According to the new market research report cardiac monitoring devices market is projected to reach USD 26.8 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 4.0% from 2020 to 2025.
The growth of this market is driven by the increasing prevalence of cardiovascular diseases; availability of reimbursement for CM & CRM devices; launch of innovative products by market players; increasing investments, funds, and grants for research on CM & CRM devices; and the growing preference for wearable cardiac devices.
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On the basis of cardiac monitoring devices by type, the market is segmented into ECG devices, event monitors, implantable loop recorders (ILRs), cardiac output monitoring (COM) devices, mobile cardiac telemetry (MCT) devices, and smart ECG monitors. In 2019, the ECG devices segment accounted for the largest share of the market. The large share of this segment can be attributed to technological advancements such as the incorporation of advanced algorithms and workflow improvement features, such as simplified operations, touchscreen systems, portability, wireless features, and better connectivity with cardiovascular information systems (CVIS), electronic medical records (EMRs), and ECG management systems.
On the basis of cardiac rhythm management devices by type, the market is segmented into defibrillators and pacemakers. In 2019, the defibrillators segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. Factors such as technological advancements in defibrillators, rising prevalence of CVD, and growing focus on providing public-access defibrillators are driving the growth of this market.
The major players operating in this Cardiac Monitoring Market are Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), and Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), ACS Diagnostics (US), MicroPort Scientific Corporation (China), Hill-Rom Holdings (US), Nihon Kohden (Japan), SCHILLER AG (Switzerland), BioTelemetry (US), BPL Medical Technologies (India), Shenzhen Mindray Bio-Medical Electronics (China), Lepu Medical Technology (China), Shree Pacetronix (India), OSYPKA (Germany), and BTL t(US), Alivecor, Inc. (US), Amiitalia (Italy), Bexen Cardio (Spain), Narang Medical Limited (India), MeTrax GmbH (Germany), and Progetti Srl (Italy).
Medtronic is one of the leading companies in the cardiac monitoring and cardiac rhythm management devices market. In order to maintain its position, Medtronic continuously focuses on gaining approvals for its advanced products in this market. Between 2017 and 2020, the company received approval for various cardiac devices, such as pacemakers and defibrillators. Medtronic operates in more than 160 countries across North America, Western Europe, Asia, and Latin America.
Abbott Laboratories (US)
Abbott has a strong foothold in the cardiac monitoring devices market. In 2017, Abbott entered the pacemakers market with the acquisition of St. Jude Medical (US). Abbott received approval for its magnetic resonance (MR)-conditional labeling for both the Assurity MRI pacemaker and the Tendril MRI pacing lead. The Assurity MRI pacemaker is the world’s smallest and longest-lasting wireless MRI-compatible pacemaker, which gives added advantage to the company, thus helping the company in maintaining its leading position in the market.
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On the basis of region, the Cardiac Monitoring Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America commanded the largest share of the market. The large share of this market segment can be attributed to the increasing incidence of CVD, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.
Mr. Aashish Mehra
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