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The cardiac monitoring and cardiac rhythm management devices market share is estimated to grow by USD 5.52 billion at a progressing CAGR of 4.5% from 2021 to 2026.
This market trends and analysis report extensively covers segmentation by:
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The increasing prevalence of CVDs is one of the key drivers supporting the market growth. In 2021, the Centers for Disease Control and Prevention (CDC) estimated that approximately 6.5 million people aged 40 and older in the US had PAD. It was also estimated that the prevalence of PAD is equal among men and women. The primary reason behind the spread of the disease is low awareness, especially in the growing economies of Asia. However, more than half of the affected population resides in low- and middle-income regions. Moreover, the prevalence of CVDs is also growing due to the increasing rate of risk factors, including diabetes, hypertension, smoking, and obesity. Such factors are expected to drive the growth of the market during the forecast period.
Increasing R&D focus is one of the key market trends contributing to the market growth. Several vendors are increasingly focusing their RD efforts on the development of innovative CM and CRM devices. For instance, Medtronic is developing a Medtronic EV-ICD System, which is expected to address the current limitations of S-ICD. Similarly, Cardialen Inc. (Cardialen) is developing a small, pacemaker-like implantable device that can monitor the heart, beat by beat, and stop AF through a proprietary sequential series of low-energy pulses. This device leaves no tissue damage or scarring, creates no toxicity, and can easily be switched off and on when needed. Such increasing efforts by vendors will propel the market growth and trends during the forecast period.
The high costs of CM and CRM devices are the factors hampering the market growth. Primarily, depending on the level of technology and features involved, ECG devices cost USD1,000-USD3,000. In addition to the device cost, end-users have to bear the maintenance fees and other recurring costs for instruments and accessories. For instance, a standard resting ECG test uses 10 electrodes to generate 12 different views of the heart's electrical activity. Thus, if disposable electrodes are used, end-users must bear the cost of replacing electrodes after every ECG procedure. Furthermore, depending on the type and the country, the cost of a VAD can be more than USD 100,000. Such high costs will hamper the market growth during the forecast period.
This market growth analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The market forecasting report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as continuously undergoing M&A to compete in the market.
The market research and growth report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our market growth and forecasting report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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42% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for market in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).
The high healthcare expenditure on CVDs will facilitate the cardiac monitoring and cardiac rhythm management devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The market share growth by the cardiac rhythm management devices segment will be significant during the forecast period. Defibrillators are one of the management devices that restore the normal heartbeat by delivering a shock or an electric pulse to the patient's heart. They are used to prevent or correct cardiac arrhythmia, wherein the heartbeat is too slow, too fast, or uneven. They help in restoring the heartbeat if the heart suddenly stops. The major types of defibrillators being used are implantable cardioverter defibrillators (ICD) and external defibrillators, which include automated external defibrillators (AED) and wearable cardioverter defibrillators (WCD). Such applications of devices will drive the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size.
Cardiac Monitoring and Cardiac Rhythm Management Devices Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2022-2026 |
USD 5.52 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.1 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, Canada, Germany, France, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abbott Laboratories, Abiomed Inc., ACS Diagnostics Inc., Asahi Kasei Corp., BioTelemetry Inc., BIOTRONIK SE and Co KG, Boston Scientific Corp., Fukuda Denshi Co. Ltd., GE Healthcare Inc., HILL ROM HOLDINGS Inc., InfoBionic Inc., Integrated Sensing Systems Inc., iRhythm Technologies Inc., Koninklijke Philips NV, Medtronic Plc, MicroPort Scientific Corp., Nihon Kohden Corp., OSI Systems Inc., Preventice Solutions Inc., and SCHILLER AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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