Market Highlights
Rising prevalence of cardiovascular diseases and the
increasing number of unmet medical needs in undeveloped countries are leading
to the growth of the cardiac monitoring and cardiac rhythm management device
market. Technical advancements in drug-eluting, MRI compatible pacemakers, and
Holter monitors are some of the factors leading to the growth of this market.
The growth of the global cardiac monitoring device market is driven by the high
prevalence of cardiovascular disorders worldwide. The increasing demand for
minimally invasive surgeries drives the growth of this market. Advanced
technologies in cardiac monitoring and cardiac rhythm management devices have
also led to growth in this market.
However, factors such as stringent regulatory approval procedures, the
high cost of cardiac devices, and lack of reimbursement policies in developing
countries are hindering the growth of the market.
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Regional Analysis
The market in the Americas is expected to dominate the
global cardiac monitoring and cardiac rhythm management device market during
the forecast period owing to the increasing prevalence of chronic kidney
diseases along with the growing geriatric population and well-established
healthcare sector in the region. The European market is expected to be the
second-largest due to government funding and support from the healthcare
sector, coupled with increasing research and development. Moreover, the market
in Asia-Pacific is anticipated to be the fastest-growing during the forecast
period owing to technological developments, an increasing number of advanced
surgeries in emerging economies, and favorable government initiatives for
healthcare facilities. The market in the Middle East and Africa is likely to
account for the smallest share of the global cardiac monitoring and cardiac
rhythm management device market. The market growth in this region can be
attributed to the increasing healthcare expenditure and low-cost cardiac monitoring
devices.
Segmentation
The global cardiac
monitoring and cardiac rhythm management device market has been segmented
on the basis of types and end-users.
Based on type, the cardiac monitoring and cardiac rhythm
management device market is segmented into types of cardiac devices, types of
cardiac monitoring devices, and types of cardiac rhythm management devices.
Further, the types of cardiac devices are segmented into pacemaker,
biventricular pacemaker, implantable cardioverter defibrillator, implantable
cardiac, and loop recorder. Based on types of cardiac monitoring devices, the
market is further segmented into electrocardiogram (ECG), Holter monitor, event
monitor, implantable loop recorder, and cardiac output monitoring devices.
Electrocardiogram (ECG) is further sub-segmented into telelectro-cardiogram,
wireless ECG, and lead ECG test. Based on types of cardiac rhythm management
devices, the market is segmented into defibrillators, pacemakers, and cardiac resynchronization
therapy devices. Defibrillators are further sub-segmented into implantable
defibrillators and external defibrillators. Based on end-user the market is
segmented into hospitals, ambulatory surgeries, and others.
Key Players
Some of the key players in the global cardiac monitoring and
cardiac rhythm management device market are
Abiomed, Berlin Hearth, Brotionik SE and Co. KG, Boston Scientific
Corporation, Cardiac Science Corporation, General Electric(GE), Hill Rom
Services Inc, Jarvik Hearth. Inc, Koninklijke Philips N.V, LivaNova plc,
Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc, Schiller, and
Abbott.
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