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Cardiac Monitoring & Cardiac Rhythm Management Devices Market to Reach USD 29.32 Billion by 2027, Market Trends – Growing patient preferences towards wearable cardiac devices

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Cardiac Monitoring & Cardiac Rhythm Management Devices Market to Reach USD 29.32 Billion by 2027, Market Trends – Growing patient preferences towards wearable cardiac devices

February 17
21:40 2021
Market Size – USD 21.75 billion in 2019, Market Growth – CAGR of 4.1%, Market Trends – Growing inclination towards wearable cardiac monitoring devices

The escalating burden of cardiovascular devices and the rapid technological advancement of cardiac monitoring and rhythm management devices are driving the market expansion.

The global Cardiac Monitoring and Cardiac Rhythm Management Devices Market is expected to be valued at USD 29.32 Billion in 2027 from USD 21.75 Billion, registering a CAGR of 4.1% through the forecast period. The growing incidences of cardiovascular disorders in the geriatric populace and increasing levels of stress are predominantly contributing to the market growth. The increasing investment for the R&D activities to develop novel and innovative cardiac monitoring and rhythm devices with enhanced efficiency are projected to further drive the market growth.

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The advent of minimally and less invasive surgical procedures and technologies are expected to stimulate the market expansion further. Additionally, the increasing inclination of patients towards wearable cardiac monitoring devices is projected to add traction to the market growth. The fast-paced life, rapid urbanization, and increasing exposure to stress and unhealthy living conditions have increased the cases of cardiovascular devices, thereby driving the demand for cardiac monitoring devices. Moreover, the escalating usage of ambulatory and home cardiac monitoring services are expected to propel the market growth further.

However, the increasing product recalls and stringent regulatory framework and policies concerned with the product approvals might impede the market growth. The high costs associated with the devices is also projected to act as a major market growth restraining factor.

Key Highlights from the Report:

  • The ECG devices segment is projected to account for a significant share of the market in the estimated timeframe owing to the augmenting incidences of cardiovascular disorders in the geriatric populace and the escalating adoption of ECG devices in ambulatory centers and emergency rooms. The segment accounted for a 48.8% share in 2019.
  • The defibrillators segment is foreseen to expand at a CAGR of 4.4% during the projected timeframe owing to the rapid technological advancements in the preexisting defibrillators.
  • The hospital segment accounted for a sizeable share of the global market owing to the implementation of favorable reimbursement policies, improved healthcare infrastructure, enhanced patient outcomes, and timely diagnosis and treatment.
  • The Asia Pacific region is foreseen to proliferate at a significant growth rate in the projected timeframe owing to the rising efforts by the government bodies to improve the healthcare infrastructure, increasing incorporation of intelligent technologies, and the escalating incidences of cardiac disorders among the geriatric population in the region.  
  • Prominent companies operating in the market include Medtronic, Plc., GE Healthcare, Abbott Laboratories, Koninklijke Philips N.V., Boston Scientific Corporation, Biotronik, Hillrom Holdings, Inc., Asahi Kasei Corporation, Microport Scientific Corporation, and Nihon Kohden Corporation,  among others.
  • In 2019, Abbott Laboratories introduced a novel smart heart monitor to detect arrhythmia efficiently to benefit people suffering from extensively irregular heartbeats.

For the purpose of this report, Emergen Research has segmented the global Cardiac Monitoring & Cardiac Rhythm Management Devices Market on the basis of type, product, end-user, and region:

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Type Outlook (Revenue, USD Billion; 2017-2027)

  • Mobile Cardiac Telemetry Devices
  • Implantable Loop Recorders
  • Event Monitors
  • ECG Devices (Stress ECG Devices, Resting ECG Devices, Holter Monitors)
  • Cardiac Output Monitoring Devices

Product Outlook (Revenue, USD Billion; 2017-2027)

  • Pacemakers (External Pacemakers and Implantable pacemakers)
  • Defibrillators (External Defibrillators and Implantable Cardioverter Defibrillators)

End Users Outlook (Revenue, USD Billion; 2017-2027)

  • Clinics, Ambulatory Surgery Centers, and Cardiac Centers
  • Hospitals
  • Other End Users

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S.
    • Canada
    • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • BENELUX
      • Rest of Europe
      • Asia Pacific
        • China
        • Japan
        • South Korea
        • Rest of APAC
        • Latin America
          • Brazil
          • Rest of LATAM
          • Middle East & Africa
            • Saudi Arabia
            • U.A.E.
            • Rest of MEA

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Contact Person: Eric Lee
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City: Surrey
State: British Columbia
Country: Canada
Website: https://www.emergenresearch.com/industry-report/cardiac-monitoring-and-cardiac-rhythm-management-devices-market

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