Cardiac Monitoring & Cardiac Rhythm Management Devices Market Worth $26.4 billion | MarketsandMarkets™

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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Cardiac Monitoring & Cardiac Rhythm Management Devices Market Scope:

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:

1. Growing geriatric population and subsequent increase in CVD prevalence
2. Availability of reimbursement for CM & CRM devices
3. Rising awareness and prevention initiatives
4. Increasing investments, funds, and grants for research
5. Growing preference for wearable cardiac devices

Restraints:

1. High device cost
2. Adverse effects and associated complications

Opportunities:

1. Measures to reduce infections caused by CIEDs
2. Untapped emerging markets

Challenge:

1. Risk of associated cybersecurity vulnerabilities
2. Frequent product recalls
3. Stringent regulatory requirements delaying the approval of cardiac devices
4. 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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