Development of miniaturized, portable devices, especially ECG systems and event monitors, is projected to propel the market growth. Miniaturization has enabled easy transportation of these devices which makes them suitable for use in home settings.
According to a report published by Allied Market Research, 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. 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.
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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 cardiac monitoring 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.
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.