According to the new market research report “Cardiac Monitoring and Cardiac Rhythm Management Devices Market By Product, CM (ECG (Holter Monitor), ILR, Event Monitor)), CRM ((Defibrillator (ICD) External (AED)), Pacemaker (CRT P, Dual Chamber Pacemaker)), End User & Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Global Cardiac Monitoring Devices Market is projected to reach USD 26.8 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 4.0% from 2020 to 2025.
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The growth of this market is driven by the increasing prevalence of cardiovascular diseases; availability of reimbursement for CM & CRM devices; launch of innovative products by market players; increasing investments, funds, and grants for research on CM & CRM devices; and the growing preference for wearable cardiac devices.
“ECG Devices is expected to hold the largest share of the Cardiac Monitoring Devices Market in 2020”
On the basis of cardiac monitoring devices by type, the market is segmented into ECG devices, event monitors, implantable loop recorders (ILRs), cardiac output monitoring (COM) devices, mobile cardiac telemetry (MCT) devices, and smart ECG monitors. In 2019, the ECG devices segment accounted for the largest share of the market. The large share of this segment can be attributed to technological advancements such as the incorporation of advanced algorithms and workflow improvement features, such as simplified operations, touchscreen systems, portability, wireless features, and better connectivity with cardiovascular information systems (CVIS), electronic medical records (EMRs), and ECG management systems.
“Defibrillators is expected to hold the largest share of the cardiac rhythm management devices market in 2020”
On the basis of cardiac rhythm management devices by type, the market is segmented into defibrillators and pacemakers. In 2019, the defibrillators segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. Factors such as technological advancements in defibrillators, rising prevalence of CVD, and growing focus on providing public-access defibrillators are driving the growth of this market.
“Hospitals segment commanded the largest share of the cardiac monitoring and cardiac rhythm management devices market in 2020”
By end user, the cardiac rhythm management devices market is segmented into hospitals; clinics, cardiac centers, and ambulatory surgery centers (ASCs); and other end users. Hospitals accounted for the largest share of the market in 2019. The large share of this segment can be attributed to factors such as the increasing prevalence of CVD, the growing number of patient visits to hospitals for diagnosis, increasing number of cardiac implant procedures, and the availability of reimbursement for these procedures across developed markets
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“North America commanded the largest share of the Cardiac Monitoring Devices Market in 2020.”
On the basis of region, the Cardiac Rhythm Management Devices Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America commanded the largest share of the market. The large share of this market segment can be attributed to the increasing incidence of CVD, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.
The major players operating in this Cardiac Monitoring Devices Market are Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), and Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), MicroPort Scientific Corporation (China), Hill-Rom Holdings (US), Nihon Kohden (Japan), SCHILLER AG (Switzerland), BioTelemetry (US), BPL Medical Technologies (India), ACS Diagnostics (US), Shenzhen Mindray Bio-Medical Electronics (China), Lepu Medical Technology (China), Shree Pacetronix (India), OSYPKA (Germany), and BTL t(US), Alivecor, Inc. (US), Amiitalia (Italy), Bexen Cardio (Spain), Narang Medical Limited (India), MeTrax GmbH (Germany), and Progetti Srl (Italy).