Market Highlights
The global cardiac monitoring and cardiac rhythm management device market is to escalate as incidences of cardiovascular disorders surge states Market Research Future (MRFR). The report published by MRFR on the cardiac monitoring and cardiac rhythm management device market mentions that the market can garner a CAGR of approximately 4% from 2018 to 2023.
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Market Insights
The growing cases of arrhythmias is likely to increase the adoption of cardiac monitoring and cardiac rhythm management devices in several healthcare organizations. The diagnostic centers, hospitals, and clinics are widely using the devices as they provide precise results. The growing significance of the devices in management of other cardiac problems like atrial flutter, atrial fibrillation, and heart failure is also surging the devices popularity. The devices also aid in the early detection of heart attack, diagnose the lack of oxygen supply to heart muscle, and even, genetic errors. Hence, these can prompt the market growth.
Other factors like, changing lifestyle with high calorie consumption and lack of exercises, technical development backing medical advancements, wide spreading awareness of updated medical treatment and diagnostic solutions, and increase in the need for effective treatment can shoot up the cardiac monitoring and cardiac rhythm management device market growth curve over the review period.
On the flip side, the high expenses associated with the devices, people opting for drugs over these devices, and limited insurance coverage can hinder the global cardiac monitoring and cardiac rhythm management device market growth.
Segmental Overview
The global cardiac monitoring and cardiac rhythm management device market study has been segmented on the basis of cardiac monitoring devices, cardiac device, cardiac rhythm management device, and end-user.
Based on the cardiac monitoring devices, the market has been segmented into Implantable Loop Recorder, Holter Monitor, Electrocardiogram (ECG), Event Monitor, and Cardiac Output Monitoring Devices. The Electrocardiogram segment has been further classified into Wireless ECG, Telelectro-Cardiogram, and Lead ECG.
Based on the cardiac device, the market has been segmented into, Biventricular Pacemaker, Pacemaker, Implantable Cardiac Loop Recorder, and Implantable Cardioverter Defibrillator.
Based on the cardiac rhythm management device, the market has been segmented into Defibrillators, Cardiac Resynchronization Therapy Devices, and Pacemakers. The Defibrillators segment has been narrowed down to External Defibrillators and Implantable Defibrillators.
Based on the end-use, the market has been segmented into Ambulatory Surgical Centers, Hospitals, and others.
Regional Outlook
Based on the region, the cardiac monitoring and cardiac rhythm management device market has been studied across the Americas, Europe, Asia Pacific, and the Middle East Asia and Africa. The cardiac monitoring and cardiac rhythm management device market in the Americas is likely to lead in the global market. The growing cases of cardiac disorders and geriatric citizenry can bolster the regional market growth. Europe boasting of its sturdy medical base is projected to touch an impressive CAGR over the forecast period. The European market is accounted for a substantial valuation by 2023. The rise in funding for extensive research and developmental undertakings are also accepted to spur the regional market expansion. The market in Asia-Pacific is noted to be the fastest emerging market globally. The growing number of surgical technologies and favourable governmental situations in the Asia Pacific region is expected to spur the regional market over the review period. The cardiac monitoring and cardiac rhythm management device market in the Middle East and Africa can exhibit a sluggish growth as it is estimated to hold the smallest market share.
Key Players
MRFR profiled some of the eminent key players operating in the global cardiac monitoring and cardiac rhythm management device market. They are; Abbott, Berlin Hearth, Abiomed, Boston Scientific Corporation, Brotionik SE and Co. KG, Cardiac Science Corporation, Hill Rom Services Inc, General Electric(GE), Medtronic plc, and Schiller.
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