The report gives detail analysis of the “Cardiac Monitoring and Cardiac Rhythm Management Device Market” structure along with forecast, market size & share, different segments and developing trends of the industry.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Overview
As per Market Research Future (MRFR) analysis, the global cardiac monitoring and cardiac rhythm management device market is estimated to grow at 4% CAGR from 2018 to 2023 (forecast period).
The cardiac monitoring device helps to monitor the patient’s cardiac activity, and the cardiac rhythm management device preserves normal cardiac rhythm in patients with irregular heart rate and rhythm disorder. Such devices play a significant role in the treatment of severe cardiac conditions, including heart failure, atrial flutter, atrial fibrillation, lack of oxygen supply to the heart muscle, recent heart attack indication, and other genetic defects, among others.
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Cardiac Monitoring and Cardiac Rhythm Management Device Market Dynamics
Factors such as rising cardiac disorders, changing lifestyles, technological developments in cardiac devices, awareness of cardiac disorders, healthcare services, and a growing amount of unmet medical needs in developed and undeveloped countries have contributed to an increase in the growth of this sector. Moreover, the development of new MRI-labelled devices and the economic growth in the Asia Pacific region is likely to push the market for cardiac monitoring devices during the forecast period.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Segmentation
The market is segmented into types of cardiac devices, types of cardiac rhythm management devices, types of cardiac monitoring devices, and end-users.
The cardiac devices, based on types, are segmented into biventricular pacemaker, pacemaker, implantable cardiac loop recorder, and implantable cardioverter-defibrillator.
The cardiac monitoring devices, based on types, are segmented into Holter monitor, electrocardiogram (ECG), implantable loop recorder, cardiac output monitoring devices, and event monitor. Electrocardiogram (ECG) is further sub-segmented into a telelectro-cardiogram, lead ECG test, and wireless ECG.
The cardiac rhythm management devices, based on types, are segmented into defibrillators, cardiac resynchronization therapy devices, and pacemakers. Defibrillations are further sub-segmented into external defibrillators and implantable defibrillators.
Depending on the end-user, the market is segmented into hospitals, ambulatory surgical centers, and others.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Regional Analysis
The global Cardiac Monitoring and Cardiac Rhythm Management Device Markethas been segmented, by region, into the Americas, Europe, the Asia Pacific, and the Middle East and Africa.
North America will dominate the market for global cardiac monitoring and cardiac rhythm management devices during the forecast era. North America’s increasing investment in cardiac devices over the last few years has led to an increase in the market in this region. Growing numbers of cardiac patients, strengthened healthcare facilities, and advanced cardiac monitoring equipment technologies have boosted the demand for cardiac and cardiac rhythm management devices in North America.
The second-largest market for cardiac monitoring devices is expected to be the European market. Market growth in this region can be ascribed to government funding and support for the healthcare sector, coupled with increased research and development. In addition, a growing number of surgeries due to a changing lifestyle are propelling the growth of the market in this region.
The Asia Pacific is expected to be the fastest-growing market for cardiac monitoring devices during the forecast period due to the rising prevalence of cardiac disease, growing investment in healthcare, increasing geriatric population and the proliferation by market players in the region. The Asia Pacific competes strongly in the global market for cardiac monitoring devices by producing cost-effective products that are high in demand in both local and global markets.
The demand in the Middle East and Africa is projected to have the smallest market share in the global market for cardiac monitoring devices due to underdeveloped healthcare, lack of technical knowledge, and inadequate medical facilities.
Cardiac Monitoring and Cardiac Rhythm Management Device Market Key Players
Some of the leading participants in the global cardiac monitoring and cardiac rhythm management device market are Boston Scientific Corporation, Abiomed, Berlin Hearth, Brotionik SE and Co. KG, Cardiac Science Corporation, General Electric (GE), Jarvik Hearth. Inc, LivaNova plc, Koninklijke Philips N.V, Hill Rom Services Inc, Nihon Kohden Corporation, Medtronic plc, ReliantHeart Inc, Schiller, and Abbott.
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