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Market Size of Cardiac Monitoring and Cardiac Rhythm Management Devices is Estimated to Reach USD 32.3 Billion by 2030 Growing at a CAGR of 6.7% during the Forecast Period.
The cardiac monitoring and cardiac rhythm management devices market is influenced by various factors that collectively shape its dynamics. One critical factor in the market is the growing prevalence of cardiovascular diseases (CVDs). The increase in cardiovascular diseases has been caused by age escalation in populations across the world along with lifestyle alterations which have led to an increased demand for cardiovascular monitoring and rhythm control instruments. These devices are used to diagnose, treat, manage, or monitor several cardiac conditions resulting in their increased adoption.
Technological advancement also significantly affect this market. Continuous innovation in these cardiac devices improves their performances making them more effective, user friendly thus capable of providing real-time data. Other than that, incorporation of advanced technologies such as machine learning and artificial intelligence enhances diagnosis and therapeutic capacity of these devices among others. This evolution not only attracts healthcare providers but it also creates competitive environment within the industry players who strive to offer cutting edge solutions.
Another major expansion driver for the market includes rising awareness towards preventive health care among individuals. People are now becoming proactive about their heart’s wellness resulting into a surge on the demand for portable and easy-to-use monitors for hearts disease patients. Moreover, this shift aligns well with ongoing trend within the industry where patient-centered approach together with home-based digital solutions are being used as means of enabling self-care among chronic condition sufferers while allowing healthcare providers to personalize care given.Clearly, there has been an upswing in recent years amongst consumers’ desire for community-based care delivery system which is based on individual’s health tracking apps or telemedicine platforms.
Market consolidation through mergers and acquisitions is another notable factor influencing the cardiac monitoring and rhythm management devices market. Larger companies often acquire smaller firms with specialized expertise or innovative technologies, expanding their product portfolios. This consolidation enhances market competitiveness and accelerates the development and commercialization of advanced devices. Additionally, collaborations and strategic partnerships between industry players, healthcare providers, and research institutions contribute to the overall growth and development of the market.
Cardiac Monitoring advance technologies global Market Highlights:
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. 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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