Number of pages: 120 | Report Format: PDF | Published date: June 10, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 21.79 billion |
Revenue Forecast in 2031 |
US$ 30.49 billion |
CAGR |
3.8% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Cardiac Monitoring Devices, Cardiac Rhythm Management Devices, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the cardiac monitoring & cardiac rhythm management devices market was valued at US$ 21.79 billion in 2022 and is expected to register a revenue CAGR of 3.8% to reach US$ 30.49 billion by 2031.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market Fundamentals
Cardiac monitoring and cardiac rhythm management (CRM) devices are used to monitor and manage heart function. These devices include a variety of products designed to help diagnose, treat, and manage various heart conditions, such as electrocardiogram (ECG) machines, Holter monitors, Implantable cardioverter defibrillators (ICDs), etc. These devices are used to diagnose and manage a variety of heart conditions, including arrhythmias, heart failure, and other heart rhythm disorders. They are often used in hospitals, clinics, and other healthcare settings, and in some cases, can be implanted in patients to provide long-term monitoring and treatment. The cardiac monitoring and cardiac rhythm management devices market has seen significant growth in recent years due to the increasing prevalence of cardiovascular diseases, which are a leading cause of death worldwide. Technological advancements in these devices have also led to increased adoption and improved patient outcomes. The market is highly competitive, with several established players such as Medtronic, Abbott Laboratories, and Boston Scientific, as well as several smaller players.
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Cardiac Monitoring & Cardiac Rhythm Management Devices Market Dynamics
There are several factors driving the growth of the global cardiac monitoring and cardiac rhythm management (CRM) devices market. The demand for cardiac monitoring and cardiac rhythm management devices is being driven by the rising prevalence of heart ailments such as arrhythmias, heart failure, and other heart rhythm disorders. Nearly 18.6 million people globally pass away from cardiovascular illness, which includes heart disease and stroke, according to the World Heart Federation. In addition, low- and middle-income nations account for more than 75 percent of these fatalities. By 2030, the number of Americans with atrial fibrillation (AFib) is projected to reach 12.1 million, according to the Centres for Disease Control and Prevention (CDC). Technology developments, such as the creation of wireless and remote monitoring tools, are simplifying the monitoring and management of patients with heart issues for healthcare professionals. The aging population is more susceptible to heart disease, which is driving demand for cardiac monitoring and cardiac rhythm management devices. The introduction of new and innovative products, such as implantable devices with longer battery life, are driving demand and increasing the adoption of cardiac monitoring and cardiac rhythm management devices. Favorable reimbursement policies have led to higher adoption of medical devices by patients in countries like Canada, the U.S., and the U.K., thereby increasing market penetration. Furthermore, increasing government efforts and the adoption of new CRM technologies are expected to boost growth over the forecast period. Overall, these factors are driving growth in the cardiac monitoring and cardiac rhythm management devices market, and the market is expected to continue to grow in the years to come as the population ages and the prevalence of heart diseases continues to increase.
However, the cost of cardiac monitoring and cardiac rhythm management devices can be relatively high, which can limit access for patients in developing countries or those with limited financial resources. The use of cardiac monitoring and cardiac rhythm management devices requires trained healthcare professionals and a shortage of such professionals in some regions can limit the adoption and use of these devices.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market Ecosystem
The global cardiac monitoring & cardiac rhythm management devices market is analyzed from the following perspectives: cardiac monitoring devices, cardiac rhythm management devices, end user, and region.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Cardiac Monitoring Devices
Based on the devices for cardiac monitoring, the cardiac monitoring & cardiac rhythm management devices market is 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.
Between cardiac rhythm management devices and cardiac monitoring devices, the former segment occupied the largest revenue share in 2022, accounting at over 65%. The ECG devices segment accounted for the largest share of the cardiac monitoring devices market. Technology advancements like the incorporation of cutting-edge algorithms and workflow improvement features, like streamlined operations, touchscreen systems, portability, wireless features, and better connectivity with cardiovascular information systems (CVIS), electronic medical records (EMRs), and ECG management systems, can be credited for the large share of this market.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Cardiac Rhythm Management Devices
Based on the devices for cardiac rhythm management, the cardiac monitoring & cardiac rhythm management devices market is segmented into pacemakers and defibrillators. The pacemakers segment is sub-segmented into implantability [implantable pacemakers and external pacemakers] and by type [dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers]. The defibrillators segment is sub-segmented into implantable cardioverter defibrillators (ICD) [S-ICD and T-ICD] and external defibrillators [manual external defibrillator, automatic external defibrillators, and wearable cardioverter defibrillator].
The defibrillator segment accounts for the highest revenue share during the forecast period. This can be ascribed to improvements in defibrillator technology, an increase in defibrillator training and awareness programs, and a shift in emphasis towards making defibrillators more accessible to the general public. The dominance is a result of increasing acceptance, particularly of the Transvenous Implantable Cardioverter Defibrillator (T-ICD) and Subcutaneous Implantable Defibrillator (S-ICD), across important regional markets like the United States, European nations, China, and India.
The implantable pacemakers segment is expected to grow at a CAGR of 2.8% during the forecast period. The use of implantable pacemakers as a therapy for sinus node dysfunction and conduction issues is now commonplace. One of the main factors driving segment expansion is the increasing use of these for the treatment of arrhythmias and heart failure as well as in ongoing clinical studies. Additionally, during the course of the projection period, the cardiac resynchronization therapy (CRT) segment is anticipated to rise significantly. Key factors driving this market include associated advantages such decreased need for blood transfusions, risk of infections, and length of hospital stay.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by End User
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Based on the end user, the cardiac monitoring & cardiac rhythm management devices market is segmented into hospitals, clinics & cardiac specialty centers, home care settings, and ambulatory care centers.
The hospitals segment accounts for the largest revenue share in the global cardiac monitoring & cardiac rhythm management devices market, closing to 1/3rd of the global market in 2022. The rising incidence of cardiovascular disease (CVD), the increasing number of hospital visits by patients for diagnosis, the increasing number of cardiac implant procedures, and the availability of reimbursement for these procedures in developed markets are just a few of the factors that contribute to this segment's significant market share.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Region
Geographically, the global cardiac monitoring & cardiac rhythm management devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of over 40.0% in the global cardiac monitoring & cardiac rhythm management devices market. This is brought on by a variety of factors, such as an established healthcare system, an ageing population, the rapid adoption of technologically advanced products (such those with long battery lives, biocompatible materials, or miniaturization, and lead-free), and a rise in regulatory approvals. Numerous companies are currently working to create brand-new goods using the same technologies found in pacemakers and Implantable Cardioverter Defibrillators (ICD) devices. Additionally, the region's demand for CRM devices is being fueled by the rising prevalence of cardiovascular disorders, which in turn is fueling market expansion.
Asia Pacific region is projected to experience significant growth in the cardiac monitoring and cardiac rhythm management devices market. The main drivers of this market's growth in the region, are the rising prevalence of cardiovascular illnesses, rising healthcare spending, and bettering healthcare infrastructure. The market for cardiac monitoring and cardiac rhythm management devices is growing in the Asia Pacific region in large part because of the rising incidence of heart disorders. Due to changing lifestyles and rising levels of risk factors including obesity and hypertension, the incidence of heart disease is increasing in several nations in the area, including India, China, and Japan. Demand for cardiac monitoring and cardiac rhythm management devices is also being fueled by rising healthcare costs and a growing healthcare infrastructure in the area. The demand for medical equipment including cardiac monitoring and cardiac rhythm management devices is rising as a result of significant investments made by several nations in the region in healthcare infrastructure and expanding access to healthcare services. Additionally, the region has a sizable population, which offers a substantial opportunity for the market expansion of CRM and cardiac monitoring equipment. Additionally, the area is home to a number of significant market players who are boosting their presence there and fostering growth.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market Competitive Landscape
The prominent players operating in the global cardiac monitoring & cardiac rhythm management devices market are: -
Cardiac Monitoring & Cardiac Rhythm Management Devices Market Strategic Developments
The cardiac monitoring and cardiac rhythm management (CRM) devices medical devices used to monitor and manage heart function.
The global cardiac monitoring & cardiac rhythm management devices market is projected to grow at 3.8% revenue CAGR.
General Electric Company, Abbott Laboratories Inc., Boston Scientific Corporation, Koninklijke Philips N.V., and Medtronic PLC are some of the major players in the cardiac monitoring & cardiac rhythm management devices market.
Asia Pacific is projected to experience high growth in the cardiac monitoring & cardiac rhythm management devices market.
While cardiac monitoring and cardiac rhythm management devices are generally safe, there is always a risk of device failure, which could potentially harm patients and damage the reputation of the manufacturer.
*Insights on financial performance are subject to the availability of information in the public domain