Cardiac Monitoring and Cardiac Rhythm Management Devices Market

CM and CRM Devices Market Size (2023 to 2028)

The size of the global cardiac monitoring and cardiac rhythm management devices market is anticipated to reach USD 33.67 Billion by 2028 from USD 23.45 Billion in 2023, at a CAGR of 7.5% between 2023 to 2028. 

MARKET DRIVERS:

The growing prevalence and incidence of cardiovascular diseases are anticipated to drive the global cardiac monitoring and cardiac rhythm management devices market growth. Cardiovascular diseases are one of the leading causes of death. As per WHO, around 30 million people are affected by heart attacks and strokes every year. By 2035, over 130 million and above adults are predicted to have cardiovascular diseases. The growing life span and availability of technological advancements in treating cardiovascular devices are further driving the market growth.

In countries like Canada, the United States, and the U.K., patients are highly adopting cardiac rhythm management devices due to acceptable reimbursement policies, propelling the market. Growing government efforts, creating awareness, and adopting a sedentary lifestyle drive the cardiac monitoring and cardiac rhythm management devices market. Increasing healthcare expenses leading to the adoption of technology advancements and growing demand for telehealth products drives the market growth. Increasing adoption of monitoring devices in hospitals is likely to surge the growth rate of the market.

CIEDs are the devices used to improve patients' life expectancy and quality when treated with cardiac arrhythmias. This factor is creating growth opportunities for the cardiac monitoring and cardiac rhythm management devices market.

MARKET RESTRAINTS:

Besides, some factors are restraining the growth of the cardiac monitoring and cardiac rhythm management devices market. They are a shortage of skilled professionals such as doctors and technicians with expertise in cardiac monitoring and uncertainty in cardiac monitoring devices' reimbursement policies. Furthermore, economic slowdown and disturbed reimbursement policies hinder the growth of the cardiac monitoring and cardiac rhythm management devices market growth. In addition, the dearth of trained professionals like doctors and technicians with experience monitoring cardiac diseases, heart rate, and ambiguity in cardiac monitoring devices hamper the market demand during the analysis period.

Impact of COVID-19 on the global cardiac monitoring and cardiac rhythm management devices market:

COVID-19 has disrupted every sector's market growth in distinct ways. Cardiac monitoring and cardiac rhythm management devices market shares have declined during the first three months of 2020 due to strict lockdown guidelines. Doctors have faced a lot of difficulties in providing excellent patient care during this pandemic. However, many hospitals have adopted remote monitoring cardiac devices where patients need not visit the hospitals or clinics. This has reduced the direct contact between doctors and patients. This adoption has enlightened the demand for the market to the extent of the outbreak. For instance, key players like AliveCor, iRhythm focused on developing heart-monitoring EKG devices, particularly for cardiac patients. These devices are efficient in monitoring patients’ heart rates at home and can also be used on COVID-19 patients by clinicians.

REPORT COVERAGE

This research report on the global cardiac monitoring and cardiac rhythm management devices market has been segmented and sub-segmented based on the product, CRM, end-user, and region.

CM and CRM Devices Market - By Product

• ECG
• Cardiac Output Monitoring
• ILR

Based on the product, the ECG segment is forecasted to account for the largest share of the global cardiac monitoring and cardiac rhythm management devices market during the forecast period. The segment’s growth is mainly attributed to the growing requirements in patients suffering from strokes, heart attacks, and arrhythmias. Monitoring continuous growth rate increases ECG devices' usage surge the cardiac monitoring and cardiac rhythm management devices market growth.

CM and CRM Devices Market - By CRM

• ICDs
• External Defibrillator
• Pacemaker

Based on the CRM type, the external defibrillators segment is expected to have the highest CAGR growth rate in the cardiac monitoring and cardiac rhythm management devices market. The segment growth is driven by factors like advanced technologies in producing and manufacturing defibrillators, stimulating common cases of cardiovascular diseases, and rising consciousness in providing general public access to defibrillators.

The pacemaker segment is expected to hold the second-largest market share during the forecast period.

CM and CRM Devices Market - By End User

• Home and Ambulatory
• Hospitals

Based on the end-user analysis, the hospital segment is predicted to have the highest market share during the analysis period. Factors like the surging number of patients visiting hospitals more frequently for diagnosis purposes and the rising number of implant procedures propel the cardiac monitoring and cardiac rhythm management devices market demand. The easy availability of reimbursement policies and procedures followed for cardiac implants is impelling the market growth.

CM and CRM Devices Market - By Region

• North America
  • The United States
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of EU
• Asia Pacific
  • India
  • China
  • Japan
  • ANZ
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America
• The Middle East and Africa

By geography, the Asia-Pacific is relied upon to be the quickest developing cardiac monitoring and cardiac rhythm management devices market during the forecast period attributable to the expanding prevalence of cardiovascular diseases, rising interests in healthcare, expanding geriatric populace, and extensions by market players in the region. Asia-Pacific is giving a robust challenge in the Cardiac Monitoring and Cardiac Rhythm Management Devices Market by creating financially savvy items highly sought after in nearby just as worldwide markets.

The European market is required to be the second-biggest Cardiac Monitoring and Cardiac Rhythm Management Devices Market. The market development in this area can be ascribed to government subsidizing and support of the healthcare sector, combined with expanding innovative work. Also, a developing number of surgeries because of the changing way of life add to the market's development in this region. The Middle East and African market is required to represent the littlest share in the Cardiac Monitoring and Cardiac Rhythm Management Devices Market because of the underdeveloped healthcare sector, absence of technical knowledge, and inadequate therapeutic facilities.

North America will command the worldwide Cardiac Monitoring and Cardiac Rhythm Management Devices Market over the estimated forecast period. The expanding investments by North America in cardiovascular gadgets in the most recent couple of years have prompted the market's development in this area. The expanding number of heart patients, better healthcare infrastructure, and cutting-edge innovation in cardiovascular monitoring equipment have helped the cardiac monitoring and cardiac rhythm management device market in North America.

KEY MARKET PLAYERS:

The notable market participants dominating the global cardiac monitoring and cardiac rhythm management devices market are Medtronic (Ireland), Abiomed, Abbott (US), Berlin Hearth, Boston Scientific (US), Cardiac Science Corporation, BIOTRONIK (Germany), Hill Rom Services Inc, GE Healthcare (US), Jarvik Hearth. Inc, Philips Healthcare (Netherlands), Koninklijke Philips N.V, Nihon Kohden Corporation, ReliantHeart Inc, and Schiller.

The business unit CRM of BIOTRONIK comprises leads, implantable devices and accessories, external devices, and treatment and management of arrhythmia-related diseases. Mainly designed implantable devices for either too slow or too fast a rhythm help patients benefit as their overall health status can be gained. Essential innovative treatment options of BIOTRONIK CRM such as BIOTRONIK Home Monitoring, ProMRI, i.e., the DX technology, MR conditional devices, Closed-Loop-Stimulation as a highly superior system to physiologically regulate the cardiac activity, and fractal coating line the path of innovative milestones of BIOTRONIK.