Chile, Colombia, Peru, Cuba, Venezuela, and Bolivia are among the major countries contributing to the market's growth. The countries are improving their healthcare infrastructure by allowing new market players to enter for business. Therefore, it is expected to increase demand for cardiac monitoring devices in the coming years. In addition, SAM has a significant number of geriatric populations. According to the Organization for Economic Co-operation and Development (OECD), ~ 11.5% of population in Chile was reported to be over 60 years of age in 2018. Thus, the increasing geriatric population coupled with high prevalence of cardiovascular diseases and parallel development in the medical device technology and healthcare infrastructure in the region are likely to bolster the growth of the cardiac monitoring devices market during the forecast years.
Moreover, coronary heart disease is prevalent in Cuba due to individuals’ health habits, such as decreased physical activity with tobacco use, stress, and dietary behaviors. Additionally, a research study conducted in Colombia on heart failure showed that patients treated for heart failures were suffering from various diseases, such as valvular heart disease (10.5%) and hypertensive heart disease (12.2%). Moreover, many government, non-government, and public organizations are taking initiatives to increase the awareness among the population about heart problems. For instance, Invitae, a genetic information company, focused on bringing genetic information into mainstream medical practice to improve the quality of healthcare for billions of people across Chile, Colombia, Mexico, the US, Argentina, and Brazil. It helps improve diagnosis, offers free genetic testing and counseling for individuals suspected of having cardiomyopathy or arrhythmia, and provides risk stratification and management. The program called Detect Cardiomyopathy and Arrhythmia tests genes associated with inherited arrhythmia and cardiomyopathy conditions. Therefore, the above-mentioned factors are likely to offer growth opportunities for the SAM cardiac monitoring devices market during the forecast period.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM cardiac monitoring devices market in the coming years. The market is expected to grow at a good CAGR during the forecast period.
The MEA cardiac monitoring devices market is segmented on the basis of type, product type, application, end user, and country. Based on type, the market is segmented into cardiovascular devices, multi-parameter ECG monitors, patient monitoring devices, ambulatory cardiac monitoring, and cardiac monitors. In 2020, the cardiovascular devices segment held the largest share of the market. Based on product type, the MEA cardiac monitoring devices market is segmented into portable monitor, smart wearable monitor, and standard monitor. In 2020, the standard monitor segment held the largest share of the market. Based on application, the market is segmented into coronary heart diseases, sudden cardiac arrest, stroke, arrhythmia, congenital heart diseases, heart failure, pulmonary hypertension, heart function (HF/LVEDP), pulmonary artery pressure (PA), and others. The coronary heart diseases segment held the largest market share in 2020 and is expected to be the largest shareholder in the market by 2028. Based on end user, the MEA cardiac monitoring devices market is segmented into hospitals, ambulatory surgery centers (ASCs), and clinics. The hospitals segment held the largest market share in 2020. Based on country, the SAM cardiac monitoring devices market is segmented into Brazil, Argentina, and the rest of SAM. Abbott; AliveCor, Inc; Amiitalia; Asahi Kasei Corporation; Biotronik, Inc.; Boston Scientific Corporation; BTL; GE Healthcare; Hill-Rom Holdings, Inc.; Infinium Medical; Koninklijke Philips N.V.; LivaNova PLC; Medtronic; Nihon Kohden Corporation; MicroPort Scientific Corporation; SCHILLER Healthcare India Pvt. Ltd; and Shenzhen Mindray Bio-Medical Electronics Co., Ltd. are among the leading companies in the market.