Cardiac Monitoring and Cardiac Rhythm Management Device Market by Cardiac Device, Cardiac Monitoring, CRM, Analysis with Growth and Trends 2023

The report by Market Research Future provides an in-depth analysis of regional data with Growth Potential, Opportunities, Drivers, Industry-Specific Challenges

A cardiac monitoring device enables the observing of a patient’s cardiac activity. A cardiac rhythm management device maintains a normal cardiac rhythm in patients suffering from irregular heart rate and rhythm disorder. According to the analysis conducted and the latest report published by MRFR, the global cardiac monitoring and cardiac rhythm management device market are estimated to record a 4% CAGR during the forecast period. Many factors are leading the global market for cardiac monitoring and cardiac rhythm management devices through the review period.

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Some of these factors include the increasing cardiac disorders, changing lifestyles, as well as, technological advancements in cardiac devices. Further, the rising awareness towards cardiac disorders and healthcare programs is contributing heavily to the unparalleled growth witnessed by the global cardiac monitoring and cardiac rhythm management device market. The increasing unmet medical needs in developing and underdeveloped economies have also led to the proliferating adoption of cardiac monitoring and cardiac rhythm management devices in different healthcare organizations and hospitals. The development of new MRI-labeled devices and the economic development in Asia Pacific are likely to drive the cardiac monitoring and cardiac rhythm management device market to a great extent.

Further, increasing technical advancements observed in the drug-eluting, MRI compatible pacemakers, and Holter monitors are some other factors pushing the cardiac monitoring and cardiac rhythm management device market during the forecast period. Intensifying demand for minimally invasive surgeries is correspondingly witnessed to drive growth in the cardiac monitoring and cardiac rhythm management device market. However, some factors are posing as hindrances in the growth of the global cardiac monitoring and cardiac rhythm management device market. Some of the factors refraining the market from growing include stringent regulatory approval procedures, high cost of cardiac devices, and the lack of reimbursement policies in developing countries.

Market Segmentation

The global cardiac rhythm management and cardiac monitoring device market has been analyzed for various segments. Such segmentation has been carried out on the basis of type, end-users, and region. On the basis of type, the global cardiac monitoring and cardiac rhythm management device market has been segmented into cardiac devices, types of cardiac monitoring devices, and types of cardiac rhythm management devices. Further, the types of cardiac devices segment is further segmented into pacemaker, implantable cardioverter defibrillator, biventricular pacemaker, loop recorder, and implantable cardiac.

The types of cardiac monitoring devices segment has been further sub-segmented into electrocardiogram (ECG), Holter monitor, implantable loop recorder, event monitor, and cardiac output monitoring devices. The Electrocardiogram segment is further sub-segmented into telelectro-cardiogram, lead ECG test, and wireless ECG.

The segment for cardiac rhythm management devices has been sub-segmented into defibrillators, cardiac resynchronization, therapy devices, and pacemakers. The defibrillators segment is further sub-segmented into implantable defibrillators and external defibrillators. Based on end-users, the global cardiac monitoring and cardiac rhythm management device market is segmented into ambulatory surgeries and hospitals.

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Detailed Regional Analysis

The global cardiac monitoring and cardiac rhythm management device market has been studied for the regional segments of the Americas, Europe, Asia Pacific, and the Middle East & Africa. North America is likely to govern the global cardiac monitoring and cardiac rhythm management device market during the forecast period. Increasing investments by North America in cardiac devices in the last few years has contributed heavily to the ascension of the market in the region. A rising number of cardiac patients, better healthcare infrastructure, and advanced cardiac monitoring technology are also estimated to drive the market to a great extent.

Asia Pacific is expected to garner fastest market growth during the assessment period due to the swelling prevalence of cardiac diseases, mounting investments in healthcare, increasing geriatric population, and the expansion of market players in the region. Asia Pacific is likely to create new growth avenues for cardiac monitoring and cardiac rhythm management device market owing to the production of cost-effective products that are highly demanded in local and global markets. 

Key Players

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

Industry Update

May 2019: Abbott announced the launch of their latest, smarter heart monitor for better arrhythmia detection. The next-generation Confirm Rx insertable cardiac monitor (ICM) is a paper-sized implantable device that combines smartphone connectivity and can be monitored remotely to track unpredictable hearth rhythm problems. 

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