Cardiac Monitoring and Cardiac Rhythm Management Market by Product (Cardiac Monitoring Devices and Cardiac Rhythm Management Devices), End-user (Hospitals, Ambulatory Centers, Home Healthcare and Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cardiac monitoring and cardiac rhythm management market is expected to grow from USD 29.83 billion in 2019 and to reach USD 54.92 billion by 2027, growing at a CAGR of 7.93% during the forecast period 2020-2027.
The increasing prevalence of heart diseases has increased the focus on cardiac monitoring and cardiac rhythm management. The cardiac procedures are becoming more advance owing to the growing healthcare expenditure in many regions, which has lead to the growth of the market. The increase in demand for minimally invasive technology has ultimately resulted in the growth of cardiac monitoring and cardiac rhythm management.
The cardiac monitoring is generally used to identify any disorders related to the heart rhythm. It is also used for determining the right course of the treatment. Continuous heart monitoring is essential in the diagnosis of heart palpitations, atrial fibrillation, unexplained fainting, and unexplained stroke. There are different types of cardiac monitoring that vary in the duration of their use and also in the methods in which the information is captured. The most common way of cardiac monitoring is through electrocardiography.
The demand for advanced cardiac devices such as MRIs, AEDs, ICDs, etc. is increasing gradually nowadays owing to the efficiency of these devices in the diagnosis of heart diseases. Additionally, the growing number of the needs of the medical sector in many regions has also been a primary factor for market growth. Apart from this, the patients are themselves becoming more aware of the benefits of cardiac monitoring and cardiac rhythm management. However, the market is getting hampered by a restricted number of insurance coverage options, non-preference for devices over the medicines, and, most important, the high cost of the devices.
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Key players operating in the global cardiac monitoring and cardiac rhythm management market include Stryker Corporation, Koninklijke Philips N.V., BIOTRONIK, Boston Scientific Corporation, Microport Scientific Corporation, Zoll Medical Corporation, Nihon Kohden Corporation, GE Healthcare, Spacelabs Healthcare, Abbott, Hill-Rom Holdings, Biotelemetry, Medtronic, Schiller, and others. The manufacturers of the cardiac monitoring and cardiac rhythm management market are seeking to gain higher market shares by adopting expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, in order to maintain their position in the market. Koninklijke Philips N.V. and Stryker Corporation are some of the biggest manufacturers present in the global market of cardiac monitoring and cardiac rhythm management.
- In September 2019, a major player, Mindray launched the BeneHeart C Series of AED. This new series is equipped with ResQNavi technology which guides the patient with a step-by-step rescue process.
- In January 2019, Microport, launched Eno, Oto and Teo, the three next generation MR conditioned transvenous pacing systems.
Cardiac rhythm management devices dominated the market and held the largest market share of 69.93% in the year 2019
On the basis of the product segment, the global cardiac monitoring and cardiac rhythm management market includes cardiac devices and cardiac rhythm management devices. The cardiac monitoring devices further include ECG, event monitors, implantable loop recorders, echocardiogram, mobile cardiac telemetry, and others. The cardiac rhythm management devices further include pacemakers, defibrillators, and cardiac resynchronization therapy. The cardiac rhythm management devices segment dominated the market and held the largest market share of 69.93% in the year 2019. There are certain factors, such as an increase in demand for atrial fibrillation is the primary reason for the growth of the segment. Further, the innovation of smart-watches and fitness trackers helps in better screening and detection, which is fuelling the market demand. The sub-segment, defibrillator, accounts for the majority of the market share owing to the increasing demand for advanced defibrillators and growth in the number of cardiac arrests.
Hospitals dominated the market and held the largest market share of 43.01% in the year 2019
On the basis of the end-user segment, the global cardiac monitoring and cardiac rhythm management market includes hospitals, ambulatory centers, home healthcare, and others. The cardiac hospital segment dominated the market and held the largest market share of 43.01% in the year 2019. The hospitals provide intense care to heart patients and perform continuous monitoring with the help of the real-time assessment. It also has the availability of more equipment as compared to the other segments.
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Regional Segment Analysis of the Cardiac Monitoring and Cardiac Rhythm Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global cardiac monitoring and cardiac rhythm management market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 38.29% in the year 2019. The region is witnessing a high number of cardiac disorders such as heart failures, cardiac arrests, cardiac arrhythmias, etc. has been rapidly increasing since the last decade. The growing awareness among the people, along with the favorable government initiatives on this concern, has resulted in the market growth of cardiac monitoring and cardiac rhythm management. Additionally, the region is also focusing on technological advancements such as the use of biocompatible materials, extended battery life, and increased efficiency of the devices for a better and real-time diagnosis. Apart from this, Asia-Pacific is projected to register the highest growth rate during the forecast period. The increasing geriatric population, along with the demand for better medical facilities, are the primary factors for the growth of the market in the region.
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About the report:
The global cardiac monitoring and cardiac rhythm management market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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