The global arrhythmia market size is expected to reach USD 11.25 billion by 2030 according to a new study by Polaris Market Research. The report “Arrhythmia Market Share, Size, Trends, Industry Analysis Report, By Type (Supraventricular Tachycardias, Ventricular Arrhythmias, Bradyarrhythmias); By Site of Origin Atrial; By Test Equipment; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The introduction of technologically enhanced and innovative devices by the major players is driving the industry's growth. The industry's growth is likely to be aided by the development of technologically improved monitoring devices. Further, in July 2021, in the US, Abbott revealed Jot Dx, a new insertable cardiac monitor (ICM) designed to improve precise identification of difficult-to-detect irregular heart rhythms and reduce data burden. This technology allows for remote detection of cardiac arrhythmia and improves the accuracy of patient diagnosis.
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Also, in March 2022, the ZOLL Arrhythmia Management System (AMS) from ZOLL Medical is a device that combines biometrics data with ECG data collected by typical mobile cardiac telemetry (MCT) devices. Over 60% of patients had their treatment plans changed once biometric data was added, including changes to lifestyle, drugs, and follow-up plans. Thus, these technologically advanced devices are boosting industry growth.
Based on the type, the tachycardia segment accounted for the leading share in the market. In the next years, the use of technologically enhanced solutions for disease monitoring is likely to boost demand for the tachycardia category. In 2021, atrial tachycardia accounted for the majority of the market and was predicted to continue to expand shortly.
It's a type of supraventricular tachycardia that needs to be treated aggressively for the best results. Cardiac-based devices serve an important role in improving illness detection and therapy. As a result of the rising risk of tachycardia, the cardiac market is expected to develop significantly shortly. Also, as per the CDC, around 40 Mn individuals in the U.S. still smoke, and 2.6 Mn school kids, including e-cigarette users. Every day, nearly 1,600 American teenagers under the age of 18 light up their 1st cigarette. Approximately 0.5 Mn people in the U.S. die prematurely each year. Another 16 million people suffer from a serious ailment as a result of smoking.
Market players such as Koninklijke Philips N.V., AliveCor, Biotronik, Biotricity, GE Healthcare, iRhythm Technologies, Medtronic plc., Nihon Kohden Corporation, St. Jude Medical (Abbott Laboratories), Spacelabs Healthcare (OSI Systems, Inc.), Applied Cardiac Systems, and Welch Allyn (Hillrom Services, Inc.) are some key players operating in the global market. In November 2021, Philips agreed to buy Cardiologs. This acquisition expands the company's cardiac monitoring and diagnostics product range, providing revenue growth potential in the industry.
Polaris Market Research has segmented the arrhythmia market report based on test equipment, site of origin atrial, type, and region:
Arrhythmia, Test Equipment Outlook (Revenue - USD Billion, 2018 - 2030)
Arrhythmia, Site of Origin Atrial Outlook (Revenue - USD Billion, 2018 - 2030)
Arrhythmia, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Arrhythmia, Regional Outlook (Revenue - USD Billion, 2018 - 2030)