Cardiac Monitoring & Cardiac Rhythm Management Market Size to Grow at a CAGR of 4.2% During the Forecast Period 2020-2025

Cardiac Monitoring & Cardiac Rhythm Management Market size is estimated to be $20.6 billion in 2019, growing at a CAGR of 4.2% during the forecast period 2020-2025. Cardiac Monitoring devices are used by clinicians to assess the presence and severity of cardiac diseases and to evaluate the efficacy of treatments including drugs, interventions, operations and device implants. Cardiac Rhythm Management is a procedure wherein a device is implanted with the upper chest to control both fast and slow cardiac rhythm by using electrical pulses. Growing geriatric population and the increase in the number of people suffering cardiovascular diseases, technological advancement, and the increasing awareness among consumers regarding the benefits of cardiac monitoring devices are some of the key factors contributing to its market growth. Moreover, the remote cardiac monitoring devices or remote heart monitoring is a technique by which information from a patient’s implantable rhythm management device can be communicated directly to a physician’s office. Therefore, the increasing developments and the benefits of remote cardiac monitoring are some of the key factors upsurging its market growth. Moreover, according to the Centers for Disease Control and Prevention heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the U.S. In addition, heart disease cost in the United States about $219billion each year from 2014 to 2015 which included the cost of health care services, medicines and lost productivity due to death.

Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By Product

By Product, the Cardiac Monitoring & Cardiac Rhythm Management is segmented into Electrocardiogram Devices, Implantable Loop Recorder, Cardiac Output Monitoring Devices, Event Monitors, Pacemakers, Defibrillators, and Others. Defibrillators segment held the largest market share in the year 2019 owing to its benefits to reduce the risk of sudden death by terminating ventricular arrhythmias. Moreover, an implanted cardioverter defibrillator (ICD) is a device that is implanted in the patient’s body to help control the heart rhythm. ICD’s are extremely effective at stopping dangerous arrhythmias and are the most effective therapy for treating ventricular fibrillation, the major cause of sudden cardiac death. The ICD continuously monitors the heart rhythm and delivers a pacemaker shock when the rhythm gets too slow. In addition, if the heart rhythm gets dangerously fast, the ICD deliver a life-saving shock that returns the heart to a normal rhythm. Therefore, the rising benefits of using ICD is a vital factor contributing to its market growth. Also, electrocardiogram devices are projected to witness growth at fastest CAGR of 5.1% in forecast period 2020-2025.

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Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By End-User

Hospitals accounted for the largest market share in 2019 owing to the increasing use of Cardiac Monitoring & Cardiac Rhythm Management in hospitals. Furthermore, trained doctors in the hospitals usually operate ECG devices, pacemakers and others thereby hospital are a major place for treatment. Moreover, technological advancement leading to developments of new devices which are faster, more reliable, and more widely available are further propelling the Cardiac Monitoring & Cardiac Rhythm Management market during the forecast period 2020-2025. In addition, the growth of this segment is majorly due to the increasing number of tests in clinics and hospitals. Furthermore, as a diagnostic tool ECG has been around for a long time and the penetration of these system in hospitals is very high. Despite its established nature, the market continue to evolve with new devices, including ECG monitoring system at healthcare facilities, event monitors for subacute patient monitoring, which patients carry with them to record heart rhythm for short period of time; implantable loop recorders that are surgically inserted into patients and can record heart rhythm for an extended period of time and telemetry and ECG data management solutions. Therefore, the method of implanting these devices in patients at hospitals, clinics and ambulatory centers are some of the key factors contributing to the market growth.

Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By Geography

North America dominated the Cardiac Monitoring & Cardiac Rhythm Management Market with a region share 34% in 2019 followed by Europe and APAC. Rising geriatric population, rapid development, increasing health concerns along with the growing demand of advanced treatment and a better healthcare structure is a major factor propelling its market growth. Moreover, the presence of key players in the region including Abiomed and Abbott in that region is highly supporting the market growth. Furthermore, according to the Centers for Disease Control and Prevention about 805,000 Americans have a heart attack and about 655,000 Americans die from heart disease each year-that’s 1 in every 4 deaths.

Cardiac Monitoring & Cardiac Rhythm Management Market Drivers

Increasing incidence of chronic diseases

Increasing incidence of chronic diseases leading to diabetes and other cardiovascular diseases and the adoption of the Cardiac Monitoring & Cardiac Rhythm Management are some of the key factors driving the cardiac monitoring and cardiac rhythm management market during the forecast period 2020-2025. Moreover, according to the American Heart Association between 2013 and 2016 121.5million Americans had some form of cardiovascular disease and between 2014 and 2015 direct and indirect cost of total cardiovascular disease and stroke were about $351.3billion.

Technological Advancement in Cardiac Monitoring

Technological Advancements in Cardiac Monitoring is a major factor driving Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2020-2025. Moreover, Scanadu Scout helps measure temperature, pulse, oximetry, ECG, heart rate variability, pulse wave transmit time. Besides this, the product launched by the key players are some of the factors contributing to its market growth. For instance, in October 2020 Medtronic launched world’s first pacemaker that can communicate directly with patient’s smartphones and tablets.

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Cardiac Monitoring & Cardiac Rhythm Management Market Challenges

High Cost of Devices

High Cost of Devices serves as a major setback for the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2020-2025. Besides this, preference of drugs over treatment devices is another factor hampering the market growth in the upcoming years.

Cardiac Monitoring & Cardiac Rhythm Management Market Industry Outlook

Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Cardiac Monitoring & Cardiac Rhythm Management Market. Cardiac Monitoring & Cardiac Rhythm Management Market top 10 companies include General Electric Company, Koninklijke Philips N.V., Abiomed Inc., Berlin Heart GmBH, Medtronic Plc., Cardiac Science Corporation, 3M Pharmaceuticals, ELA Medica, Biotronik and Abbott Laboratories.

Cardiac Monitoring & Cardiac Rhythm Management Market Developments:

October 2020: CB Scientific Inc., launched my-cardia ECG products and Services in Thailand.

Key Takeaways

The defibrillators segment held the largest market share in the year 2019 owing to its benefits to reduce the risk of sudden death by terminating ventricular arrhythmias.

Hospitals accounted for the largest market share in 2019 owing to the increasing use of Cardiac Monitoring & Cardiac Rhythm Management in hospitals.

North America dominated the Cardiac Monitoring & Cardiac Rhythm Management Market owing to the rising geriatric population suffering from chronic diseases.

Technological Advancements in Cardiac Monitoring is a major factor driving Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2020-2025.

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