Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Type, Application, Procedure, End User, and Region - Forecast to 2029
Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Monitoring (ECG (Holter, ILR), COM), Rhythm Management (Defibrillators (ICD, AED), Pacemaker), Application (Heart Failure, Arrhythmias, MI), Procedure (Invasive) - Forecast to 2029" report has been added to * ResearchAndMarkets.com's* offering.
The global cardiac monitoring & cardiac rhythm management devices market is expected to reach USD 26.4 billion by 2029 from USD 21.3 billion in 2024, at a CAGR of 4.3% during the forecast period. Market is driven by factors such as rising public awareness campaigns and screening programs aimed at detecting cardiovascular diseases early contribute to the growing demand for cardiac monitoring devices, especially in high-risk populations. On the other hand, The adoption of remote monitoring and telemedicine technologies raises concerns about data security and patient privacy, which may hinder patient acceptance and adoption of these devices.
*The Implantable Cardioverter Defibrillators accounted for the largest market share in the Cardiac Rhythm Management Device market, during the forecast period*
Based on the type, Defibrillators in Cardiac Rhythm Management Devices Market is classified into Implantable Cardioverter Defibrillators, External Defibrillators. In 2023, Implantable Cardioverter Defibrillators accounted for a sizable market share because Implantable defibrillators provide continuous protection against sudden cardiac arrest by constantly monitoring the heart's rhythm and delivering appropriate therapy when needed.
This continuous monitoring and intervention offer round-the-clock protection for patients at risk of life-threatening arrhythmias, whereas external defibrillators are typically used for acute interventions in emergency situations. Likewise, Implantable defibrillators are implanted surgically or via minimally invasive procedures in patients at high risk of sudden cardiac death due to underlying cardiac conditions such as ventricular arrhythmias or cardiomyopathy. They are intended for long-term use and are suitable for patients who require ongoing arrhythmia management. In contrast, external defibrillators, such as automated external defibrillators (AEDs) or manual defibrillators used in hospitals, are primarily used for emergency resuscitation in cases of cardiac arrest.
*Patient Activated technology segment accounted for the largest market share*
Based on technology, the Event monitor's in cardiac monitoring devices market is segmented into -Patient Activated, Auto Detected. The Patient Activated technology segment accounted for the largest market share in 2023, due to its variety of applications such as, Patient-activated event monitors require the active participation of the patient, who triggers the recording of an event when they experience symptoms such as palpitations or dizziness. This level of patient engagement can lead to higher compliance with monitoring protocols and more reliable data collection compared to auto-detected monitors, which may miss transient or asymptomatic events. Moreover, Patient-activated event monitors may be more cost-effective than auto-detected monitors, particularly for patients with infrequent or intermittent symptoms.
*North American region accounted for the Second highest CAGR*
The global cardiac monitoring & cardiac rhythm management devices market is divided into four regions: North America, Asia-Pacific, Europe, and Rest of the World. According to the regional analysis, the North American region is likely to retain a considerable market share in 2023 and the future. The North American market is being propelled by an rising cases of heart diseases, rising in healthcare expenditure, rising in awareness about early disease diagnosis.
*Europe is estimated to register the third highest CAGR during the forecast period*
In this report, the cardiac monitoring & cardiac rhythm management devices market is segmented into four major regional segments: North America, Europe, Asia Pacific, Rest of the world. The market in Europe is projected to register the third highest growth rate during the forecast period. The growth in this market is due to Europe has a strong tradition of research and academic excellence, the rising incidence of aging population followed by cardiac diseases, government funding for research and healthcare in many European countries supports the development and adoption of advanced diagnostic technologies such as cardiac screening.
*Research Coverage*
This report studies the cardiac monitoring & cardiac rhythm management devices market based on Type, Application, Procedure, End User, and Region. The report also analyses factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. The report also studies micromarkets with respect to their growth trends, prospects, and contributions to the total cardiac monitoring & cardiac rhythm management devices market. The report forecasts the revenue of the market segments with respect to four major regions.
*List of Companies Profiled:*
· Abbott Laboratories (US)
· Medtronic (Ireland)
· Boston Scientific Corporation (US)
· GE HealthCare (US)
· Koninklijke Philips N.V. (Netherlands)
· Asahi Kasei Corporation (Japan)
· MicroPort Scientific Corporation (China)
· Baxter (US)
· NIHON KOHDEN CORPORATION (Japan)
· BIOTRONIK (Germany)
· SCHILLER (Switzerland)
· ACS Diagnostics (US)
· BPL Medical Technologies (India)
· BTL (US)
· Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China)
· OSYPKA AG (Germany)
· AliveCor, Inc. (US)
· Amiitalia (Italy)
· Bexen Cardio (Spain)
· Narang Medical Limited (India)
· Primedic (Germany)
· Progetti (Italy)
· INNOMED MEDICAL INC. (Hungary)
· LUMED srl (Italy)
· Nasiff Associates Inc. (US)
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 298
Forecast Period 2024 - 2029
Estimated Market Value (USD) in 2024 $21.3 Billion
Forecasted Market Value (USD) by 2029 $26.4 Billion
Compound Annual Growth Rate 4.3%
Regions Covered Global
*Premium Insights*
· Growing Prevalence of Genetic Disorders to Drive Market
· Resting ECG Devices to Register Highest Growth During Forecast Period
· US and Invasive Procedures to Dominate North American Market in 2024
· Asian Countries to Register Higher Growth from 2024 to 2029
*Market Dynamics*
· Drivers
· Growing Geriatric Population and Subsequent Increase in CVD Prevalence
· Availability of Reimbursement for CM & CRM Devices
· Rising Awareness and Prevention Initiatives
· Increasing Investments, Funds, and Grants for Research
· Growing Preference for Wearable Cardiac Devices
· Restraints
· High Device Costs
· Adverse Effects and Associated Complications
· Opportunities
· Measures to Reduce Infections Caused by CIEDs
· Untapped Emerging Markets
· Challenges
· Risk of Associated Cybersecurity Vulnerabilities
· Frequent Product Recalls
· Stringent Regulatory Requirements Delaying the Approval of Cardiac Devices
· Dearth of Skilled Professionals
For more information about this report visit https://www.researchandmarkets.com/r/dduoyf
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*Attachment*
· Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market
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