Taking Pulse of Cardiac Monitoring and Cardiac Rhythm Management Device Market

  • Growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide.
  • Stringent regulatory approval procedures and the high cost of cardiac devices are a couple of the factors which are hampering market growth.
  • In terms of market value, North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period.

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.

Market Drivers

Growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide. An increasing demand for minimally invasive surgeries, technical advancements in drug-eluting, MRI compatible pacemakers, and Holter monitors are some of the other factors leading to market growth.

Market Inhibitors

However, stringent regulatory approval procedures, the high cost of cardiac devices, lack of reimbursement policies in developing countries, preference of drugs over devices in cardiac treatment, and limited insurance coverage options are some of the factors which are hampering market growth.

Monitoring devices keep getting smaller, even smaller than this miniature monitoring device.

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.

The global cardiac monitoring and cardiac rhythm management device market size is expected to grow during the forecast period (2018 to 2023) at a CAGR ~4%.

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.

Regional Market Summary

The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The cardiac monitoring and cardiac rhythm management device market 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.

Growth of the global cardiac monitoring device market is driven by the high prevalence of cardiovascular disorders worldwide.

The cardiac monitoring and cardiac rhythm management device market 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.

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.

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 growth of the market in this region. An increasing number of cardiac patients, better healthcare infrastructure, and advanced technology in cardiac monitoring equipment have boosted the cardiac monitoring and cardiac rhythm management device market in North America.

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Dipak Gaikwad

Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. 
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