedures were halted and used only under serious and emergency circumstances. Pharmaceutics, medical devices, and biotechnological products had been affected by the global lockdown. Research and development have become more important as COVID-19 cases declined. COVID-19 diagnostics and treatment methods were supported by government agencies and healthcare players.

Latest Trends

"Accessibility of Smartphone Compatible Pluggable  Cardiac Monitors to Drive the Market"

The invention of new technologies including the implementation of smartphone compatible pluggable cardiac monitors is a key factor that affect the pluggable cardiac monitor market growth. Electrocardiograms (ECGs) are transmitted wirelessly to monitoring centers by means of smartphones and portable heart monitors, so the data can be interpreted almost immediately by trained professionals. If a patient does not realize they have an arrhythmia, this can help capture symptoms. This is a more convenient way to detect heart diseases.

Pluggable Cardiac Monitor Market Segmentations

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• By Type

The market is classified into smartphone compatible, and smartphone incompatible based on type. The smartphone compatible segment will lead the pluggable cardiac monitor market share throughout the forecast period.

• By Application

The market is classified into public hospital, and private hospital on the basis of application. The public hospital segment will lead the pluggable cardiac monitor market share throughout the forecast period.

Driving Factors

"Increasing Cardiovascular Diseases to Drive the Market Growth"

In the world, cardiovascular disease accounts for the majority of deaths. The WHO estimates that approximately 30 million people die each year as a result of heart attacks or strokes. There are several factors that increase the risk of cardiovascular disease, including family history, ethnicity, and age. Besides tobacco consumption, other risk factors include high blood pressure (hypertension), high cholesterol, obesity, physical inactivity, diabetes, unhealthy diets, and alcohol consumption. Globally, lifestyle changes have led to an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity.

Pre-monitoring and pre-diagnosis can prevent most of these diseases. With early diagnosis, arrhythmias, and abnormalities in the heart's functioning, can be avoided. As a result, portable cardiac monitors are in high demand since they are helpful in saving patients at high risk of cardiac arrest.

"Integration of Cardiac Monitors with Third Part EMRs to Drive the Market "

The electronic medical record (EMR) has successfully become an integral part of the healthcare industry because it facilitates an easier working environment for healthcare professionals. Besides storing patient records, treatment data, patient charts, etc., EMRs make accessing, managing, and retrieving any required patient data easier and faster. As a result, the heart ecg monitoring devices by cardiac rhythm can easily integrate with any third-party EMR with great ease, thus reducing the need for physical documentation while reducing hospital and doctor costs. 

Restraining Factors

"High Cost of Pluggable Cardiac Monitors to Restrain the Market Growth"

Even though the demand for healthcare devices are high, pluggable cardiac monitors have high market price due to which most people restrain from buying the product. As the percentage of cardiac disorders and related diseases increases, the need of such devices also increases. Still the high cost of pluggable cardiac monitors are a major restraining factor of the market.

Pluggable Cardiac Monitor Market Regional Insights

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"North America to Dominate the Market Owing to Rapid Technological Advancement"

North America is expected to dominate the market during the forecast period. There are a number of reasons for the growth, including a growing disposable income, an aging population, rapid technological advances such as miniaturization, leadless or biocompatible materials, and improved government approval rates. As cardiac disorders, such as cardiac arrests, heart failure, and cardiac arrhythmias, rise in the U.S., the market for cardiac monitoring and cardiac rhythm management is also growing rapidly.

Cardiovascular monitoring and cardiac rhythm management are expected to experience lucrative growth over the forecast period in Asia Pacific after North America. A growing demand for better healthcare systems and untapped opportunities are propelling growth. As a result of the increasing prevalence of cardiac diseases, the demand for pluggable cardiac monitor, the adoption of smart devices, technological advancements, and improved healthcare infrastructure, Asia Pacific is expected to grow at the highest CAGR in the market. Because of the rapidly aging population in North Asian countries such as Japan, China, and Korea, cardiac monitoring and cardiac rhythm management are expected to drive the market in the region in the coming years.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the pluggable cardiac monitor market.

List of Market Players Profiled

• Medtronic (Ireland)
• Abbott (U.S.)
• BIOTRONIK (Germany)
• Angel Medical Systems (U.S.)
• Boston Scientific (U.S.)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.