According to Emergen Research, the global cardiac monitoring & cardiac rhythm management devices market size was USD 22.64 billion in 2020 and is expected to reach USD 30.52 billion in 2028 and register a revenue CAGR of 4.1% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Cardiac Monitoring & Cardiac Rhythm Management Devices Market, By Type (Mobile Cardiac Telemetry Devices, Implantable Loop Recorders, Event Monitors, ECG Devices, Cardiac Output Monitoring Devices), By Product (Pacemakers, Defibrillators), By End-use (Hospitals & Clinics, Ambulatory Surgery Centers, Cardiac Care Centers, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global cardiac monitoring & cardiac rhythm management devices market size was USD 22.64 billion in 2020 and is expected to reach USD 30.52 billion in 2028 and register a revenue CAGR of 4.1% during the forecast period, 2021-2028.
Market Dynamics:
The global cardiac monitoring & cardiac rhythm management devices market revenue growth is majorly attributed to factors such as rise in global geriatric population, rising prevalence of cardiovascular diseases across the world, rising need for remote cardiac monitoring and cardiac rhythm management devices in home health care settings, and growing demand for technologically advanced solutions, including mobile and wearable heart rate monitoring devices.
Increasing use of cardiac monitoring & cardiac rhythm management devices in hospitals and cardiac care centers, rising investments in research and development of more advanced and efficient cardiac rhythm monitoring and management devices, rapid adoption of highly advanced, minimally invasive cardiac monitoring technologies, and presence of favorable healthcare reimbursement policies – especially in regions with advanced healthcare infrastructure such as North America and Europe – are among the other key factors expected to boost revenue growth of the global market over the upcoming years. However, certain unfavorable factors such as high maintenance & repair costs of cardiac monitoring devices and increasing instances of product recalls are expected to restrain market revenue growth.
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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
ECG Devices Segment Accounted for Largest Revenue Share in 2020:
Based on type, the global cardiac monitoring & cardiac rhythm management devices market is segmented into mobile cardiac telemetry devices, implantable loop recorders, event monitors, ECG devices, and cardiac output monitoring devices. The ECG devices segment – which is sub-segmented into stress ECG devices, resting ECG devices, and Holter monitors – held the largest revenue share in the global market in 2020. Growing prevalence of cardiovascular diseases, rising geriatric population worldwide, increasing deployment of ECG devices to treat patients having had heart attack, stroke, or cardiac arrhythmia, and rising awareness of cardiac health and growing need for early disease diagnosis are major contributors to this segment’s revenue growth. Technological advances in ECG systems, for instance, integration of advanced sensors, are expected to further drive the revenue growth.
Hospitals & Clinics Segment Accounted for Largest Revenue Share in 2020:
Based on end-use, the hospitals & clinics segment was the most dominant in terms of largest revenue share in the global cardiac monitoring & cardiac rhythm management devices market in 2020. Rising burden of cardiovascular diseases, rapidly increasing rate of patient visits to hospitals and cardiac centers, increasing volumes of cardiovascular surgeries, and increasing focus of healthcare organizations on improving cardiac patient care and management are among the major revenue growth drivers for this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America cardiac monitoring & cardiac rhythm management devices market accounted for the largest revenue contribution in the global market in 2020. Primary factors driving the North America market revenue growth are increasing prevalence of cardiovascular diseases, rising demand for advanced cardiac rhythm monitoring and management devices, favorable healthcare reimbursement policies, and presence of state-of-the-art healthcare infrastructure and key market players, including GE Healthcare, Boston Scientific Corporation, and Alivecor, Inc., in the region.
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Major Companies in the Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market Include:
- Medtronic Plc
- Boston Scientific Corporation
- Abbott Laboratories
- GE Healthcare
- Biotronik
- Koninklijke Philips
- Asahi Kasei Corporation
- MicroPort Scientific Corporation
- Hill-Rom Holdings
- Nihon Kohden
- Schiller AG
- BioTelemetry
- BPL Medical Technologies
- ACS Diagnostics
- Shenzhen Mindray Bio-Medical Electronics
- Lepu Medical Technology
- Alivecor, Inc.
- Amiitalia
- Bexen Cardio
- MeTrax GmbH
- Progetti Srl
For the purpose of this report, Emergen Research has segmented the global cardiac monitoring & cardiac rhythm management devices market based on type, product, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Mobile Cardiac Telemetry Devices
- Implantable Loop Recorders
- Event Monitors
- ECG Devices (Stress ECG Devices, Resting ECG Devices, Holter Monitors, etc.)
- Cardiac Output Monitoring Devices
Product Outlook (Revenue, USD Billion; 2018–2028)
- Pacemakers
- External Pacemakers
- Implantable Pacemakers
- Defibrillators
- External Defibrillators
- Implantable Cardioverter Defibrillators
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Cardiac Care Centers
- Others
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Region Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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