Acumen Research and Consulting estimates that global Cardiac Monitoring & Cardiac Rhythm Management Market is expected to reach the market value of around US$ 28 Bn by 2027 and anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027.
Cardiac monitoring reflects the activity of the heart in the form of pressure waves and tracks heart function constantly, usually with electrocardiography. When the heart does not function properly, cardiac rhythm control systems are used. These are mounted in the heart walls, ensuring that the heart functions efficiently and properly. An increasing prevalence of cardiovascular disorders at a young age, rising obese population, growing geriatric population and technical advancement in treatment choices are driving global cardiac monitoring and rhythm control equipment industry. Factors such as costly diagnoses and treatments of cardiovascular diseases and fewer reimbursement policies in Asia Pacific countries are nevertheless likely to curb the global market for cardiac monitoring and rhythm devices.
The report provides an analysis of global Cardiac Monitoring & Cardiac Rhythm Management Market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Rising incidences of coronary diseases, rising use of home and ambulatory facilities, favorable policy legislation and technical advancement are the key factors driving the cardiac monitoring and cardiac rhythm control industry. The advent of innovative medical equipment including subcutaneous ICDs, AEDs and MRI pacemakers would be the driving force behind medical testing and rhythm control. Cardiovascular disorders (CVDs) are a major cause of death in the United States. As per WHO, it is estimated that one-fourth of all deaths are caused by CVDs. More than 85.0 percent of the CVD-related deaths in the world were ischemic heart failure and stroke. The CDC reports that CVDs were responsible for nearly 840,768 deaths in the US in 2019. Furthermore, Coronary Heart Disease (CHD), along with heart and stroke, accounts for the bulk of CVD deaths. Through 2030 the economic cost of these diseases is estimated to reach US$ 1.0 Bn, demonstrating the growing need for heart control and heart rhythm treatment prevention products.
Increasing demand to better the lives of patients and increase the outcomes of various cardiac operations with state-of-the-art equipment, minimally invasive techniques, is a major driver of cardiac monitoring and control market development. In fact, beneficial compensation plans like those adopted by the United States such as The Medicare program is a big catalyst for the heart monitoring and cardiac rhythm control market.
The spread of COVID-19 triggered by SARS-CoV-2 had infected millions of people worldwide by May 2020. The infectious coronavirus also has an economic effect and implications in several industries, including the surgical equipment industry.
On 21 April 2020, the European Society of Cardiology indicated that CVD patients would be vigilant in the case of an outbreak with COVID-19. It is impossible to estimate the precise pandemic trajectory for Coronavirus in the world. Nevertheless, the rising demand for critical care equipment is expected to increase at an unprecedented pace in 2020, particularly in the U.S. and Europe.
The worldwide demand for cardiac monitoring and rhythm control products is expected to dominate by North America and Europe due to the growing awareness of the use and available care choices. Asia Pacific is projected to be a region with a major cardiac monitoring and heart rhythm management market as a result of rising cardiovascular disease incidences, growing public awareness of the routine checkups, availability of multiple treatment options, and the availability of highly qualified healthcare professionals. The new business areas are Latin America and Middle East & Africa with tremendous promise.
Key Players & Strategies
Participants include major global Abbott, Medtronic, Boston Scientific Corporation, GE Company, ABIOMED, Koninklijke Philips N.V., Mortara Instrument, Biotronik SE & Co., KG, Hill-Rom, Schiller, NIHON KOHDEN CORPORATION, and Others.
Market By Product
Implantable Cardioverter Defibrillator
Implantable Cardiac Loop Recorder
Market By Types of Cardiac Monitoring Devices
Cardiac Output Monitoring Device
Lead ECG Test
Implantable Loop Recorder
Market By End Use
Market By Region
Middle East & Africa
The Cardiac Monitoring & Cardiac Rhythm Management Market value is anticipated to be worth around US$ 28 Bn in 2027.
The Cardiac Monitoring & Cardiac Rhythm Management Market is anticipated to grow around 4% CAGR amid the forecast period 2020-2027
North America held highest market share in 2019.
Asia Pacific is projected to be the fastest growing region in the global market.
Rising incidences of coronary diseases, rising use of home and ambulatory facilities, favorable policy legislation and technical advancement are the key factors driving the cardiac monitoring and cardiac rhythm control industry
Abbott, Medtronic, Boston Scientific Corporation, GE Company, ABIOMED, Koninklijke Philips N.V., Mortara Instrument, Biotronik SE & Co., KG, Hill-Rom, Schiller, NIHON KOHDEN CORPORATION, and Others
Pacemaker is the leading segment by product in Cardiac Monitoring & Cardiac Rhythm Management market