Heart Failure Monitoring Systems Market Growth to Reach US$ 24,612.2 Million at a CAGR of 5.7% by 2034 | Fact.MR
Rockville, MD, Sept. 19, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global heart failure monitoring systems market is estimated to reach a valuation of US$ 14,079.6 million in 2024 and is expected to grow at a CAGR of 5.7% during the forecast period of (2024 to 2034).
Heart monitoring devices have seen an increase on account of rising cardiovascular diseases. In its annual report of 2023, the World Heart Federation (WHF) stated that ischaemic heart disease is the peculiar reason of premature deaths across more than 146 countries. Cardiovascular diseases can be prevented by modifications in lifestyle and habits as well as increased physical activity levels.
About 80% percent of all early heart attacks and strokes can possibly be averted through prevention. The tools and knowledge required to save lives from cardiovascular illness exist today, especially taking into consideration the progress made in the last 50 years in this field. The problem lies in the fact that although there are instruments available for diagnosis, prevention, and treatment of CVD, they rarely get to those families who need them most.
Low- and middle-income nations account for four out of five deaths attributed to heart diseases while, high-income countries have attracted even more attention towards improvements made in cardiovascular health that’s a very serious health inequity that needs immediate response. This further creates wide opportunities for the new entrants in the emerging market. Future prospects for the industry are also set to be influenced by product innovations and advances in devices aimed at managing conditions affecting the heart and blood vessels.
Indulgence of government and private firms in creating awareness has been a positive impact on the cardiovascular devices and healthcare industry.
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Key Takeaways from the Market Study
- The global heart failure monitoring systems market is projected to grow at 7% CAGR and reach US$ 24,612.2 million by 2034
- The market created an opportunity of US$ 2,966.7 million growing at a CAGR of 7% between 2019 to 2024
- North America is a prominent region that is estimated to hold a market share of 0% in 2034
- Predominating market players include Abbott Laboratories, Inc., Boston Scientific Corporation, Medtronic Plc., General Electric (GE HealthCare), Koninklijke Philips N.V., Avertix Medical Inc., Endotronix, Inc., and Uscom Ltd.
- Systems under product type are estimated to grow at a CAGR of 6% creating an absolute $ opportunity of US$ 9,498.9 million between 2024 and 2034
- North America and East Asia are expected to grow at a CAGR of 8% and 7.0% respectively
“Rising Cardiovascular Disease and Novel innovation in the Field of Cardiovascular Devices Will Show Promising Growth in the Forecast Period and Thereafter,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Heart Failure Monitoring Systems Market
Key players in the heart failure monitoring systems industry are Abbott Laboratories, Inc., Boston Scientific Corporation, Medtronic Plc., General Electric (GE HealthCare), Koninklijke Philips N.V., Avertix Medical Inc., Endotronix, Inc., Uscom Ltd.
Market Development
Globally, manufacturers have been focusing on research and development in wide categories of healthcare services and management. To overcome the disease management challenges many small to large scale manufacturers have been spending on developing innovative products.
These devices are portable or fixed based on the specifications and or specific disease management. These devices have proven to improve patient treatment and diagnosis plans in hospital settings as well as in home care setting.
For Instance,
- In September 2023, Abbott launched its new XIAO Heart Monitor, a wearable heart failure monitoring system that measures a patient's heart rate, rhythm, and activity levels. This data can be used to identify potential problems early on and prevent complications.
- In September 2023, Medtronic announced the launch of a new heart failure monitoring system, which combines the company's CareLink Heart Failure Monitoring System with its CardioMEMS HF System.
The growing interest of government has made regulatory approval of devices a hassle-free process. The rising product approvals such as FDA and CE marks have shown trust in the manufacturers and their innovations. These initiatives has been one of the main reasons for the market to grow in the coming years.
For instance,
- In October 2023, Boston Scientific Announces FDA Approval of LATITUDE Patient Management System for Virtually All of the Company's Implantable Defibrillators (ICDs) and Cardiac Resynchronization Therapy Defibrillators (CRT-Ds)
- In October 2023, The U.S. Food and Drug Administration (FDA) approved Abbott's CardioMEMS HF System, a next-generation heart failure monitoring system that measures pulmonary artery pressure (PAP) and transmits data wirelessly to a patient's smartphone or tablet.
Heart Failure Monitoring Systems Industry News:
- The New VitalSigns RPM Solution for Heart Failure Patients was Unveiled by Philips in September 2023.
- Avertix declared in July 2021 that The Guardian gadget, its main product, would make its US debut and have its first commercial installation. The Guardian was being utilized for the first time following its recent FDA approval.
- The FDA granted Endotronix an experimental device exemption (IDE) in October 2023, allowing the company's Cordella Sensor—the focus of the PROACTIVE-HF 2 study—to be utilized for hemodynamic monitoring in a fresh clinical trial.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global heart failure monitoring system market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on the product type (systems {doppler hemodynamics monitors, implantable hemodynamic monitors (IHM), implantable pulmonary artery monitoring devices, intrathoracic impedance monitors, general HF monitors}, and data management software), technology (wired and wireless), end user (ambulatory surgical centers, diagnostic imaging centers, and hospitals) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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