Press release
Cardiac Monitoring and Cardiac Rhythm Management Market to Touch $32,216 Million by 2022
Cardiac Monitoring and Cardiac Rhythm Management Market
Global cardiac monitoring & cardiac rhythm management market is expected to reach $32,216 million by 2022 from $19,397 million in 2015, growing at a CAGR of 7.6% from 2016 to 2022. Defibrillators are estimated to generate the highest revenue among all segments during the forecast period, owing to increasing adoption of technologically advanced defibrillators, growing demand for quality medical care, high incidences of sudden cardiac arrest (SCA), across the globe.
Technological advancements in cardiac monitoring & cardiac rhythm management devices, awareness among patients about monitoring of the heart and treatment options for management of cardiac disorders, and increasing number of unmet medical needs in developing and under developed regions of the world are expected to drive the market growth.
However, limited insurance coverage, high cost of devices (especially in developing nations) and preference for drugs over treatment devices will hamper the market growth. Conversely, development of new MRI-labeled devices and growth opportunities in emerging economies of the Asia-Pacific and LAMEA regions are expected to provide opportunities for market growth during the forecast period.
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The ECG devices was the predominant segment in 2015, accounting for 5,260 thousand units, and is expected to grow at a CAGR of 9.0% (in volume) during the forecast period. Event Monitors is projected to be the fastest growing segment, with a CAGR of 33.8% during the forecast period.
Event monitors are very small and light weight, which makes them easy to be carried by the patient. In addition to this, longevity of the devices also propels growth as an event monitor can be used for up to a month depending on the frequency of the symptoms. Apart from this with the rise in the incidence of diseases such as arrhythmia and myocardial infraction, the demand for event monitors is expected to increase during the forecast period.
Key findings of Cardiac Monitoring & Cardiac Rhythm Management Market:
o Based on product type, defibrillators segment accounted for nearly two-fifth of the total market in 2015
o Event monitors are expected to grow at the highest rate (with a CAGR of 33.8%) owing to their lightweight, portable nature and long battery life
o Based on end user, hospitals & clinics accounted for more than three-fourth of the total market in 2015
o Ambulatory Surgical Centers (ASCs) is expected to grow at the highest CAGR (10.0%) throughout the forecast period, as they provide a cost-effective and high-quality alternative to hospital-based treatment
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Key players have adopted product development as their key strategy to cater to the changing needs of the industry. Major players operating in this market include 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, and St. Jude Medical, Inc.
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