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Cardiac monitoring is a noninvasive diagnostic tool used for continuous or intermittent monitoring of heart activity, generally by electrocardiography, with assessment of the patient's condition relative to their cardiac rhythm. It has a primary focus on the monitoring of arrhythmia, myocardial infarction, and QT-interval monitoring. The devices that are used for monitoring represent the heart’s electrical activity in the form of pressure waveforms.
Cardiac Rhythm Management Devices on the other hand are devices that monitor heart beats when the heart does not function efficiently and which maintain normal cardiac rhythm in patients suffering from rate and rhythm disorders of the heart. Uneven heart beats are indicators to cardiac ailments that could further develop into cardiac arrests or heart failures. These devices are of high significance in the treatment of serious cardiac disorders, including heart failure, atrial fibrillation, atrial flutter, indications of recent heart attack, coronary ischemia, and lack of oxygen supply to cardiac muscles, effects of drugs, and certain genetic errors among others and also find application in repairing, restoring, and healing cardiac activities.
The global CM & CRM market is expected to grow at an impressive CAGR in the next few years.
The growth of this market is attributed towards major pertaining factors including; the globally increasing prevalence of cardiovascular diseases, increasing awareness regarding cardiac disorders, increasing investments, funds, and grants for research on CM & CRM devices, increasing technological advancements, the growing preference for wearable cardiac devices, the global rising obese and geriatric population, the increasing number of unmet medical needs in developing and underdeveloped countries and increasing favorable government regulations etc.
Additionally, the introduction and development of new and advanced cardiac devices such as subcutaneous ICDs, Automated External Defibrillators (AEDs), and MRI pacemakers is driving the market for cardiac monitoring and cardiac rhythm management. Cardiovascular Diseases (CVDs) account for over 30% deaths that occur around the globe. The death toll arising from cardiac failures enhances the need for these products and services which ultimately contributes in the growth of the market.
Moreover, the increasing demand to enhance patients lives and improve outcomes of various cardiac procedures, with the highly advanced and minimally invasive technologies, favorable reimbursement policies and the use of phot plethysmography technology in wearables such as fitness trackers and smartwatches which enhance atrial fibrillation (AFib) detection and screening also scale the market up for cardiac monitoring and cardiac rhythm management devices tremendously.
Furthermore, unhealthy lifestyle habits, increasing levels of stress, and rapid urbanization in developing countries are most likely to increase the incidences of cardiovascular disorders, leading to the rising adoption of cardiac monitoring & cardiac rhythm management devices. There is an increase in the adoption of ambulatory and home services among patients suffering from cardiovascular disorders due to efficient treatment and cost-effectiveness of services.
More importantly, the outbreak of COVID has led to an increase in the preference for remote monitoring of patients with cardiovascular conditions as various startups have launched services for remote monitoring of cardiac patients in these harsh times, which is further propelling the growth of this market.
However, inept use of devices coupled with risk of associated cybersecurity vulnerabilities, the high cost of these devices with limited insurance coverage, reimbursement complexities, stringent regulatory framework regarding product approvals and the preference for drugs over treatment devices are a few factors hampering the growth of this market.
CARDIAC MONITORING & CARDIAC RHYTHM MANAGEMENT DEVICES MARKET SEGMENTATION:
By End User:
The North American region holds the largest share and is the dominating region in the cardiac monitoring and cardiac rhythm management devices market followed by Europe. This region is also anticipated to continue to maintain its position in the forthcoming years owing to the growing patient alertness regarding the accessibility of treatment choices in the region, increasing elderly population, incidence of CVD, healthcare expenditure, disposable income and health awareness in the region etc. Also, the increasing technological advancements in the devices used for cardiac monitoring and management in the region with improving rate of government regulatory approvals, favorable reimbursement schemes, and sound infrastructure are positively affecting the growth of the market in the region. The major contributor in the region is the U.S.
The Asia Pacific region on the other hand is the fastest growing regional market for these devices owing to factors such as the rising prevalence of cardiovascular diseases in the region, the increasing geriatric population, increasing adoption of sedentary lifestyles and demand for better healthcare, availability of a number of treatment options, the availability of skilled health care professionals coupled with increasing awareness about regular checkups and increasing technological advancements in the healthcare field in the region. The major contributors in the region include India, China, Japan and South Korea among others.
Lastly, The Latin American and The Middle East and African regions hold the least share in this market at this time but are expected to slowly scale up in the future years as they are emerging regions with tremendous growing potential in their markets.
FEW KEY PLAYERS IN CARDIAC MONITORING & CARDIAC RHYTHM MANAGEMENT DEVICES MARKET:
In October 2020, Healthcare major Abbott confirmed its launch of next-generation heart rhythm management devices in India. The company introduced its new Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronisation Therapy Defibrillator (CRT-D) devices for people with abnormal heart rhythms and heart failure. The devices also offered new opportunities for patient engagement and remote monitoring through smartphone connectivity and connected applications.
In December 2020, CardioComm, a global provider of consumer heart monitoring and electrocardiogram ("ECG") device and software solutions, confirmed its technology integration agreement with LiveCare Corp. ("LiveCare") and a Value-Added Reseller and Distribution Agreement with Alliance Tele-Med ("Alliance"), to provide integrated ECG monitoring through the LiveCare Link+ device and telemedicine platform.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global cardiac monitoring and cardiac rhythm management devices market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Cardiac Monitoring And Cardiac Rhythm Management Devices Industry Report
The report offers a comprehensive insight on the Cardiac Monitoring & Cardiac Rhythm Management Devices Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.