Middle East and Africa Cardiac Monitoring Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.19 Billion |
| Market Size (2029) | USD 1.38 Billion |
| CAGR (2024 - 2029) | 3.22 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East and Africa Cardiac Monitoring Market Analysis
The Middle East And Africa Cardiac Monitoring Market size is estimated at USD 1.19 billion in 2024, and is expected to reach USD 1.38 billion by 2029, growing at a CAGR of 3.22% during the forecast period (2024-2029).
The market is driven by an increase in the prevalence of heart diseases, a growing aging population susceptible to coronary heart diseases, and improved efficiency of devices and product launches by the market players.
The rate of diagnosis of cardiovascular diseases is increasing over time due to the high incidence rate of cardiac diseases and the need to control the mortality rate through early diagnosis and treatment with the help of cardiac monitoring devices. Hence, a rise in the incidence of cardiovascular diseases is expected to drive the market. For instance, according to a study published in Cureaus Journal in November 2023, cardiovascular disease (CVD) remains a significant and escalating health concern. By 2035, it is projected to affect 479,500 individuals in Saudi Arabia. Additionally, the financial burden, encompassing both direct and indirect costs, is anticipated to triple, reaching USD 9.8 billion by 2030. Thus, the high burden of cardiac diseases in the Middle East and Africa is expected to increase demand for effective cardiac monitoring solutions, boosting the market growth over the forecast period.
Moreover, according to the United Nations Population Fund's World Population Dashboard Statistics 2022, in the United Arab Emirates, approximately 2% of the population was aged 65 years and above. In addition, as per the same source, approximately 4% of the population of the country will be aged 65 years and above in 2022. As the geriatric population is prone to suffer from various chronic diseases such as cardiovascular diseases, the anticipated increase in population is expected to fuel the demand for patient monitoring. Other factors, such as investments in R&D for innovative product development, ease of use and portability in devices, and the demand for home-based, point-of-care, and remote monitoring cardiac systems, are the major drivers for the market.
Market players adopting several strategies, such as product launches and mergers and acquisitions, are expected to contribute to segment growth over the forecast period. For instance, in May 2022, Tamer, a healthcare company in the Middle East, partnered with Huma to bring a "hospitals at home" technology platform with remote patient monitoring for people in Saudi Arabia. This health program is expected to begin with support for patients with cardiovascular diseases.
Thus, factors such as the high burden of cardiac diseases and the geriatric population, coupled with product launches, are expected to contribute to market growth over the forecast period. However, the rising rate of infections due to these devices has tremendous economic implications for hospitals.
Middle East and Africa Cardiac Monitoring Market Trends
The ECG Monitor Segment is Expected to Hold a Significant Share in the Cardiac Monitoring Market During the Forecast Period
The electrocardiogram (ECG) monitor segment is expected to hold a significant market share over the forecast period due to the increasing incidence of cardiovascular diseases and technological advancements. The increase in the incidence of cardiovascular diseases (CVD) necessitates the need for long-term ECG monitoring in patients, which is the major factor driving the adoption of ECG monitors.
For instance, according to an article published by PLOS ONE in December 2022, heart disease and stroke were the leading cause of death in Kuwait. A suboptimal diet low in fruits, vegetables, whole grains, nuts, and seeds and high in processed meats, red meats, and sugar-sweetened beverages (SSBs) contributes to the highest number of deaths from non-communicable diseases, such as cardiovascular diseases. Such increasing risks of cardiovascular diseases are expected to contribute to the growth of the studied segment during the forecast period.
Moreover, the geriatric population is often associated with an increased risk of cardiovascular diseases. Thus, the rising geriatric population in the region is a major factor that is expected to drive the adoption of ECG monitors. For instance, according to an article published by the International Institute on Ageing in February 2022, it is estimated that older adults in the Arab world are expected to increase in number and percentage of the general population. The source also stated that all MENA countries are likely to undergo marked changes from 2025, with those aged above sixty-four years representing the largest age group by 2050.
Usually, ECG monitors are used in hospitals. However, with the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely and on time. The increasing product launches of ECG monitors in the Middle East and Africa are expected to contribute to the growth of the studied segment. For instance, in July 2022, Huawei launched a wrist type of ECG and blood pressure monitoring device, the Watch D, in the United Arab Emirates (UAE).
Thus, the above-mentioned factors, such as the increasing product launches, the rising geriatric population, and the rising prevalence of cardiovascular diseases, are expected to contribute to the growth of the studied segment during the forecast period.
GCC is Expected to Hold a Significant Share in the Middle East and Africa Cardiac Monitoring Market During the Forecast Period
The Gulf Cooperation Council (GCC) comprises six countries, namely Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE), and Oman. Factors such as the growing burden of diseases in these countries, rising technological innovation, growing geriatric population, product launches, and strategic initiatives by market players, along with the increasing research and development expenditure, are expected to drive market growth during the study period.
The risk factors for developing cardiovascular diseases and the rising geriatric population in the region are expected to drive the growth of the market in this region. According to an article published by the Obesity Society in September 2023, a research model predicted that 80.07% of female UAE nationals will become overweight or obese by 2070, and 60.19% of the population is expected to be obese by the same year. The population with abnormal eating behavior is expected to increase to 15% by 2070. Such a prevalence of obesity is expected to drive the demand for cardiac monitoring in GCC, thereby contributing to the growth of the market.
Moreover, in December 2023, researchers from Hamad Medical Corporation (HMC) and Weill Cornell Medicine-Qatar (WCM-Q) conducted a study revealing that 20% of type 2 diabetes patients in Qatar had atherosclerotic cardiovascular disease (ASCVD), equating to one in every five individuals with type 2 diabetes.
Thus, factors such as the growing cardiac disease burden and increased prevalence of obesity leading to an increased incidence of heart diseases are expected to contribute to segment growth over the forecast period.
Middle East and Africa Cardiac Monitoring Industry Overview
The Middle East and Africa cardiac monitoring market is semi-consolidated in nature and consists of a few major players. The companies have been following various strategies such as acquisitions, partnerships, investments in research activities, and new product launches to sustain themselves among the competitors in the market. The major players include GE Healthcare, Medtronic, Abbott Laboratories, and Boston Scientific Corporation. Some of the strategies implemented include agreements, collaborative models, business expansion, and product development.
Middle East and Africa Cardiac Monitoring Market Leaders
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Boston Scientific Corporation
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iRhythm Technologies Inc
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Biotronik
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Abbott Laboratories
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Medtronic PLC
*Disclaimer: Major Players sorted in no particular order
Middle East and Africa Cardiac Monitoring Market News
- January 2023: ABHI UK Pavilion highlighted its UltraLinQ Holter Service, powered by LifeSignals. This comprehensive Wireless Holter Monitoring ECG Analysis and Reporting System provides wireless ECG recording using clinical-grade wearable biosensors.
- January 2022: UPOlife launched a new product, the UPOlife Wearable Biosensor Patch, at the Arab Health 2022. The UPOlife Wearable Biosensor Patch is a disposable medical-grade heart health monitoring device with internal data storage for up to 7 days.
Middle East and Africa Cardiac Monitoring Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Incidences of Cardiovascular Diseases
4.2.2 Advancements in the Technology
4.3 Market Restraints
4.3.1 Unfavorable Reimbursement Policies and Risk of Infection Due to Implantable Monitoring Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Device Type
5.1.1 ECG Monitor
5.1.2 Event Recorder
5.1.3 Implantable Cardiac Loop Recorder
5.1.4 Pacemaker
5.1.5 Smart Wearable
5.1.6 Other Device Types
5.2 By End Users
5.2.1 Hospitals and Clinics
5.2.2 Home Care Settings
5.2.3 Other End Users
5.3 Geography
5.3.1 GCC
5.3.2 South Africa
5.3.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 Abbott Laboratories
6.1.3 Boston Scientific Corporation
6.1.4 GE Healthcare
6.1.5 Biotronik
6.1.6 iRhythm Technologies Inc.
6.1.7 Baxter (Hill-Rom Holdings)
6.1.8 Schiller AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Middle East and Africa Cardiac Monitoring Industry Segmentation
Cardiac monitoring devices are used to observe cardiac activity. Continuous monitoring of the heart is mandatory to assess a patient suffering from CVD. Cardiac monitoring devices record and display pressure and electrical waveforms of the cardiovascular system for measurement and treatment.
The Middle East and Africa cardiac monitoring market is segmented by device type, end user, and geography. By device type, the market is segmented into ECG monitor, event recorder, implantable cardiac loop recorder, pacemaker, smart wearable, and other device types. By end user, the market is segmented as hospitals and clinics, home care settings, and other end users. By geography, the market is segmented as GCC, South Africa, and Rest of Middle East and Africa.
The report offers the value (in USD) for the above segments.
| By Device Type | |
| ECG Monitor | |
| Event Recorder | |
| Implantable Cardiac Loop Recorder | |
| Pacemaker | |
| Smart Wearable | |
| Other Device Types |
| By End Users | |
| Hospitals and Clinics | |
| Home Care Settings | |
| Other End Users |
| Geography | |
| GCC | |
| South Africa | |
| Rest of Middle East and Africa |
Middle East and Africa Cardiac Monitoring Market Research FAQs
How big is the Middle East And Africa Cardiac Monitoring Market?
The Middle East And Africa Cardiac Monitoring Market size is expected to reach USD 1.19 billion in 2024 and grow at a CAGR of 3.22% to reach USD 1.38 billion by 2029.
What is the current Middle East And Africa Cardiac Monitoring Market size?
In 2024, the Middle East And Africa Cardiac Monitoring Market size is expected to reach USD 1.19 billion.
Who are the key players in Middle East And Africa Cardiac Monitoring Market?
Boston Scientific Corporation, iRhythm Technologies Inc, Biotronik, Abbott Laboratories and Medtronic PLC are the major companies operating in the Middle East And Africa Cardiac Monitoring Market.
What years does this Middle East And Africa Cardiac Monitoring Market cover, and what was the market size in 2023?
In 2023, the Middle East And Africa Cardiac Monitoring Market size was estimated at USD 1.15 billion. The report covers the Middle East And Africa Cardiac Monitoring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Middle East And Africa Cardiac Monitoring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East and Africa Cardiac Monitoring Industry Report
Statistics for the 2024 Middle East And Africa Cardiac Monitoring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East And Africa Cardiac Monitoring analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
