The Insight Partners published latest research study on “Cardiac Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cardiovascular Devices, Multi-Parameter ECG Monitors, Patient Monitoring Devices, Ambulatory Cardiac Monitoring, and Cardiac Monitors)
The Insight Partners published latest research study on “Cardiac Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cardiovascular Devices, Multi-Parameter ECG Monitors, Patient Monitoring Devices, Ambulatory Cardiac Monitoring, and Cardiac Monitors), Product Type (Portable Monitor, Smart Wearable Monitor, and Standard Monitor), Application (Coronary Heart Diseases, Sudden Cardiac Arrest, Stroke, Arrhythmia, Congenital Heart Diseases, Heart Failure, Pulmonary Hypertension, Heart Function (HF/LVEDP), Pulmonary Artery Pressure (PA), and Others), and End User (Hospitals, Ambulatory Surgery Centers, Cardiac Centers, Home Care, Clinics, and Others)”, the global cardiac monitoring devices market growth is driven by the increase in the incidence of cardiovascular diseases, the surge in the geriatric population base, and the rise in the number of product launches and approvals. The North America market is projected to grow from $10.52 Billion in 2021 to $16.43 Billion by 2028; it is estimated to grow at a CAGR of 6.6% from 2021 to 2028.
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| Report Coverage | Details |
| Market Size Value in | US$ 28.09 Billion in 2021 |
| Market Size Value by | US$ 43.33 Billion by 2028 |
| Growth rate | CAGR of 6.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 390 |
| No. Tables | 246 |
| No. of Charts & Figures | 116 |
| Historical data available | Yes |
| Segments covered | Type, Product Type, Application, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Cardiac Monitoring Devices Market: Competitive Landscape and Key Developments
Boston Scientific Corporation, GE Healthcare, ZOLL Medical Corporation, and Abbott have implemented various inorganic strategies, such as partnerships and collaborations, which bought dynamic improvements in the cardiac monitoring devices market. Companies are also adopting organic strategies such as product launches and expansions. These growth strategies have aided the market players in expanding their business and enhancing their geographic presence. Additionally, acquisitions and partnerships help market players strengthen their customer base and expand the product portfolio.
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In February 2022, Boston Scientific Corporation announced the close of its acquisition of Baylis Medical Company Inc., which offered advanced transseptal access solutions and guidewires, sheaths, and dilators used to support catheter-based left-heart procedures.
In December 2021, GE Healthcare and Minerva Imaging announced a strategic partnership to bring targeted radionuclide therapies (Theranostics) faster to the market. Radionuclide therapy is a form of precision medicine where a radioactive substance is administered through the bloodstream to target cancer cells and irradiate them precisely.
In December 2021, GE announced that it completed its acquisition of BK Medical, a leader in advanced surgical visualization, from Altaris Capital Partners, LLC. The companies entered into a definitive agreement for GE to purchase BK Medical for a cash purchase price of $1.45 billion on September 22, 2021.
In December 2021, ZOLL Medical Corporation (ZOLL), an Asahi Kasei company, closed its acquisition of Itamar Medical Ltd. (Itamar Medical), an Israeli medical device manufacturer, announced on September 13, 2021. The acquisition closed on December 16, 2021.
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In September 2021, Boston Scientific has announced the close of its acquisition of the global surgical business of Lumenis LTD. This privately held company developed and commercialized energy-based medical solutions from an affiliate of Baring Private Equity Asia (BPEA). The Lumenis surgical business includes premier laser systems, fibers, and accessories used for urology and otolaryngology procedures, with total revenue anticipated was approximately $200 million for 2021.
In September 2021, Abbott announced that it acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots. Walk Vascular’s peripheral thrombectomy systems will be incorporated into Abbott’s existing endovascular product portfolio.
Cardiac Monitoring Devices Market: Key Insights – Impact of COVID-19 Pandemic
The COVID-19 pandemic increased hospital resource use and necessitated the postponement of non-urgent heart surgical procedures. In the US, the number of COVID-19 cases increased exponentially, thereby resulting in a decrease in the number of routine patient visits to hospitals and clinics and a decrease in the number of elective surgeries performed each week. The spread of the COVID-19 pandemic seriously affected medical systems in North America. Some hospitals temporarily closed their outpatient clinics because of COVID-19 clusters, and patients with chronic diseases have tended to avoid going to the hospital for fear of contracting the disease. Avoiding regular consultations at hospitals or clinics resulted in worsening chronic conditions. During the COVID-19 pandemic, there was a growing demand on the part of patients and healthcare workers for remote monitoring systems that use digital technologies to collect medical data from individuals, thus eliminating the need to visit a medical facility in person. Although, COVID-19 has boosted the demand bt prioe to COVID-19 improvements in and the increased availability of wireless data transmission networks have facilitate the development of platforms for telehealth and remote monitoring. In various other markets like fetal/neonatal monitoring and cardiac output monitoring, there is an increased focus on the use of less invasive and non-invasive monitoring techniques.
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Cardiac Monitoring Devices Market: Segmental Overview
Based on product type, the cardiac monitoring devices market is segmented into the standard monitor, portable monitor, and smart wearable monitor. The standard monitor segment held the largest market share in 2021. However, the smart wearable monitor segment is estimated to register the highest CAGR during the forecast period. Nurses use portable monitors to check the patient’s condition, especially when busy or need assistance with a doctor on the floor. These mobile devices can monitor oxygen saturation, respiratory rate, and ECG vital signs, and all this information will be returned to the nurse station. In an emergency, the caregiver receives an emergency notification. In many hospitals, nursing staff check patients hourly and keep track of their medical history.
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