CHICAGO, May 2, 2024
/PRNewswire/ -- Cardiac Monitoring & Cardiac Rhythm
Management Devices Market in terms of revenue was
estimated to be worth $21.3 billion
in 2024 and is poised to reach $26.4
billion by 2029, growing at a CAGR of 4.3% from 2024 to 2029
according to a new report by MarketsandMarkets™.
Market is driven by factors such as rising in aging population
as the global population ages, there is a higher incidence of
cardiac conditions associated with aging, such as atrial
fibrillation and heart failure. On the other hand, Cost Constraints
is expected to limit market growth to a certain extent in the
coming years. As High upfront costs associated with cardiac
monitoring and rhythm management devices may limit adoption,
particularly in resource-constrained healthcare settings or for
patients without adequate insurance coverage. Likewise, Continued
advancements in technology offer opportunities for the development
of more sophisticated and effective cardiac monitoring and rhythm
management devices. Innovations such as miniaturization, wireless
connectivity, artificial intelligence (AI), and remote monitoring
capabilities can improve device performance, patient outcomes, and
user experience. However, availability of lack of practiced
professionals is anticipated to hinder market development.
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Browse in-depth TOC on "Cardiac Monitoring & Cardiac
Rhythm Management Devices Market"
424 - Tables
48 - Figures
313 -
Pages
Cardiac Monitoring & Cardiac Rhythm Management Devices
Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$21.3
billion
|
Estimated Value by
2029
|
$26.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 4.3%
|
Market Size Available
for
|
2022–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Enteral feeding devices
– Type, Age Group, Application, End user and Region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Latin America, and the Middle East and Africa and
GCC countries
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Wearable technologies
and mobile health (mhealth) applications
|
Key Market
Drivers
|
Growing geriatric
population and subsequent increase in cvd prevalence
|
Resting ECG in ECG type segment to witness the highest shares
during the forecast period."
Based on the type, the global cardiac monitoring & cardiac
rhythm management devices market is segmented into Resting ECG
Devices, Stress ECG Devices, Holter Monitors, Smart ECG Monitors,
Event Monitors. The Resting ECG Devices is expected to dominate
because of its wider application. Resting ECG is the most commonly
performed type of ECG test and is widely used in clinical practice
for routine cardiac screening, diagnosis, and monitoring. It is a
non-invasive, cost-effective, and readily available diagnostic tool
that can be performed quickly and easily in various healthcare
settings. Similarly, Resting ECG is accessible to a wide range of
healthcare providers, including primary care physicians,
cardiologists, emergency department staff, and allied healthcare
professionals. The simplicity and affordability of resting ECG make
it accessible to patients in various healthcare settings, including
hospitals, clinics, and ambulatory care facilities.
US dominates the North American cardiac monitoring &
cardiac rhythm management devices Market
Based on the North America
region, the cardiac monitoring & cardiac rhythm management
devices Market is divided into US and Canada. US is expected to dominate the cardiac
monitoring & cardiac rhythm management devices Market.
The United States has a highly
advanced and sophisticated healthcare infrastructure, including
research facilities, laboratories, and healthcare institutions.
This infrastructure supports the development, adoption, and
implementation of advanced diagnostic screening such as cardiac.
Similarly, The U.S. is a global hub for biomedical research and
innovation. The presence of leading research institutions, academic
centers, and biotechnology companies fosters a conducive
environment for the development and validation of novel diagnostic
as well as research of cardiac devices.
Japan dominates the
Asia Pacific cardiac monitoring
& cardiac rhythm management devices Market
The APAC Carrier Screening Market is segmented into
Japan, China, India,
and Rest of APAC. In 2023, Japan
accounted for the largest share of the Asian cardiac monitoring
& cardiac rhythm management devices Market. The large share of
Japan can be attributed to the
presence of Advanced Healthcare Infrastructure, as Japan boasts a highly advanced healthcare
infrastructure with modern medical facilities, state-of-the-art
equipment, and well-trained healthcare professionals. The country's
advanced healthcare system enables the adoption of cutting-edge
cardiac monitoring and rhythm management technologies similarly,
Japan has one of the oldest
populations globally, with a large proportion of elderly
individuals who are at increased risk of developing cardiovascular
diseases. Moreover, Japan has a
relatively high level of healthcare expenditure, with substantial
investments in medical infrastructure, research and development,
and healthcare services.
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Cardiac Monitoring & Cardiac Rhythm Management Devices
Market Dynamics:
Drivers:
- Growing geriatric population and subsequent increase
in CVD prevalence
- Availability of reimbursement for CM & CRM
devices
- Rising awareness and prevention initiatives
- Increasing investments, funds, and grants for research
- Growing preference for wearable cardiac devices
Restraints:
- High device cost
- Adverse effects and associated complications
Opportunities:
- Measures to reduce infections caused by CIEDs
- Untapped emerging markets
Challenge:
- Risk of associated cybersecurity vulnerabilities
- Frequent product recalls
- Stringent regulatory requirements delaying the approval of
cardiac devices
- Dearth of skilled professionals
Key Market Players of Cardiac Monitoring & Cardiac
Rhythm Management Devices Industry:
The major players in the cardiac monitoring & cardiac rhythm
management devices Market are Abbott Laboratories (US), Medtronic
(Ireland), Boston Scientific
Corporation (US), GE HealthCare (US), Koninklijke Philips N.V.
(Netherlands), Asahi Kasei
Corporation. (Japan), MicroPort
Scientific Corporatio (China),
Baxter. (US), NIHON KOHDEN CORPORATION.(Japan), BIOTRONIK (Germany)
The primary interviews conducted for this report can be
categorized as follows:
- By Company Type: Tier 1 - 32%, Tier 2 - 44%, and Tier 3 -
24%
- By Designation: C-level - 30%, D-level - 34%, and Others -
36%
- By Region: North America -
40%, Europe - 28%, Asia Pacific - 20%, and the Rest of the World
– 12%
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Recent Developments of Cardiac Monitoring & Cardiac
Rhythm Management Devices Industry:
- In 2023, Abbott launched Asert-IQ, a Bluetooth-enabled
insertable cardiac monitor for the long-term monitoring of heart
rhythms.
- In 2023, Boston Scientific received FDA clearance and launched
the next-generation LUX-Dx II/II+ ICM system for long-term
monitoring of arrhythmias.
- In 2021, Baxter International announced the acquisition of
Hillrom. Baxter paid USD 156.00 in
cash for each outstanding share of Hillrom common stock for a
purchase price of USD 10.5 billion
(based on Hillrom share counts at closing).{deal size USD 12.5 billion}
Cardiac Monitoring & Cardiac Rhythm Management Devices
Market - Key Benefits of Buying the Report:
This report studies the cardiac monitoring & cardiac rhythm
management devices market based on Type, Application, Procedure,
End User, and Region. The report also analyses factors (such as
drivers, restraints, opportunities, and challenges) affecting the
market growth. It evaluates the opportunities and challenges in the
market for stakeholders and provides details of the competitive
landscape for market leaders. The report also studies micromarkets
with respect to their growth trends, prospects, and contributions
to the total cardiac monitoring & cardiac rhythm management
devices market. The report forecasts the revenue of the market
segments with respect to four major regions.
The report provides insights on the following
pointers:
- Market Drivers: Comprehensive information about driving factors
of the markets. The report analyses the markets drivers across key
geographic regions.
- Market Penetration: Comprehensive information on cardiac
monitoring & cardiac rhythm management devices Market products
offered by the top 25 players in the market. The report analyses
the cardiac monitoring & cardiac rhythm management devices
market by Product & Service, Type, Medical Condition,
Technology, End User, and Region.
- Market Development: Comprehensive information about lucrative
emerging markets. The report analyses the markets for various
securement devices across key geographic regions.
- Market Diversification: Exhaustive information about untapped
geographies, recent developments, and investments in the cardiac
monitoring & cardiac rhythm management devices market
- Competitive Assessment: In-depth assessment of market shares
and strategies of the leading players in the cardiac monitoring
& cardiac rhythm management devices market
- Market Position: It will upkeep stakeholders better understand
the competitive landscape and gain more insights to better position
their business and make suitable go-to-market strategies.
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Cardiac Rhythm Management Devices Companies and Cardiac Monitoring
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