USD 21.2 billion
Cardiac Monitoring And Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis, By Cardiac Monitoring Devices Type (ECG Devices, Resting ECG Devices), By Cardiac Rhythm Management Devices Type (Defibrillators, Implantable Cardioverter Defibrillators), By Procedure (Invasive Procedures, Non-Invasive Procedures), By Application, By End User, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35A2212 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
62
|Figures:
75
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Insights
Cardiac Monitoring and Cardiac Rhythm Management Devices Market size was valued at USD 18.8 Billion in 2023 and is poised to grow from USD 19.83 Billion in 2024 to USD 32.81 Billion by 2032, growing at a CAGR of 5.5% during the forecast period (2025-2032).
The cardiac rhythm management device helps patients with irregular heart rates and rhythm disorders maintain a normal cardiac rhythm, while the cardiac monitoring equipment assists in the observation of the patient's cardiac activity. Among the most common conditions treated with these devices are heart failure, atrial flutter, atrial fibrillation, an indication of a recent heart attack, a lack of oxygen delivery to cardiac muscle, and some genetic defects. The market's expansion can be attributed to a variety of factors, including an increase in the number of unmet medical needs in both developed and developing nations, a shift in lifestyles, technological advancements in cardiac devices, increased awareness of cardiac disorders, healthcare programs, and technological advancements in cardiac devices. However, new MRI-labeled devices and the expansion of the Asia-Pacific economy are anticipated to propel the cardiac monitoring device market during the forecast period.
Important risk factors for the Cardiac Monitoring and Cardiac Rhythm Management Device Market include age, ethnicity, and family history. Risk factors include smoking, high cholesterol, high blood pressure (hypertension), obesity, inactivity, diabetes, poor diet, and alcohol consumption. As a result of lifestyle changes, diseases like hypertension, diabetes, dyslipidemia, and obesity have become more common. This has led to an increase in the use of cardiac monitoring and cardiac rhythm management devices all over the world.
US Cardiac Monitoring and Cardiac Rhythm Management Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
cardiac rhythm management devices
Fastest Growth
cardiac rhythm management devices
Growth Rate
4.5% CAGR
cardiac monitoring and cardiac rhythm management devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Cardiac Monitoring and Cardiac Rhythm Management Devices Market Segmental Analysis
Global Cardiac Monitoring And Cardiac Rhythm Management Devices Market is segmented by cardiac monitoring devices type, cardiac rhythm management devices type, procedure, application, end user and region. Based on cardiac monitoring devices type, the market is segmented into ECG devices, MCT devices and com devices. Based on cardiac rhythm management devices type, the market is segmented into defibrillators and pacemakers. Based on procedure, the market is segmented into invasive procedures and non-invasive procedures. Based on application, the market is segmented into arrhythmias, myocardial infarction, heart failure and other applications. Based on end user, the market is segmented into hospitals, clinics, cardiac centers, ambulatory surgery centers and other end users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Analysis by Product type
Based on the Product type, Due to the ease with which heart conditions can be managed, the cardiac rhythm management segment accounted for a significant revenue share in 2021. In addition, innovative cardiac rhythm management solutions and devices with enhanced and improved features are being developed by a number of market players as a result of technological advancements.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Analysis by End use
On the basis of end use, Due to an increasing number of cardiac implant procedures and patient visits to hospitals, the hospitals segment held a significant revenue share in 2021. In addition, new priority lists for treating cardiovascular and diabetes disorders are being released by organizations like the World Health Organization (WHO). A resource for biomedical engineers, public policymakers, and hospital administrators to learn more about particular medical devices, their uses, and how to maintain them is MeDevIS, a medical devices information system and clearinghouse developed by WHO. There are currently 1500 devices on the website, and more will be added as new diseases and medical conditions are discovered. In addition, this segment's revenue growth is being fueled by the availability and introduction of new policies.
cardiac monitoring and cardiac rhythm management devices Market Size By product type, 2021-2028 (%)
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Cardiac Monitoring and Cardiac Rhythm Management Devices Market Regional Insights
North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. The most common type of heart disease, coronary artery disease, affects 382,820 people in the United States, and approximately 805,000 Americans suffer from heart attacks annually.Another important factor driving market revenue growth is the presence of key players like Medtronic, Abbott, and General Electric Company, among others.
The Europe market accounted for the second-largest revenue share in 2021. Market revenue growth in this region is primarily driven by rising medical costs and the prevalence of heart diseases. CVD is estimated to cost the economy of the European Union (EU) 210 billion euros annually in direct medical costs and non-medical costs like lost productivity and informal care for those with the disease.Due to the rise in heart disease cases, the UK market generated the most revenue.A heart or circulatory condition affects approximately 7.6 million people in the UK, including 4 million men and 3.6 million women, according to the British Heart Foundation.Every year, fewer than one in ten people in the UK survive an out-of-hospital cardiac arrest, which affects at least 30,000 people.
The Asia Pacific market accounted for third-largest revenue share in 2021. A significant driver of market revenue growth in this region is a significant demand for improved healthcare systems.Additionally, the use of cardiac monitoring and cardiac rhythm management devices is increasing as the prevalence of chronic diseases like diabetes and heart disease rises in India, China, and other nations.Due to its adoption of minimally invasive procedures, Japan accounted for a sizable revenue share.In addition, the government has supported a number of initiatives to promote healthcare projects and medical devices.Through the Japan Agency for Medical Research and Development (AMED), the Government of Japan (GOJ) provided more than USD 100 million for healthcare and medical device projects in FY2022.This funding will support research and development (R&D) for medical devices and healthcare that will advance diagnostics, treatments, and quality of life through the use of AI, IoT, measurement technology, and robotics technology.
cardiac monitoring and cardiac rhythm management devices Market By Geography, 2021-2028
- Largest
- Fastest
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Cardiac Monitoring and Cardiac Rhythm Management Devices Market Dynamics
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Drivers
Increasing Cases of Cardiac Cases to Bolster Market Growth
- The key factors driving this market for cardiac monitoring and cardiac rhythm management devices include increasing prevalence of cardiovascular problems, rising expenses of treating cardiac diseases, rising use of ambulatory and home services, favorable government regulation, and technical improvements. The market for cardiac monitoring and cardiac rhythm management devices is being driven by the development of cutting-edge cardiac devices including MRI pacemakers, subcutaneous ICDs, and Automated External Defibrillators (AEDs). In the United States, cardiovascular diseases (CVDs) constitute a leading cause of death. According to the WHO, CVDs are thought to be the cause of one-fourth of all fatalities.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Restraints
High Price to Hinder Market Growth
- The market expansion is constrained by the exorbitant price of these devices and limited insurance coverage.
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Cardiac Monitoring and Cardiac Rhythm Management Devices Market Competitive Landscape
There are a lot of large and medium-sized players in the global market for cardiac monitoring and cardiac rhythm management devices, which is fairly fragmented. Major players are employing a variety of strategies, concluding strategic agreements and contracts, entering into mergers and acquisitions, and developing and introducing more efficient devices.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Top Players Company Profiles
- Biotronik SE & Co. KG
- Medtronic
- Boston Scientific
- Abbott Laboratories
- GE Healthcare
- Philips Healthcare
- Nihon Kohden
- Schiller
- Edwards Lifesciences
- Spacelabs Healthcare
- OSI Systems
- Mindray Medical
- Fukuda Denshi
- Innomed Medical
- Biotronik
- Progetti Srl
- Zoll Medical Corporation
- LivaNova Plc
- Osypka AG
- Alivecor, Inc.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Recent Developments
- On 18 February 2021, RhythMedix, a company in remote cardiac monitoring based in New Jersey, U.S. introduced nextgeneration RhythmStar wearable with integrated 4G cellular connectivity. This innovative cardiac telemetry monitor is covertly worn for prolonged remote monitoring with no additional phone or communication gear required. RhythMedix's team of U.S.-based qualified technicians can quickly analyze an Electrocardiogram (ECG) and report any cardiac abnormalities, alerting doctors if an arrhythmia of concern is found. HeartTime on-demand telemetry mode, a cutting edge platform, is now offered with RhythmStar, that enables doctors to assess heart activity and speed care via a telemedicine consultation, reducing the need for an in-person office visit.
Cardiac Monitoring and Cardiac Rhythm Management Devices Key Market Trends
- Today's cardiac rhythm management (CRM) devices are becoming more important for more than just monitoring and managing cardiac issues. They are also helping to restore, repair, and heal. Over the past few decades, the use of CRM devices has significantly increased as a result of rising life expectancy and ongoing technological advancements that have broadened their capabilities. Leading biotech companies have also made significant contributions to the field's R&D.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Cardiac Monitoring and Cardiac Rhythm Management Devices market analysis, North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. Due to the ease with which heart conditions can be managed, the cardiac rhythm management segment accounted for a significant revenue share in 2021.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.2 billion |
| Market size value in 2031 | USD 31.51 billion |
| Growth Rate | 4.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cardiac Monitoring and Cardiac Rhythm Management Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cardiac Monitoring and Cardiac Rhythm Management Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cardiac Monitoring and Cardiac Rhythm Management Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cardiac Monitoring and Cardiac Rhythm Management Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cardiac Monitoring and Cardiac Rhythm Management Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cardiac Monitoring and Cardiac Rhythm Management Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Report Snapshots
- Cardiac Monitoring and Cardiac Rhythm Management Devices Companies
- Cardiac Monitoring and Cardiac Rhythm Management Devices Market Size
- Cardiac Monitoring and Cardiac Rhythm Management Devices Market Analysis
- Cardiac Monitoring and Cardiac Rhythm Management Devices Geographic Analysis
- Cardiac Monitoring and Cardiac Rhythm Management Devices Market News
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