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Cardiac Monitoring advance technologies global Market Analysis

ID: MRFR//4871-HCR | 85 Pages | Author: Rahul Gotadki| June 2024

The market dynamics of cardiac monitoring and cardiac rhythm management devices are driven by a confluence of factors shaping this important healthcare segment. The demand for advanced cardiac monitoring solutions has been growing steadily as a result of an aging global population with rising cardiovascular diseases. Additionally, unhealthy lifestyle habits such as sedentary lifestyles contribute to more cases of cardiovascular problems globally.

Technological advancements act as propellants for the expansion of the cardiac monitoring and rhythm management industry. These developments have led to highly advanced devices with better user-interfaces due to sensor technologies; data analytics; wireless communication; among other things. An example is wearable cardiac monitors which provide real time information enabling health care practitioners monitor patients even when they are away from them hence patients can be involved actively towards managing their hearts’ health status.

Regulatory environment also plays an important role in shaping market trends. Cardiac monitoring companies must adhere to strict regulations governing manufacturing, development, distribution and useability. Thus, these companies must go through a number of approval processes to ensure that their products are safe and effective for the market. Although it is important in terms of patient’s safety, this kind of regulation may present obstacles for smaller or new entrants into market therefore enhancing industry consolidation.

Market competition is another key driver, fostering innovation and pushing companies to differentiate their products. Established players continually invest in research and development to enhance the capabilities of their devices focusing on features such as long-term monitoring, data integration and interoperability with other healthcare systems (Journal Of Cardiology Cases). This landscape further witnesses strategic collaborations, partnerships and mergers and acquisition among other forms of corporate marriages as companies strive to have wider product portfolio and market coverage.

However, there are still challenges facing the cardiac monitoring and rhythm management market despite these positive trends. Accessible healthcare remains a problem especially in developing countries where there is underdeveloped health infrastructure. Moreover, data security concerns become more pronounced with the increase in volume of patient generated health information that calls for consideration. This means that finding a balance between dealing with these challenges while remaining innovative will foster sustained growth necessary for widespread adoption of cardiac monitoring devices.

Covered Aspects:

Report Attribute/Metric Details

Cardiac Monitoring and Cardiac Rhythm Management Device Market Overview


Cardiac monitoring and cardiac rhythm management device market is expected to grow USD 32.3 billion during the forecast period (2022 to 2030) at a CAGR 6.7%. The cardiac monitoring equipment aids in the observation of the patient's cardiac activity, while the cardiac rhythm management device assists patients with irregular heart rates and rhythm disorders maintain a normal cardiac rhythm. Heart failure, atrial fibrillation, atrial flutter, an indication of a recent heart attack, lack of oxygen delivery to cardiac muscle, and some genetic defects are among the major cardiac illnesses treated using these devices.
 

Cardiac Monitoring and Cardiac Rhythm Management Device Market

 

Medtronic officially unveiled Penditure Exclusion System Left Atrial Appendage (LAA) in the US in December 2023.


MicroPort CRM announced the entry of ULYS Implantable Cardioverter Defibrillator (ICDs) and INVICTA defibrillation lead into Japan market, seeking to augment their global product offering range in October 2023.


The most recent innovation from Boston Scientific has showcased the LUX-Dx II+ insertable cardiac monitor (ICM) device. This is a cutting-edge system that ensures more extensive arrhythmias monitoring for conditions such as atrial fibrillation (AFib), cryptogenic stroke, and syncope, among others.


During May 2023, Medtronic plc declared receipt of United States Food and Drug Administration (FDA) approval for Micra AV2 and Micra VR2 being next-generation iterations of their top-rated miniaturized, leadless pacemakers. The approval can enhance the company’s cardiac rhythm management devices portfolio and create higher sales.


In 2023, Boston scientific received FDA clearance and launched the next-generation LUX-Dx II/II+ICM system designed for long-term monitoring of arrhythmias.


Abbott rolled out Asert-IQ, a Bluetooth-enabled implantable cardiac monitoring for long-term heart rhythm observations, in May 2023.


Abbott on April 2022, announced that the Aveir single-chamber (VR) leadless pacemaker had been given a nod by ASEAN authorities. It means a great leap forward both for sufferers of slow heart rhythms in America specifically and patient care generally because this approval introduces new features that patients have never seen before while treating this condition or dealing with doctors trained to address it.


Boston Scientific Corporation reached an agreement with Baylis Medical Company Inc. on advanced transseptal access solutions as well as guidewires, sheaths, and dilators used for catheter-based left-heart procedures in February 2022.



Increased cardiac illnesses, changing lifestyles, technological improvements in cardiac devices, knowledge of cardiac disorders, healthcare programs, and an increase in the number of unmet medical requirements in both developed and developing countries have all contributed to the market's expansion. During the forecast period, however, the development of novel MRI-labeled devices and the growth of the Asia-Pacific economy are expected to drive the cardiac monitoring device market. Family history, ethnicity, and age are all important risk factors for Cardiac Monitoring and Cardiac Rhythm Management Device Market. The use of tobacco, high blood pressure (hypertension), high cholesterol, obesity, physical inactivity, diabetes, poor diets, and alcohol use are all risk factors. There has been an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity as a result of lifestyle changes, all of which contribute to the rising incidence of Cardiac Monitoring and Cardiac Rhythm Management devices around the world.




Segmentation


The global cardiac monitoring and cardiac rhythm management device market is segmented into types of cardiac devices, types of cardiac monitoring devices, types of cardiac rhythm management devices, and end-users. Further, the types of cardiac devices are segmented into pacemaker, biventricular pacemaker, implantable cardioverter defibrillator, and implantable cardiac loop recorder. Based on the 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 telelectro-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. Defibrillations are further sub-segmented into implantable defibrillators and external defibrillators. Based on end-user the market is segmented into hospitals, ambulatory surgical centers, and others.


Regional Market Summary


The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The market of cardiac monitoring and cardiac rhythm management device in the Americas has been further segmented into North America and South America, with the North American market divided into the US and Canada. The European cardiac monitoring and cardiac rhythm management device market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market of cardiac monitoring and cardiac rhythm management device in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The cardiac monitoring device market in the Middle East and Africa has been segmented into the Middle East and Africa.


In terms of market value, North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. The increasing investment by North America in cardiac devices over the last few years has led to the growth of the market in this region. Increasing number of cardiac patients, better healthcare infrastructure, and advanced technology in cardiac monitoring equipment have boosted the market of cardiac monitoring and cardiac rhythm management device in North America. The European market is expected to be the second-largest cardiac monitoring device market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, a growing number of surgeries due to the changing lifestyle is contributing to the growth of the market in this region. Asia-Pacific is expected to be the fastest-growing cardiac monitoring device market during the forecast period owing to the increasing prevalence of cardiac diseases, rising investments in healthcare, increasing geriatric population, and expansions by market players in the region. Asia-Pacific is giving strong competition in the global cardiac monitoring device market by producing cost-effective products that are high in demand in local as well as global markets. The market in the Middle East and Africa is expected to account for the smallest share in the global cardiac monitoring device market due to the underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.


Key Players


Some of the key players in the global cardiac monitoring and cardiac rhythm management device market are Abiomed, Berlin Hearth, Brotionik SE and Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric(GE), Hill Rom Services Inc, Jarvik Hearth. Inc, Koninklijke Philips N.V, LivaNova plc, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc, Schiller, and Abbott.


Cardiac Monitoring and Cardiac Rhythm Management Device Market Segment


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Devices Outlook



  • Pacemaker

  • Biventricular Pacemaker

  • Implantable Cardioverter Defibrillator

  • Implantable Cardiac Loop Recorder


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Monitoring Devices Outlook



  • Electrocardiogram (ECG)

  • Telelectro-Cardiogram

  • Wireless ECG

  • Lead ECG Test

  • Holter Monitor

  • Event Monitor

  • Implantable Loop Recorder

  • Cardiac Output Monitoring Device


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Rhythm Management (CRM) Devices Outlook



  • Defibrillators

  • Implantable Defibrillators

  • External Defibrillators

  • Pacemakers

  • Cardiac Resynchronization Therapy Devices


Cardiac Monitoring and Cardiac Rhythm Management Device End-User Outlook



  • Hospital

  • Home/Ambulator

  • Others


Cardiac Monitoring and Cardiac Rhythm Management Device Region Outlook


America



  • North America

  • US

  • Canada

  • South America


Europe



  • Western Europe

  • Germany

  • France

  • Italy

  • Spain

  • UK

  • Rest of Western Europe

  • Eastern Europe


Asia-Pacific



  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Rest of Asia-Pacific


Middle East and Africa



  • Middle East

  • Africa


Recent Development


November 2023: Medtronic announces the launch of its new Micra AV ICD, the world's smallest fully implantable pacemaker and defibrillator. The Micra AV ICD is designed to provide patients with a more comfortable and discreet way to manage their heart rhythm disorders.October 2023: Abbott launches its new Navistar ablation catheter for the treatment of atrial fibrillation. The Navistar catheter is designed to provide physicians with greater control and precision during ablation procedures.September 2023: Boston Scientific announces the launch of its new VertaFlex peripheral vascular intervention (PVI) catheter. The VertaFlex catheter is designed to provide physicians with a more flexible and maneuverable option for treating peripheral vascular disease.August 2023: Biotronik announces the launch of its new CardioMessenger Neo remote monitoring system for cardiac rhythm management devices. The CardioMessenger Neo system is designed to provide clinicians with real-time data on patient status, and to alert them to any potential problems.July 2023: Philips Healthcare announces the launch of its new IntelliVue X3 anaesthesia monitor with integrated cardiac rhythm management capabilities. The IntelliVue X3 monitor is designed to help clinicians monitor and manage patients with cardiac rhythm disorders more effectively.




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