Number of pages: 100-120 | Report Format: PDF | Published date: 10 June, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021 to 2031
Market Fundamentals
Cardiac monitoring devices are used to assess the presence and severity of cardiac disease in patients and to evaluate the efficiency of drugs, interventions, operations, and device implants. Cardiac rhythm management device includes 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.
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Market Dynamics
The global cardiac monitoring & cardiac rhythm management devices market is mainly driven by the growing prevalence of cardiovascular diseases, technological advancements, rising adoption of monitoring devices due to COVID-19, and increasing awareness among the patients. Furthermore, increasing investments, funds, and grants for research on cardiac monitoring & cardiac rhythm management devices is also playing a pivotal role in contributing to the growth of the market globally. However, recall of defective products, high cost of devices, and risk of related cybersecurity vulnerabilities are likely to restrain market growth to a certain extent.
Market Ecosystem
The global cardiac monitoring & cardiac rhythm management devices market has been analyzed from four perspectives: Devices for Cardiac Monitoring, Devices for Cardiac Rhythm Management, End User, and Region.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Devices for Cardiac Monitoring
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 and favorable government regulations.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Devices for Cardiac Rhythm Management
Based on devices for cardiac rhythm management, the market has been segmented into pacemakers and defibrillator. Pacemakers are further bifurcated by implantability [implantable pacemakers and external pacemakers] and by type [dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers]. Whereas, defibrillators are further bifurcated into implantable cardioverter defibrillators (ICD) [S-ICD and T-ICD] and external defibrillator [manual external defibrillator, automatic external defibrillator, and wearable cardioverter defibrillator]. The defibrillator segment is expected to hold highest share during the forecast period. The growth of the segment in the global market can largely be attributed to technological advancements in defibrillators, training & awareness programs on defibrillators, and growing focus on providing public-access defibrillators.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by End User
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Based on end user, the cardiac monitoring & cardiac rhythm management devices market has been segmented into hospitals, clinics & cardiac specialty centers; home care settings; and ambulatory care centers. Hospitals, clinics & cardiac specialty centers segment holds the largest share in the market. The growth of the segment can mainly be attributed to the growing number of patients visiting hospitals for diagnosis, increasing number of cardiac implant procedures and availability of reimbursements across developed countries.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Region
Based on region, the global cardiac monitoring & cardiac rhythm management devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the cardiac monitoring & cardiac rhythm management devices market, followed by Asia Pacific (2020). The large share of North America in the global market can largely be attributed to increasing healthcare expenditure, growing prevalence of cardiovascular diseases in the region and rapid adoption of technologically advanced products. Moreover, factors like growing awareness among the patients and ease access to the treatment choices are also expected to contribute to the market growth in the region.
Competitive Landscape
Some of the prominent players operating in the cardiac monitoring & cardiac rhythm management devices market includes:-
Strategic Developments
Report Attribute |
Details |
Revenue forecast in 2031 |
USD ~33 billion |
Market size value in 2020 |
USD ~21 billion |
Growth Rate |
CAGR of ~4.0% from 2021 to 2031 |
Base year for estimation |
2020 |
Forecast period |
2021-2031 |
Segments covered |
Devices for Cardiac Monitoring, Devices for Cardiac Rhythm Management, End User |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
arrow_forward The global cardiac monitoring & cardiac rhythm management devices Market was anticipated to clock US$ ~21 billion in 2020
arrow_forward The cardiac monitoring & cardiac rhythm management devices market is projected to reach US$ ~33 billion by 2031
arrow_forward The global cardiac monitoring & cardiac rhythm management devices market is mainly driven by the growing prevalence of cardiovascular diseases, technological advancements, rising adoption of monitoring devices due to COVID-19, and increasing awareness among the patients.
arrow_forward GENERAL ELECTRIC COMPANY, Abbott, Boston Scientific Corporation, Koninklijke Philips N.V., Medtronic, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, SCHILLER, BIOTRONIK, BPL Medical Technologies, NIHON KOHDEN CORPORATION
arrow_forward The growth rate of cardiac monitoring & cardiac rhythm management devices market is CAGR of ~4.0% between 2021-2031
arrow_forward North America held the largest share of the global cardiac monitoring & cardiac rhythm management devices market in 2020
*Insights on financial performance is subject to availability of information in public domain
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