Cardiac Monitoring & Cardiac Rhythm Management Market 2014-2022: Top Companies, Trends and Growth Factors, Global Market Status, Driving Factor Analysis, Competition Status

Global Cardiac Monitoring & Cardiac Rhythm Management Market size was valued at $19,397 million in 2015 and is expected to reach $32,216 million by 2022, growing at a CAGR of 7.6%. The volume market is poised to grow at a CAGR of 13.6% from 2016 to 2022.

Key Players Profiled in the Report are Abiomed, Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric Company (GE), Hill-Rom Holdings, Inc., Jarvik Heart, Inc., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc., SCHILLER AG, St. Jude Medical, Inc.
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Cardiac monitoring (CM) devices help in continuous examination of a patient’s cardiac activity. Cardiac rhythm management (CRM) devices maintain normal cardiac rhythm in patients suffering from rate and rhythm disorders of the heart. These devices play a crucial role in the treatment of serious cardiac disorders, including heart failure, atrial fibrillation, atrial flutter, indications of recent heart attack, coronary ischemia, lack of oxygen supply to cardiac muscles, effects of drugs, and certain genetic errors among others.

The market is driven by factors such as growing incidence of cardiac disorders, technological advancements, patient awareness, and increasing number of unmet medical needs in developing and underdeveloped countries. Conversely, the market is hampered by limited insurance coverage options; high cost of these devices, especially in developing nations; and preference for drugs over treatment devices. However, the development of new MRI-labeled devices and growth opportunities in the emerging economies of Asia-Pacific and LAMEA regions are expected to provide opportunities for growth of cardiac monitoring & cardiac rhythm management industry during the forecast period.

Cardiac monitoring & cardiac rhythm management industry includes a large number of small and large manufacturers at regional as well as global level. The market is consolidated with two large players namely General Electric Company (GE) and Koninklijke Philips N.V., These two players dominate the overall cardiac monitoring devices market.

Segment Review:

The defibrillators segment accounted for the largest market share in 2015. Increasing adoption of technologically advanced defibrillators, growing demand for quality medical care, and high incidence of sudden cardiac arrest (SCA) and cardiovascular diseases (CVDs) are the drivers of the defibrillators market. In addition, increasing focus of public & private organizations and key market players on public access defibrillators, and increasing number of training & awareness programs across the globe fuel the market growth. Moreover, promoting innovation in next generation external defibrillators to improve safety and effectiveness, enhancing the ability of industry, identifying and addressing problems associated with devices by the FDA, and focusing on the SCA are anticipated to create lucrative opportunities for the global defibrillators market.

Brazilian Cardiac Monitoring & Cardiac Rhythm Management Market, Snapshot

Increasing focus of market vendors on the emerging markets, namely Asia-Pacific and LAMEA regions, is expected to boost the market growth. For instance, key players, namely GE Healthcare and Philips Healthcare have heavily invested in the development of their infrastructure, such as R&D centers and production facilities in the emerging countries in the last few years to provide low-cost treatment devices in this region. This has boosted cardiac monitoring market in the region. The market in Brazil is primarily driven by the rising incidence of cardiac disorders coupled with rapidly growing geriatric patient population.

This is evident from an article published in the Journal of the American College of Cardiology 2013, which stated that the estimated prevalence rate of heart failure in Latin America ranges from 64 to 69%. Growth in cardiac rhythm management devices market would also lead to growth in cardiac monitoring devices market as a patient with rhythm disorder would require monitoring as well.

Top Impacting Factors

Growing Incidence of Cardiac Disorders

Geriatric population face various cardiac problems, which leads to heart failures, thereby increasing the demand for pacemakers, ventricular assisted devices (VADs), electrocardiogram (ECG), and implantable cardioverter defibrillators (ICDs). The use of these devices to treat cardiac diseases has increased due to the rise in fatalities due to heart failure and other cardiac abnormalities across the globe. Therefore, this factor has a prominent impact on the growth of CM and CRM devices market.

Technological Advancements

The impact of this factor has a significant effect on increasing the adoption of novel devices, as the market is highly driven by the technological innovation implemented in this sector. Moreover, increase in cardiac diseases is projected to boost the demand for effective treatment solutions. Thus, this factor is expected to continue to have a significant impact on the growth of CM and CRM devices market during the forecast period.

Increasing Patient Awareness

The impact of this factor has affected the market growth in emerging economies, as the adoption of advanced treatment devices is low these regions. There are several innovative and implantable-assisted products available in the market; however, the surgeons and patients in the underdeveloped economies are not well-aware about the devices, thereby hindering the market growth. The impact of this factor is likely to reduce in the future, as manufacturers have collaborated with government hospitals to spread awareness about novel cardiac monitoring & cardiac rhythm management devices.

Learn more at : https://www.prnewswire.com/news-releases/cardiac-monitoring--cardiac-rhythm-management-market-is-expected-to-reach-32216-million-by-2022-globally-612558703.html

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