Cardiac monitoring devices assist in monitoring and examination of cardiac activity. Moreover, cardiac rhythm management devices maintain the regular cardiac rhythm for patients undergoing from rate and rhythm ailments of the heart. The global cardiac monitoring and cardiac rhythm management market is growing at significant rate, due to escalating occurrence of cardiovascular diseases and technological improvement. The market has witnessed high demand for defibrillators over the last few years due to escalating occurrence of cardiovascular disease and technological improvement of the device.
Insight by Product
On the basis of product, the cardiac monitoring device market is subdivided into event monitors, ECG devices, cardiac output monitors, implantable loop recorders, mobile cardiac telemetry, and smart wearable ECG monitors. ECG devices are estimated to account largest share in the market due to escalating occurrence of cardiovascular diseases and expanding geriatric population. Mobile cardiac telemetry is expected to grow at fastest rate due to enormous probable for decreasing healthcare costs and quick and enhanced diagnosis contrasted to other monitoring modalities.
Moreover, the cardiac rhythm management devices market is subdivided by products into defibrillators and pacemakers. Defibrillators are estimated to account largest share in the market due to technologically innovative defibrillators, escalating occurrence of cardiovascular diseases, mounting frequency of cardiac arrest, expanding demand for these devices in emerging countries and boosting demand for quality medical care.
Insight by End-User
The cardiac monitoring and cardiac rhythm management market is subdivided by end-user into hospitals, home and ambulatory care settings and others. Hospital is estimated to account largest share in the market due to mounting load of cardiovascular & coronary heart diseases, mounting usage of these devices in hospitals, boosting number of patient appointments to physician offices for the diagnosis of cardiovascular diseases & coronary heart disease, and escalating number of cardiac implant procedures.
The escalating occurrence of cardiovascular diseases, speedy upsurge in aging population, mounting healthcare expenditure, and technological improvement are the primary growth drivers for cardiac monitoring and cardiac rhythm management market. For instance, according to Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according World Health Organization (WHO) approximately 17.7 million people died from cardiovascular diseases in 2015.
Moreover, smart wear ECG monitors, expanding necessity for compact devices, and boosting demand in emerging economies are also fueling the growth of the cardiac monitoring and cardiac rhythm management market.
Inadequate reimbursement for remote cardiac device and recurrent product recalls are the major challenges for the growth of cardiac monitoring and cardiac rhythm management market. Absence of trained professionals with proficiency in cardiac monitoring, inclination of alternative methods such as drugs for treatment over treatment devices, and high price are also some of the factor hindering the global cardiac monitoring and cardiac rhythm management market growth.
Globally, the manufacturing companies trying to enter the cardiac monitoring and cardiac rhythm management industry are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. In addition, novel product introductions and approvals were major stratagems implemented by key industry players to upsurge their market share and provide unmet requirements.
Geographically, North America is the largest cardiac monitoring and cardiac rhythm management market as in the region the occurrence of cardiovascular disease is escalating. Heart disease is the leading cause of death in the U.S. For instance, according to CDC, in the U.S. approximately 610,000 people die every year due to heart disease. In addition, mounting healthcare expenditure, expanding geriatric population, high availability to technological improvement of devices and mounting development of innovative and technologically advance products are also up surging growth of the North American cardiac monitoring and cardiac rhythm management market.
Asia-Pacific is observed to witness the fastest growth in the cardiac monitoring and cardiac rhythm management market, as the region comprises of large population base. In addition, expanding geriatric population, escalating occurrence of chronic diseases, boosting alertness of these devices, medical tourism, escalating occurrence of cardiovascular and coronary heart diseases, mounting healthcare expenditure and refining healthcare infrastructure are also creating a positive impact on the cardiac monitoring and cardiac rhythm management industry growth in the region.
Key players in the cardiac monitoring and cardiac rhythm management market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In June 2018, Philips Royal launched Philips HeartStart Onsite in collaboration with Starting Hearts and medic assist. It is automated external defibrillators to create a cardiac arrest response system. Medtronic PLC, Cardiac Science, Abbott, Biotelemetry, Boston Scientific, Schiller, GE Healthcare, Koninklijke Philips N.V., Biotronik, Livanova, Hill-Rom Holdings, and Applied Cardiac System are the key players offering cardiac monitoring and cardiac rhythm management.