Rising prevalence of cardiovascular diseases across the globe, rapid advancements in cardiac monitoring and cardiac rhythm management technology, and increasing R&D investments are some key factors expected to drive global market growth.
Rising prevalence of cardiovascular diseases across the globe, rapid advancements in cardiac monitoring and cardiac rhythm management technology, and increasing R&D investments are some key factors expected to drive global market growth
According to Emergen Research, the global cardiac monitoring & cardiac rhythm management devices market size was USD 21.75 billion in 2019 and is expected to reach USD 29.32 billion in 2027 and register a steady revenue CAGR of 4.1% during the forecast period, 2020-2027.
Market Dynamics:
Cardiac monitoring devices are used for continuously examining cardiac activity of the patients, while cardiac rhythm management systems help in maintaining normal cardiac rhythm in patients with irregular heartbeats and other rhythmic disorders. These devices are rapidly gaining traction owing to increasing prevalence of various cardiovascular diseases such as heart failure, arrhythmia, atrial flutter, coronary ischemia, atrial fibrillation, stroke, and aortic diseases and rising availability of advanced cardiac monitoring and cardiac rhythm management devices. Factors such as growing inclination toward remote patient monitoring, high demand for wearable devices amidst the COVID-19 pandemic, and increasing funds by public and private sectors for development of advanced and user-friendly devices are expected to drive global market revenue growth during the forecast period. In addition, increasing number of product approvals, rising disposable income, and improving overall healthcare infrastructure and management are expected to fuel market growth going ahead.
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However, high cost of cardiac monitoring devices and cardiac rhythm management systems, insufficient funds for deploying the latest devices in many developing and underdeveloped countries, and lack of skilled professionals for handling certain devices are some key factors that can hamper global market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Defibrillators Segment To Register Rapid Revenue CAGR:
The defibrillators segment is expected to register rapid revenue CAGR between 2020 and 2027. This can be attributed to increasing adoption of transvenous implantable cardioverter defibrillators and subcutaneous implantable cardioverter defibrillators across many hospitals, nursing homes, and ambulatory centers, rising prevalence of cardiac arrhythmia, pulseless ventricular tachycardia, and ventricular fibrillation, and rapid adoption of remote monitoring and home care settings.
Hospitals Segment to Account for Largest Revenue Share:
The hospitals segment is expected to account for largest revenue share owing to factors such as large patient pool, rapid adoption of advanced technologies, increasing healthcare spending, and improving overall healthcare infrastructure.
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North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period. This can be attributed to increasing prevalence of cardiovascular diseases, presence of well-developed healthcare infrastructure and advanced treatment facilities, and growing awareness about regular checkups. In addition, rising availability of advanced cardiac monitoring devices and cardiac rhythm management systems and presence of leading companies and skilled healthcare professionals are expected to fuel North America market growth going ahead.
Major Companies in the Market Include:
- Medtronic Plc
- GE Healthcare
- Abbott Laboratories
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Biotronik
- Hill-Rom Holdings, Inc.
- Asahi Kasei Corporation
- Microport Scientific Corporation
- Nihon Kohden Corporation
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:
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
- Implantable pacemakers
- Defibrillators
- External Defibrillators
- Implantable Cardioverter Defibrillators
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Clinics, Ambulatory Surgery Centers, and Cardiac Centers
- Hospitals
- Other End Users
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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