Cardiac Monitoring and Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis, By Product(cardiac monitoring and cardiac rhythm management devices and services), By End use(hospitals, ambulatory centers, home healthcare, and others), By Region - Industry Forecast 2024-2031

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.