Cardiac Monitoring and Cardiac Rhythm Management Device Market Overview
The cardiac monitoring and cardiac rhythm management device market 2020 can potentially procure a CAGR of 4% between 2018 and 2023 (analysis period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Top Drivers and Challenges
Cardiac issues are one of the top reasons for deaths around the world. The World Health Organization (WHO) says that every year, CVDs (cardiovascular diseases) cause close to 17.9 million deaths worldwide. The rising incidences of arrhythmias and heart failures have bolstered the need for technologically innovative cardiac monitoring and cardiac rhythm management devices. Rising integration of the photoplethysmography technology in various wearables including smartwatches and fitness trackers helps with atrial fibrillation (AFib) detection as well as screening. To cite an instance, the Apple smart watch helps monitor the irregular heartbeats that are caused by AFib, reveals the APPLE HEART Study conducted at the American College of Cardiology (ACC) meeting in 2019.
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Given the surging life expectancy combined with the frequent technological innovations, cardiac monitoring and CRM devices are observing significant demand across countries. Factors including changes in lifestyle, improvements in cardiac devices, rising awareness about the same and the soaring number of healthcare programs can also benefit the worldwide market. The vast unmet medical requirements across undeveloped economies could be a significant opportunity for key firms striving to boost their global presence. Emergence of the latest MRI-labeled devices is also projected to favor the cardiac monitoring and cardiac rhythm device market in subsequent years. Favorable insurance and reimbursement schemes encourage people to opt for treatment, which gives a significant push to the adoption of cardiac monitoring and cardiac rhythm management devices, especially in countries like Canada, the UK and US.
Key vendors are taking up effective steps such as acquisitions, mergers, collaborations, product launches and partnerships to garner a higher ground in the global industry. For instance, in October 2020, Medtronic Private Limited introduced Azure pacemaker, which is infused with the BlueSynctechnology. It is India’s first pacemaker to have the capacity of directly interacting with the patient on their electronic devices such as tablets or smartphones. Azure can be used for the detection and cutting down the chances of atrial fibrillation.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Segmentation
Cardiac monitoring and cardiac rhythm management device industry has been considered for types of cardiac devices, types of cardiac monitoring devices, types of cardiac rhythm management devices, and end-users.
The key cardiac device types in the market are biventricular pacemaker, pacemaker, implantable cardiac loop recorder and implantable cardioverter defibrillator.
Cardiac monitoring device types covered in the study include Holter monitor, electrocardiogram (ECG), implantable loop recorder, cardiac output monitoring devices and event monitor. Implantable loop recorder are known for their higher diagnosis rate with respect to heart rhythm issues compared to external recorders, can monitor for up to three years, gas a wider storage capacity, can monitor remotely and detect and reduce recurrent syncopes, owing to which their demand is escalating at a significant pace in the global market.
The cardiac rhythm management device types studied in the report are pacemakers, cardiac resynchronization therapy devices and defibrillators. Technological advances in defibrillators, soaring cases of CVDs, and the rising focus of players on offering public-access defibrillators benefit the global market.
A few of the key industry end-users are ambulatory surgical centers, hospitals, and more. Mounting number of ambulatory surgical centers and physicians are now more aware of the benefits of conducting cardiovascular procedures in this setting, which can assist the segment procure a significant growth rate over the review timeline.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Regional Study
The regional study of the cardiac monitoring and cardiac rhythm management devices market comprises Europe, Asia Pacific or APAC, the Americas and MEA or Middle East and Africa.
North America is all set to be the market leader in the coming years, as the demand and adoption of cardiac monitoring and cardiac rhythm management devices are quite robust in the region. The strong demand for the same can be accredited to the substantial investments made by the top players in the region, trying to capture a bigger customer base. Additionally, the expanding pool of cardiac patients, developed healthcare system, and the use of state of the art technologies in the cardiac field also warrant considerable gains of the North American market.
The European market stands second globally, primarily owing to the government support in the form of large-scale funding for the development of the healthcare sector. In addition, the surge in the number of research and development activities, escalation in cardiac surgeries in view of evolving lifestyle also contribute to the market growth in the region.
APAC can make stellar progress at the fastest pace in the years ahead, on account of the rising prominence of cardiac ailments and increasing spending on the healthcare infrastructure. Burgeoning elderly population along with focus on business expansion by the market leaders also add to the market value. APAC is catching up with North America in terms of growth, by increasingly producing innovative and cost-effective devices that are not only effective but come with additional features, ensuring better patient care.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Reputed Competitors
The reputed competitors in the worldwide industry are Medtronic plc, LivaNova plc, Koninklijke Philips N.V, Abiomed, General Electric (GE), Schiller, Abbott, Brotionik SE and Co. KG, ReliantHeart Inc, Boston Scientific Corporation, Cardiac Science Corporation, Hill Rom Services Inc, Jarvik Hearth. Inc, Berlin Hearth, Nihon Kohden Corporation, to name a few.
Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
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