Cardiac Monitoring Market, 2024

Market Overview

Cardiac monitoring is a vital aspect of healthcare that involves the continuous, intermittent, or one-time monitoring of heart rhythm. This monitoring is achieved through the use of specialized monitors that employ the ECG technique, which records the electrical activity of the heart. To capture the ECG, electrodes are placed on the patient’s skin at various locations. It is anticipated that the global cardiac monitoring market will witness a CAGR (compound annual growth rate) of 13.2% during the forecast period, leading to a projected value of USD 3,008.7 million by the year 2029.

Cardiac monitoring devices are essential medical instruments utilized to continuously or intermittently monitor heart activity, typically through electrocardiography (ECG). These devices are used to assess patients’ condition in relation to their cardiac rhythm. This category also includes medical-grade wearables that serve the same purpose. The conventional cardiac monitors consist of Resting ECG, Stress ECG, cardiac event monitors, and Holter monitors. The global cardiac monitoring market is categorized by product type, with specific periods assigned to each: Resting ECG, Stress ECG, Holter, Cardiac Event Monitor, and Medical-grade Wearables.

In 2023, the Medical-grade Wearables segment emerged as the dominant force in the market, capturing a significant share of 34.2%. The valuation of this segment reached USD 507.1 million in the same year, and it is projected to escalate to USD 1,800.0 million by 2029. This remarkable growth can be attributed primarily to the anticipated expansion in the wearables sector, particularly in medical-grade wearables specifically designed for ECG monitoring. Furthermore, the Medical-grade Wearables segment is expected to demonstrate the highest compound annual growth rate (CAGR) of 24.4% during the forecast period spanning from 2024 to 2029.

The cardiac monitoring market is mainly divided into two segments: ambulatory and health facility. Ambulatory monitoring is a category of cardiac monitoring devices that record a patient’s heart activity while they engage in daily activities. This includes Holter monitors and cardiac event monitors, as well as medical-grade wearables that record and analyze ECG. Ambulatory monitoring accounts for the larger portion of the cardiac monitoring market and is expected to reach USD 688.2 million by 2029, reflecting a CAGR of 2.9% during the forecast period from 2024 to 2029.

In terms of geography, North America has emerged as the leading player in the cardiac monitoring market. Following closely behind are Europe and Asia-Pacific. The valuation of the North American market amounted to USD 598.2 million in 2023 and is projected to reach USD 1,432.8 million by 2029. When it comes to ambulatory monitors, such as patches, the data they collect is transmitted to an analysis team. However, only a few companies possess a portfolio that demonstrates this capability. The data obtained from an ambulatory or point-of-care (PoC) monitor is then transmitted to the physician or analysis facility and stored in a health record.

The utilization of technologies like artificial intelligence (AI) holds the potential to not only provide diagnoses but also predict conditions. This advancement in technology can enhance the capabilities of cardiac monitoring by allowing for more proactive and predictive healthcare interventions.

The cardiac monitoring market is characterized by a high degree of fragmentation, with numerous participants operating within this segment. Some of the key players in the global cardiac monitoring market include Koninklijke Philips N.V, GE HealthCare Technologies, Inc., Hill-Rom Holdings, Inc., Nihon Kohden Corporation, Fukuda Denshi Co., Ltd., OSI Systems, Inc., Schiller AG, Northeast Monitoring, Inc., Abbott Laboratories, iRhythm Technologies, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Boston Scientific Corporation, Medtronic plc, Carré Technologies Inc., AliveCor, Inc., Zepp Health Corp., Qardio, Inc., Dassault Systèmes SE, Scottcare Corporation, custo med GmbH, Bittium Corporation, Masimo Corporation, Aerotel Medical Systems, Ltd., Cortrium ApS, CardioComm Solutions, Inc., AMEDTEC Medizintechnik Aue GmbH, Beneware Medical Equipment Co., Ltd., Biotricity Inc., Borsam Biomedical Instruments Co., Ltd., BTL Industries Inc., Meditech Kft., Meditech Equipment Co., Ltd., Midmark Corporation, and others.

This study aims to analyze the global market for various segments of cardiac monitoring, including:
Product Type: Resting ECG (Electrocardiography), Stress ECG, Holter Monitor, Cardiac Event Monitor, and Medical-grade Wearables.
Mode: Ambulatory and Health Facility (Point-of-care).
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), and Rest of World (Latin America, Middle East, and Africa).

Table of Contents

TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 8
Part 2. Scope and Methodology 9
Report Scope 10
Product Type 10
Mode 10
Region 10
Research Methodology 12
Part 3. Cardiac Monitoring Market Overview 14
Market Snapshot 14
Introduction 18
Part 4. Market Dynamics 20
Growth Drivers 20
Restraints and Challenges 23
Opportunities 25
Future Trends 27
Part 5. Global Cardiac Monitoring Market by Product Type 28
Part 6. Global Cardiac Monitoring Market by Mode 30
Ambulatory 30
Health Facility 32
Part 7. Global Cardiac Monitoring Market by Region 34
North America 34
Europe 36
Asia-Pacific 37
Part 8. North America Cardiac Monitoring Market 40
By Product Type 42
Resting ECG 43
Stress ECG 44
Holter 45
Cardiac Event Monitor 46
Medical-grade Wearables 47
By Mode 48
By Country 49
Part 9. Europe Cardiac Monitoring Market 52
By Product Type 52
Resting ECG 54
Stress ECG 55
Holter 55
Cardiac Event Monitor 57
Medical-grade Wearables 57
By Mode 58
By Country 60
Part 10. Asia Pacific Cardiac Monitoring Market 62
By Product Type 63
Resting ECG 64
Stress ECG 65
Holter 66
Cardiac Event Monitor 67
Medical-grade Wearables 67
By Mode 69
By Country 70
Part 11. Rest of World Cardiac Monitoring Market 73
By Product Type 73
By Mode 75
By Country 77
Part 12. Competitive Analysis 79
Competition Overview 79
Recent Developments 80
Koninklijke Philips N.V. 82
Business Overview 82
Contact Information 85
GE HealthCare Technologies, Inc. 86
Business Overview 86
Contact Information 88
Hill-Rom Holdings, Inc. 89
Business Overview 89
Contact Information 89
Nihon Kohden Corporation 90
Business Overview 90
Patient Monitors 92
Contact Information 92
Fukuda Denshi Co., Ltd. 93
Business Overview 93
Patient Monitoring Equipment 95
Contact Information 95
OSI Systems, Inc. 96
Business Overview 96
Contact Information 99
Schiller AG 100
Business Overview 100
Contact Information 100
Northeast Monitoring, Inc. 101
Business Overview 101
Contact Information 101
Abbott Laboratories 102
Business Overview 102
Contact Information 107
iRhythm Technologies, Inc. 108
Business Overview 108
Contact Information 109
Boston Scientific Corporation 110
Business Overview 110
Contact Information 112
Medtronic plc 113
Business Overview 113
Contact Information 115
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. 116
Business Overview 116
Contact Information 118
Other Companies 119
Part 13. Summary 120
Disclaimer 122
FIGURES AND TABLES
Global Cardiac Monitoring Market, Net Growth, 2020-2029 (USD Million)
Global Cardiac Monitoring Market by Product Type, 2020-2029 (USD Million)
Global Cardiac Monitoring Market by Product Type, CAGR Historic and Forecast, 2020-2029
Global Cardiac Monitoring Market by Mode, 2020-2029 (USD Million)
Global Cardiac Monitoring Market by Mode, CAGR Historic and Forecast, 2020-2029
Global Cardiac Monitoring Market Share by Region, 2023
Global Cardiac Monitoring Market by Region, 2020-2029 (USD Million)
Global Cardiac Monitoring Market by Region, CAGR Historic and Forecast, 2020-2029
North America Cardiac Monitoring Market, Net Growth, 2020-2029 (USD Million)
North America Cardiac Monitoring Market by Product Type, 2020-2029 (USD Million)
North America Cardiac Monitoring Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Cardiac Monitoring Market by Mode, 2020-2029 (USD Million)
North America Cardiac Monitoring Market by Mode, CAGR Historic and Forecast, 2020-2029
North America Cardiac Monitoring Market Share by Country, 2023
Europe Cardiac Monitoring Market, Net Growth, 2020-2029 (USD Million)
Europe Cardiac Monitoring Market by Product Type, 2020-2029 (USD Million)
Europe Cardiac Monitoring Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Cardiac Monitoring Market by Mode, 2020-2029 (USD Million)
Europe Cardiac Monitoring Market by Mode, CAGR Historic and Forecast, 2020-2029
Europe Cardiac Monitoring Market Share by Country, 2023
Asia Pacific Cardiac Monitoring Market, Net Growth, 2020-2029 (USD Million)
Asia Pacific Cardiac Monitoring Market by Product Type, 2020-2029 (USD Million)
Asia Pacific Cardiac Monitoring Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia-Pacific Cardiac Monitoring Market by Mode, 2020-2029 (USD Million)
Asia-Pacific Cardiac Monitoring Market by Mode, CAGR Historic and Forecast, 2020-2029
Asia-Pacific Cardiac Monitoring Market Share by Country, 2023
Rest of World (RoW) Cardiac Monitoring Market, Net Growth, 2020-2029 (USD Million)
Rest of World Cardiac Monitoring Market by Product Type, 2020-2029 (USD Million)
Rest of World Cardiac Monitoring Market by End-User, CAGR Historic and Forecast, 2020-2029
Rest of World Cardiac Monitoring Market by Mode, 2020-2029 (USD Million)
Rest of World Cardiac Monitoring Market by Mode, CAGR Historic and Forecast, 2020-2029
Rest of World Cardiac Monitoring Market Share by Country, 2023
Koninklijke Philips N.V. Financial Overview (EUR Million)
Koninklijke Philips N.V. Revenue, by Segment, 2022
Koninklijke Philips N.V. Revenue, by Region, 2022
Koninklijke Philips N.V. Revenue, by Country, 2022
GE HealthCare Technologies, Inc. Financial Overview (USD Million)
GE HealthCare Technologies, Inc. Revenue, by Type, 2022
GE HealthCare Technologies, Inc. Revenue, by Segment, 2022
GE HealthCare Technologies, Inc. Revenue, by Region, 2022
Nihon Kohden Corporation Financial Overview (JPY Million)
Nihon Kohden Corporation Revenue, by Segment, 2023
Nihon Kohden Corporation Revenue, by Region, 2023
Nihon Kohden Corporation Patient Monitors Revenue (JPY Billion)
Fukuda Denshi Co., Ltd. Financial Overview (JPY Million)
Fukuda Denshi Co., Ltd. Revenue, by Segment, 2023
Fukuda Denshi Co., Ltd. Revenue, by Region, 2023
Fukuda Denshi Co., Ltd. Patient Monitoring Equipment Revenue (JPY Million)
OSI Systems, Inc. Financial Overview (USD Million)
OSI Systems, Inc. Revenue, by Segment, 2023
OSI Systems, Inc. Revenue, by Type, 2023
OSI Systems, Inc. Revenue, by Region, 2023
Abbott Laboratories Financial Overview (USD Million)
Abbott Laboratories Revenue, by Segment, 2022
Abbott Laboratories Established Pharmaceutical Products Revenue, by Segment, 2022
Abbott Laboratories Nutritionals Revenue, by Segment, 2022
Abbott Laboratories Diagnostics Revenue, by Segment, 2022
Abbott Laboratories Medical Devices Revenue, by Segment, 2022
Abbott Laboratories Revenue, by Country, 2022
Abbott Laboratories Revenue, by Region, 2022
iRhythm Technologies, Inc. Financial Overview (USD Million)
iRhythm Technologies, Inc. Revenue, by Segment, 2022
Boston Scientific Corporation Financial Overview (USD Million)
Boston Scientific Corporation Revenue, by Segment, 2022
Boston Scientific Corporation Revenue, by Region, 2022
Medtronic plc Financial Overview (USD Million)
Medtronic plc Revenue, by Segment, 2023
Medtronic plc Revenue, by Region, 2023
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Financial Overview (CNY Million)
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Revenue, by Segment, 2022
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Revenue, by Region, 2022