Cardiac Monitoring and Cardiac Rhythm Management Devices Market Highlights
The increasing demand for minimally invasive surgeries drives the growth of this market. Advanced technologies in cardiac monitoring and cardiac rhythm management devices have also led to growth in this market. However, factors such as stringent regulatory approval procedures, the high cost of cardiac devices, and lack of reimbursement policies in developing countries are hindering the growth of the market.
Rising prevalence of cardiovascular diseases and the increasing number of unmet medical needs in undeveloped countries are leading to the growth of the cardiac monitoring and cardiac rhythm management device market. Technical advancements in drug-eluting, MRI compatible pacemakers, and Holter monitors are some of the factors leading to the growth of this market. The growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide.
Cardiac monitoring and cardiac rhythm management device market size is expected to grow USD 31.2 billion during the forecast period (2022 to 2030) at a CAGR 6.2%.
Segmentation
The global cardiac monitoring and cardiac rhythm management device market outlook has been segmented on the basis of types and end-users.
Based on type, the cardiac monitoring and cardiac rhythm management device market is segmented into types of cardiac devices, types of cardiac monitoring devices, and types of cardiac rhythm management devices. Further, the types of cardiac devices are segmented into pacemaker, biventricular pacemaker, implantable cardioverter defibrillator, implantable cardiac, and loop recorder. Based on types of cardiac monitoring devices, the market is further segmented into electrocardiogram (ECG), Holter monitor, event monitor, implantable loop recorder, and cardiac output monitoring devices. Electrocardiogram (ECG) is further sub-segmented into telelecture-cardiogram, wireless ECG, and lead ECG test. Based on types of cardiac rhythm management devices, the market is segmented into defibrillators, pacemakers, and cardiac resynchronization therapy devices. Defibrillators are further sub-segmented into implantable defibrillators and external defibrillators. Based on end-user the market is segmented into hospitals, ambulatory surgeries, and others.
Regional Analysis
The market in the Americas is expected to dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period owing to the increasing prevalence of chronic kidney diseases along with the growing geriatric population and well-established healthcare sector in the region. The European market is expected to be the second-largest due to government funding and support from the healthcare sector, coupled with increasing research and development. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological developments, an increasing number of advanced surgeries in emerging economies, and favourable government initiatives for healthcare facilities. The market in the Middle East and Africa is likely to account for the smallest share of the global cardiac monitoring and cardiac rhythm management device market. The market growth in this region can be attributed to the increasing healthcare expenditure and low-cost cardiac monitoring devices.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Players
The Cardiac monitoring and cardiac rhythm management device market players are Medtronic plc, LivaNova plc, Koninklijke Philips N.V, Abiomed, General Electric (GE), Schiller, Abbott, Brotionik SE and Co. KG, ReliantHeart Inc, Boston Scientific Corporation, Cardiac Science Corporation, Hill Rom Services Inc, Jarvik Hearth. Inc, Berlin Hearth, Nihon Kohden Corporation, to name a few.
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