Cardiac Monitoring and Cardiac Rhythm Management Market, Growth and Trends 2024

Cardiac monitoring devices assist in monitoring and examination of cardiac rate and other activity. However, cardiac rhythm management devices maintain the regular cardiac rhythm for patients undergoing rate and rhythm disorders of the heart. The global cardiac monitoring and cardiac rhythm management market is growing at a significant pace, due to the escalating occurrence of cardiovascular diseases and technological improvement. The market has observed a high demand for defibrillators over the last few years due to the increasing occurrence of cardiovascular disease and the technological improvement of the device.

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Market Segmentation

Insight by Product

By the basis of product, the cardiac monitoring device market is subdivided into event monitors, ECG devices, cardiac output monitors, implantable loop recorders, mobile cardiac telemetry, and smart wearable ECG monitors. ECG devices are estimated to account the biggest share in the market due to the rising occurrence of cardiovascular diseases and expanding the geriatric population. Mobile cardiac telemetry is predicted to grow at fastest pace due to enormous probable for decreasing healthcare costs and quick enhanced diagnosis contrasted to other monitoring modalities.

However, the cardiac rhythm management devices market is further divided by products into defibrillators and pacemakers. Defibrillators are estimated to account the biggest share in the market due to technologically innovative defibrillators, the escalating occurrence of cardiovascular diseases, mounting frequency of cardiac arrest, expanding demand for these devices in emerging countries and increasing demand for quality medical care.

Insight by End-User

The cardiac monitoring and cardiac rhythm management market is further divided by end-user into hospitals, induvial (home) and ambulatory care settings and others. Hospital is estimated to account the biggest share in the market due to a mounting load of cardiovascular & coronary heart diseases, rising usage of these devices in hospitals, boosting the number of patient appointments to physician offices for the diagnosis of cardiovascular diseases & coronary heart disease, and escalating number of cardiac implant procedures.

Industry Dynamics

Growth Drivers

The escalating occurrence of cardiovascular diseases, the speedy upsurge in aging population, mounting healthcare expenditure, and technological improvement are the main growth drivers for cardiac monitoring and cardiac rhythm management market. According to Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to World Health Organization (WHO) approximately 17.7 million people died from cardiovascular diseases in 2015.

Furthermore, smart wear ECG monitors, expanding the necessity for compact devices, and boosting demand in emerging economies are also powering the growth of the cardiac monitoring and cardiac rhythm management market.

Challenges

Inappropriate reimbursement for the remote cardiac device and recurrent product recalls are the key challenges for the growth of cardiac monitoring and cardiac rhythm management market. Lack of trained professionals with proficiency in cardiac monitoring, the inclination of alternative methods such as drugs for treatment over treatment devices, and high price are also few of the factor hindering the global cardiac monitoring and cardiac rhythm management market growth.

Industry Ecosystem

Worldwide, the manufacturing companies trying to enter the cardiac monitoring and cardiac rhythm management industry are required to maintain stringent regulatory standards. Furthermore, the high level of capital requirement also poses a key barrier to the entry of new companies. In addition, novel product introductions and approvals were major stratagems implemented by key industry players to upsurge their market share and provide unfulfilled requirements.

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Geographic Overview

Globally, North America is the biggest cardiac monitoring and cardiac rhythm management market as in the region the occurrence of cardiovascular disease is rising. Heart disease is the leading cause of death in the U.S. According to CDC, in the U.S. approximately 610,000 people die every year due to heart disease. In addition, mounting healthcare expenditure, expanding geriatric population, high availability to the technological improvement of devices and mounting development of innovative and technologically advanced products are also uprising growth of the North American cardiac monitoring and cardiac rhythm management market.

Asia-Pacific countries like China, India, Japan, etc are observed to witness the fastest growth in the cardiac monitoring and cardiac rhythm management market, as the region comprises of the large population base. In addition, expanding the geriatric population, the escalating occurrence of chronic diseases, boosting alertness of these devices, medical tourism, escalating occurrence of cardiovascular and coronary heart diseases, mounting healthcare expenditure and refining healthcare infrastructure are also creating a positive impact on the cardiac monitoring and cardiac rhythm management industry growth in the region.

Competitive Insight

Main players in the cardiac monitoring and cardiac rhythm management market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2018, Philips Royal launched Philips HeartStart Onsite in collaboration with Starting Hearts and a medic assist. It is automated external defibrillators to create a cardiac arrest response system. Medtronic PLC, Cardiac Science, Abbott, Biotelemetry, Boston Scientific, Schiller, GE Healthcare, Koninklijke Philips N.V., Biotronik, Livanova, Hill-Rom Holdings, and Applied Cardiac System are the key players offering cardiac monitoring and cardiac rhythm management.

Source: VynZ Research