Cardiac Monitoring & Cardiac Rhythm Management Devices Market

Cardiac Monitoring & Cardiac Rhythm Management Devices Market Size, Share & Trends

The size of global cardiac monitoring & cardiac rhythm management devices market in terms of revenue was estimated to be worth $21.3 billion in 2024 and is poised to reach $26.4 billion by 2029, growing at a CAGR of 4.3% from 2024 to 2029. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.

The expansion of this market is majorly due to presence of Favorable regulatory frameworks and reimbursement policies for cardiac monitoring and rhythm management devices incentivize healthcare providers to invest in these technologies and integrate them into clinical practice. However, Integration and interoperability issues between different cardiac monitoring devices and electronic health record systems may hinder seamless data exchange and care coordination.

Cardiac Monitoring & Cardiac Rhythm Management Devices Market Trends

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Global Cardiac Monitoring & Cardiac Rhythm Management Market Dynamics

Driver: Growing Geriatric Population and Subsequent Increase In CVD Prevalence

The global population is aging, with a significant portion of the population being aged 65 and above. Elderly individuals are more prone to developing cardiovascular diseases due to factors such as age-related changes in the cardiovascular system, comorbidities, and lifestyle factors. Likewise, Aging is associated with an increased risk of cardiovascular diseases such as coronary artery disease, heart failure, atrial fibrillation, and arrhythmias. As the geriatric population grows, so does the prevalence of these cardiovascular conditions, driving the demand for cardiac monitoring and rhythm management devices.

The geriatric population is at a higher risk of CVDs, lung diseases, stroke, diabetes, and chronic kidney disease. Most of these diseases require the continuous monitoring of vital signs, such as blood pressure, temperature, respiratory rate, and heart rate and rhythm. Considering this, cardiac monitoring devices, with other parameters (such as blood pressure and pulse rate), are rapidly being adopted globally for personal and hospital care.

Per a UN report, the global population aged 60 years and above was 761 million in 2021 and is expected to rise to 1.6 billion in 2050. According to World Population Prospects (2019 Revision), by 2050, one in four persons residing in Europe and Northern America could be 65 years or above. Furthermore, according to the American Heart Association (AHA) 2020, the geriatric population in the US (individuals aged 65 and over) increased from 40 million in 2007 to 51 million in 2017; this is projected to reach 95 million in 2060. Given this dramatic growth in the aged population, age-related heart failure (HF) is expected to increase significantly.

The expanding population base of geriatric patients and the rising prevalence rate of various CVDs are expected to drive market growth in the coming years.

RESTRAINT: High device cost

The high cost of CM & CRM devices is a major factor restraining market growth, especially in developing countries with inadequate reimbursement policies. Pacemaker implantation surgery in India costs a fraction of the same in the US and other developed countries. The average cost of pacemaker implantation surgery in India is USD 3,000 to USD 5,500. The high cost of cardiac monitoring and rhythm management devices can impose a significant financial burden on patients, especially those with limited financial resources or inadequate insurance coverage. Patients may hesitate to invest in expensive devices, leading to delayed or deferred treatment and monitoring, which can negatively impact their health outcomes.S imilarly, The high device cost can create affordability barriers for patients who require ongoing monitoring and management of cardiovascular conditions, such as heart failure, arrhythmias, and coronary artery disease. Patients may forego recommended cardiac monitoring or opt for less expensive alternatives, compromising the quality and effectiveness of their care.

Opportunity: Wearable Technologies and Mobile Health (MHealth) Applications

The proliferation of wearable technologies, such as smartwatches, fitness trackers, and mobile health applications, offers new opportunities for continuous cardiac monitoring and personalized health management. Wearable devices equipped with built-in sensors can track vital signs, heart rate variability, and activity levels, providing valuable data for assessing cardiovascular health and detecting early signs of cardiac abnormalities. Integrating wearable technologies with cardiac monitoring devices and mHealth platforms enables seamless data transmission, real-time alerts, and personalized interventions, empowering individuals to take proactive steps towards improving their cardiac health.

Challenge: Dearth of Skilled Professionals

In most countries, there is a shortage of physicians and healthcare professionals with the expertise and know-how to handle cardiac monitoring devices, such as ECG devices, new cardiac pacemakers, and defibrillators implanted in patients with heart rhythm ailments or congestive heart failure. According to a survey on the latest business conditions conducted by the National Association for Business Economics (NABE), 35% of participants reported a shortage of skilled professionals in the US. According to the Association of American Medical Colleges (AAMC), the US will face a shortage of approximately 124,000 physicians by 2034. This shortage of skilled professionals and physicians in healthcare will have an impact on the cardiac monitoring and cardiac rhythm management devices market

Ecosystem Analysis of Cardiac Monitoring & Cardiac Rhythm Management Devices Market

Source: MarketsandMarkets Analysis

An ecosystem analysis of the cardiac monitoring and cardiac rhythm management devices market involves examining the interconnected network of stakeholders, technologies, regulations, and market dynamics that shape the industry. It provides insights into the complex interplay between stakeholders, technologies, regulations, and market dynamics, guiding strategic decision-making and innovation within the industry.

Transvenous Implantable Cardioverter Defibrillators (T-ICDs in cardiac rhythm management devices market’s segment of the cardiac monitoring & cardiac rhythm management devices industry to witness the second highest shares during the forecast period.

Based on the Type, the global cardiac monitoring & cardiac rhythm management devices market is segmented into Transvenous Implantable Cardioverter Defibrillators (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillators. Targeted Diseases Transvenous Implantable Cardioverter Defibrillators (T-ICDs),  segment is expected to witness the second highest shares. The growth of this market is driven by due to its wide applications such as T-ICDs have been in clinical use for a longer period and have a more extensive clinical evidence base compared to S-ICDs, moreover, T-ICDs have demonstrated effectiveness in terminating life-threatening ventricular arrhythmias and preventing sudden cardiac death in various patient populations, including those with structural heart disease, coronary artery disease, and inherited arrhythmia syndromes.Morover, overall cost-effectiveness of T-ICDs may be favorable when considering long-term outcomes.

Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators segment of the cardiac monitoring & cardiac rhythm management devices industry to witness the highest shares during the forecast period.

Based on the Type, cardiac monitoring & cardiac rhythm management devices market is classified into Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators, Dual-Chamber Implantable Cardioverter Defibrillators, Single-Chamber Implantable Cardioverter Defibrillators. The Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators segment is forecasted to drive the highest shares of cardiac rhythm management devices Market. This is due to the BiV ICDs combine the functions of ICDs with cardiac resynchronization therapy (CRT), which is beneficial for patients with heart failure and ventricular dyssynchrony. Moreover, efficacy of BiV ICDs compared to single or dual-chamber ICDs in reducing mortality, hospitalizations, and heart failure symptoms in patients with heart failure and reduced ejection fraction. BiV ICDs have been shown to improve left ventricular function, reverse ventricular remodeling, and reduce the risk of arrhythmic events and sudden cardiac death.

North America dominates the global cardiac monitoring & cardiac rhythm management devices industry

Based on the region, the cardiac monitoring & cardiac rhythm management devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the cardiac monitoring & cardiac rhythm management devices market. Growth in the North American market is mainly driven by the factors such as Several leading medical device manufacturers based in North America, particularly in the United States, have a strong presence in the global healthcare market. These companies often have well-established distribution networks, brand recognition, and innovative product offerings that enable them to capture market share likewise, North American companies are often at the forefront of technological innovation in the healthcare industry. They invest heavily in research and development to develop advanced cardiac monitoring and rhythm management devices with cutting-edge features and functionalities, appealing to healthcare providers and patients.

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Some of the players operating in North American market are Abbott Laboratories (US), Boston Scientific Corporation (US), GE HealthCare (US), Baxter.(US), ACS Diagnostics.(US), BTL (US), and Nasiff Associates Inc. (US)

Scope of the Cardiac Monitoring & Cardiac Rhythm Management Devices Industry

This research report categorizes the cardiac monitoring & cardiac rhythm management devices market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

By Type

• ECG Devices
  • Resting ECG Devices
  • Stress ECG Devices
  • Holter Monitors
  • Event Monitors
• Event Monitors by Type
  • Loop memory monitor
  • Patch recorders.
  • Symptom event monitor
  • Implanted loop recorders
• Event Monitors by Technology
  • Patient Activated
  • Auto Detected
• Smart ECG Monitors
• Mobile Cardiac Telemetry Devices
• Cardiac Output Monitoring Devices

By Type

• Defibrillators
  • Implantable Cardioverter Defibrillators
    • Transvenous Implantable Cardioverter Defibrillators (T-ICDs)
      • Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators
      • Dual-Chamber Implantable Cardioverter Defibrillators
      • Single-Chamber Implantable Cardioverter Defibrillators
    • Subcutaneous Implantable Cardioverter Defibrillators
  • External Defibrillators
    • Automated External Defibrillators
      • Semi-Automated External Defibrillators
      • Fully Automated External Defibrillators
  • Manual External Defibrillators
  • Wearable Cardioverter Defibrillators
• Pacemakers
• Pacemakers Market, By Implantability
  • Implantable Pacemakers
  • External Pacemakers
• Pacemakers Market, By Type
  • Dual-Chamber Pacemakers
  • Single-Chamber Pacemakers
• Biventricular/Crt Pacemakers

By Application

• Arrhythmias
• Myocardial Infarction
• Heart Failure
• Other

By Procedure

• Invasive
• Non-invasive

Cardiac Monitoring & Cardiac Rhythm Management Devices By End User

• Hospitals
• Clinics, Cardiac Centers and Ambulatory Surgery Centers
• Other End Users

Recent Developments of Cardiac Monitoring & Cardiac Rhythm Management Devices Industry:

• In 2023, Abbott launched Asert-IQ, a Bluetooth-enabled insertable cardiac monitor for the long-term monitoring of heart rhythms.
• In 2023, Boston Scientific received FDA clearance and launched the next-generation LUX-Dx II/II+ ICM system for long-term monitoring of arrhythmias.
• In 2021, Baxter International announced the acquisition of Hillrom. Baxter paid USD 156.00 in cash for each outstanding share of Hillrom common stock for a purchase price of USD 10.5 billion (based on Hillrom share counts at closing).{deal size USD 12.5 billion}

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