Newark, NJ, Feb. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cardiac monitoring & cardiac rhythm management devices market is expected to grow from USD 29.3 billion in 2019 to USD 44.29 billion by 2027, at a CAGR of 5.3% during the forecast period 2020-2027.
Cardiac disorders, such as cardiac arrhythmias, heart failure, and cardiac arrests, are growing at a rapid rate in the United States., which is further advancing the growth of the cardiac monitoring & cardiac rhythm management devices market in the region. The emerging economies such as India and China may provide opportunities for new participants in the market, which is driven by their evolving populations as well as the increasing number of medical institutions, hospitals, and clinics in these countries.
A cardiac rhythm management device is used to control and manage the heart's rhythm and function. These devices are used if the user has any arrhythmia-related diseases such as heart failure, cardiac arrests, or cardiac arrhythmias. It is normally implanted inside the chest cavity close to the heart. These devices have been used majorly for patients with cardiovascular diseases as it helps in normalizing and managing the heart's functioning. According to WHO, cardiovascular diseases are a major cause of death globally, killing over 30- 35 million people annually. In the upcoming years, it has been projected that 130-150 million will be affected by CVD. It can be avoided if the person is monitored regularly and may get an early diagnosis if any heart abnormalities are present. COVID has also contributed largely to the CM & CRM market. Due to such high demands, the CM & CRM market devices are used to save these patients.
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Key players operating in the global cardiac monitoring & cardiac rhythm management devices market include Boston Scientific, GE Healthcare, Medtronic, Abbott Laboratories, Biotronik, Asahi Kasei Corporation, Hill-Rom Holdings, Schiller AG, BPL Medical Technologies, Shenzhen Mindray Bio-Medical Electronics, Shree Pacetronix, Narang Medical Limited, Progetti Srl, and MeTrax GmbH, among others. To gain a significant market share in the global cardiac monitoring & cardiac rhythm management devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. GE Healthcare and Medtronic are some of the biggest manufacturers and suppliers of cardiac monitoring & cardiac rhythm management devices in the global market.
- For instance, in 2017, Abbott acquired St. Jude Medical and entered into the pacemaker market. Abbott received approval for both the Tendril MRI pacing lead and the Assurity MRI pacemaker. The Assurity MRI pacemaker is one of the longest-lasting & compact wireless MRI-compatible pacemaker. This helps the company to maintain its competitive edge.
- Microport launched Oto, Teo, and Eno in January 2019. These are next-gen MR conditioned transvenous pacing systems.
ECG dominated the market and was valued at USD 5.2 billion in the year 2019
The cardiac monitoring devices type segment consists of ECG, implantable loop recorders, mobile cardiac telemetry, echocardiogram, event monitors, and others. ECG dominated the market and was valued at USD 5.2 billion in the year 2019. The commercialization of novel products, regional expansions, technological advancements, and government initiatives are expected to boost the cardiac monitoring & cardiac rhythm management devices market in the forthcoming years.
Defibrillators dominated the market and held the largest market share of 38.0% in the year 2019
Based on cardiac rhythm management devices type, the market has been segmented into defibrillators, pacemakers, and cardiac resynchronization devices. Defibrillators dominated the market and held the largest market share of 38.0% in the year 2019. The dominance of this segment is due to the rising product popularity for cardiac rhythm management, especially Transvenous Implantable Cardioverter Defibrillators and Subcutaneous Implantable Defibrillators, in major markets such as India, China, the U.S., and many other European countries.
Hospitals dominated the market and held the largest market share of 42.65% in the year 2019
Based on end-user, the market has been segmented into ambulatory centers, hospitals, home healthcare, and others. Hospitals dominated the market and held the largest market share of 42.65% in the year 2019. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and a broad range of services.
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Regional Segment Analysis of the Cardiac Monitoring & Cardiac Rhythm Management Devices 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 & cardiac rhythm management devices market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as high rate government regulatory approvals, growing aging population, increasing disposable income, and rapid technological advancements like miniaturization, long battery life, and biocompatible or leadless materials. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the presence of significant untapped opportunities, growing demand for better healthcare and, the rapid development of medical technology.
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About the report:
The global cardiac monitoring & cardiac rhythm management devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the 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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