Cardiac Monitoring & Cardiac Rhythm Management Devices Market By Devices for Cardiac Monitoring [Electrocardiogram (ECG) Devices, Implantable Loop Recorders (ILR), Cardiac Output Monitoring (COM) Devices, Mobile Cardiac Telemetry Monitoring (MCT/MCOT) and Event Monitors], Devices for Cardiac Rhythm Management [Pacemakers and Defibrillator], End User [Hospitals, Clinics & Cardiac Specialty Centers; Home Care Settings; and Ambulatory Care Centers] – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth + Reports, the global Cardiac Monitoring & Cardiac Rhythm Management Devices market was pegged at ~US$ 22 billion in 2021. The market is expected to witness a CAGR of ~4% from 2022 to 2030.
Cardiac monitoring devices are used to monitor heartbeat, assess the presence and severity of cardiac disease in patients, and evaluate the efficiency of drugs, interventions, operations, and device implants. Cardiac rhythm management devices include implantable devices, leads, and accessories, as well as external devices to treat and manage arrhythmia-related diseases either too slow a heart rhythm (pacemakers) or too fast a rhythm (cardioverter defibrillators), thereby helping patients to improve their overall health status.
Based on devices for cardiac monitoring, the market has been segmented into electrocardiogram (ECG) devices [resting ECG, stress ECG, and Holter monitors], implantable loop recorders (ILR), cardiac output monitoring (COM) devices [minimally invasive COM devices and noninvasive COM devices], mobile cardiac telemetry monitoring (MCT/MCOT) and event monitors. The electrocardiogram (ECG) devices segment accounted for the largest share in the market (2020) owing to technological advancements in ECG devices such as portable and handheld systems, and favorable government regulations. The introduction of new technology and artificial intelligence have revealed a new era of remote and AI-enabled product development for precise diagnosis, prevention, and treatment.
Increasing occurrence of cardiovascular diseases, technological advancements, growing awareness among the patients, and rising adoption of monitoring devices due to COVID-19 are some of the pivotal factors propelling the growth of the cardiac monitoring & cardiac rhythm
management devices market. However, an increase in recall of the defective devices and the high cost of the devices are likely to hamper the growth of the market to a certain extent.
Prominent players are progressively implementing several strategies such as technological advancements and collaborative initiatives with several organizations, research centers & companies in order to be competitive in the market. For instance, in Aug 2019, Philips announced plans to combine LindaCare’s cloud-based platform, designed to help remotely monitor patients with electronic cardiac implants, with its IntelliSpace Cardiovascular informatics program.
According to the WHO, cardiovascular diseases (CVDs) are a leading cause of deaths globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 31% of all deaths worldwide. According to the CDC, about 655,000 Americans die from heart disease each year—that’s 1 in every 4 deaths. As most of CVDs types can be prevented through regular monitoring and diagnosis, cardiac monitoring & cardiac rhythm management devices can save the life of patients with high risk.
Cardiovascular disease is among the severe conditions in critically ill patients with COVID-19 infection. It increases the risk of death in patients with COVID-19, whereas COVID-19 itself can also induce myocardial injury, arrhythmia, acute coronary syndrome and venous thromboembolism. Therefore, high COVID-19 patient rate drove the supply and adoption of cardiac monitoring devices in hospitals.
However, an increase in recall of defective devices has affected the growth of the market to a certain extent. Recall of defective products makes consumers lose interest in the products, and lead to a negative effect on the product demand. The willingness to repeat purchase related products also declines, which in turn decreases the market volume and eventually hampers the market growth. For instance, in Feb 2019, Medtronic recalled around 13,440 dual chamber implantable pulse generators in the United States owing to a defect in the manufacturing process.
The Asia Pacific (APAC) region is expected to record the highest CAGR to be the fastest growing cardiac monitoring & cardiac rhythm management devices market. Factors such as developing
healthcare infrastructure, rising R&D investments by prominent players to develop breakthrough technologies for cardiac care, and the availability of skilled healthcare professionals can be attributed to the growth of the market. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases and rising geriatric population in the region.
Some of the prominent players operating in the cardiac monitoring & cardiac rhythm management devices market are General Electric Company, Abbott Laboratories Inc., Boston Scientific Corporation, Koninklijke Philips N.V., Medtronic PLC, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Schiller, Biotronik, BPL Medical Technologies, Nihon Kohden Corporation, among others.