Market Size of Europe Cardiac Arrhythmia Monitoring Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 2.41 Billion |
Market Size (2029) | USD 3.45 Billion |
CAGR (2024 - 2029) | 7.44 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Europe Cardiac Arrhythmia Monitoring Devices Market Analysis
The Europe Cardiac Arrhythmia Monitoring Devices Market size is estimated at USD 2.41 billion in 2024, and is expected to reach USD 3.45 billion by 2029, growing at a CAGR of 7.44% during the forecast period (2024-2029).
The pandemic affected the market growth. As per the article published in the National Library of Medicine in August 2021, in comparison to the rest of the world, Europe experienced a higher decline in total procedure volumes, with almost all modalities experiencing the highest drops in Southern Europe. Moreover, the global and regional players in the studied market focused more on product development during the pandemic. For instance, BioSig Technologies, Inc. presented data after completing a blinded trial in 2021 for its PURE EP System.
In August 2022, the company extended product commercialization, a computerized system for collecting, digitizing, amplifying, filtering, measuring, and calculating electrocardiographic and intracardiac signals. It also records and stores the signals. Hence, development activities by the major players during the pandemic period fueled the studied market growth during the pandemic phase. Therefore, even though the market growth was hindered during the initial pandemic phase, the market witnessed growth.
The major factors driving the market growth include:
- The increasing use of teleradiology.
- Ease of use.
- Portability of cardiac arrhythmia monitoring devices.
In most cardiac disorders, continuous cardiac monitoring is necessary. Although doctors cannot completely cure cardiac arrhythmia, the best way to continuously monitor the patients suffering from cardiac arrhythmia is by using cardiac arrhythmia monitoring devices, referred to as telecardiology. The UK Factsheet report of the British Heart Foundation, released in July 2021, estimates that 7.6 million people in the UK are affected by heart and circulation disorders.
Additionally, government assistance in the form of grants fosters industry expansion over time. For instance, the development of the CUOREMA project by the UK-based health technology business my mhealth and partners received a USD 2.6 million (EUR 2.5 million) Eurostars Grant in May 2021. Creating a novel, patient-centered cardiac rehabilitation support system is the primary goal of the CUOREMA project. Thus, such initiatives are expected to increase market growth. Additionally, the number of smokers in Spain is on the rise.
World Population Review 2022 data indicates that around 27.90% of Spanish people smoke daily. An increasing number of smokers also leads to increased heart disease, accelerating the demand for cardiovascular monitoring devices, which will boost market growth during the forecast period. A report from the European Society of Cardiology 2021 has indicated that 95% of all COVID-19 deaths in the Europe region had at least one underlying condition, with cardiovascular disease being the leading comorbidity (65%). As a result of COVID-19, people with cardiovascular symptoms were reluctant to call an ambulance or go to the hospital. The pandemic has seen a 50% decrease in people presenting at hospitals and other healthcare facilities with heart attacks or stroke symptoms. Thus, such scenarios will increase the demand for monitoring devices to augment market growth.
However, a lack of awareness will hinder the market growth during the forecast period.
Europe Cardiac Arrhythmia Monitoring Devices Industry Segmentation
As per the scope of the report, cardiac arrhythmia monitoring devices refer to the instruments used to treat arrhythmia. The Europe Cardiac Arrhythmia Monitoring Devices Market is segmented by devices (event monitoring devices, continuous rhythm monitoring devices, Holter monitoring devices, and other devices), service providers (mobile cardiac telemetry monitoring service providers, and independent diagnostic testing facilities/clinics), Geography (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers the values in (USD million) for the above segments.
By Devices | |
Event Monitoring Devices | |
Continuous Rhythm Monitoring Devices | |
Holter Monitoring Devices | |
Other Devices |
By Service Providers | |
Mobile Cardiac Telemetry Monitoring Service Providers | |
Independent Diagnostic Testing Facilities/Clinics |
Geography | |
Germany | |
United Kingdom | |
France | |
Italy | |
Spain | |
Rest of Europe |
Europe Cardiac Arrhythmia Monitoring Devices Market Size Summary
The European cardiac arrhythmia monitoring devices market is poised for significant growth, driven by increasing demand for continuous cardiac monitoring solutions. The market is characterized by the rising prevalence of cardiovascular disorders, which necessitate the use of advanced monitoring devices. Factors such as the growing adoption of teleradiology, the portability of devices, and ease of use are contributing to market expansion. The COVID-19 pandemic initially hindered market growth due to a decline in procedure volumes, particularly in Southern Europe. However, the focus on product development by key players during this period, such as BioSig Technologies, Inc., helped to mitigate these effects and fostered market recovery. Government initiatives and grants, like the CUOREMA project in the UK, further support industry growth by promoting innovative health technology solutions.
The market landscape is marked by strategic collaborations and product innovations, with major players like GE Healthcare, iRhythm Technologies Inc., and Abbott Laboratories actively enhancing their market positions through mergers, acquisitions, and new product launches. The introduction of advanced monitoring systems, such as the Essenz Patient Monitor by LivaNova PLC and the AccuRhythm AI algorithms by Medtronic, underscores the industry's commitment to improving patient care and diagnostic accuracy. Regional factors, including rising smoking rates in Spain and increasing obesity and alcohol consumption in France, are also influencing market dynamics by escalating the demand for cardiovascular monitoring devices. As the elderly population grows, particularly in countries like France, the need for effective heart failure treatment devices is expected to rise, further propelling market growth during the forecast period.
Europe Cardiac Arrhythmia Monitoring Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Use of Telecardiology
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1.2.2 Ease of Use and Portability of Cardiac Arrhythmia Monitoring Devices
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1.2.3 Technological Advancements
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1.3 Market Restraints
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1.3.1 Lack of Awareness
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1.4 Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Devices
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2.1.1 Event Monitoring Devices
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2.1.2 Continuous Rhythm Monitoring Devices
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2.1.3 Holter Monitoring Devices
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2.1.4 Other Devices
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2.2 By Service Providers
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2.2.1 Mobile Cardiac Telemetry Monitoring Service Providers
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2.2.2 Independent Diagnostic Testing Facilities/Clinics
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2.3 Geography
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2.3.1 Germany
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2.3.2 United Kingdom
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2.3.3 France
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2.3.4 Italy
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2.3.5 Spain
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2.3.6 Rest of Europe
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Europe Cardiac Arrhythmia Monitoring Devices Market Size FAQs
How big is the Europe Cardiac Arrhythmia Monitoring Devices Market?
The Europe Cardiac Arrhythmia Monitoring Devices Market size is expected to reach USD 2.41 billion in 2024 and grow at a CAGR of 7.44% to reach USD 3.45 billion by 2029.
What is the current Europe Cardiac Arrhythmia Monitoring Devices Market size?
In 2024, the Europe Cardiac Arrhythmia Monitoring Devices Market size is expected to reach USD 2.41 billion.