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The Cardiac Monitoring and Cardiac Rhythm Management Devices Market size is estimated to grow by USD 7.48 billion, at a CAGR of 5.38% between 2023 and 2028.
MCT records and wirelessly transmits data related to asymptomatic and symptomatic arrhythmia to doctors and clinicians. An advanced algorithm is used to compute heart rate and detect asymptomatic and symptomatic arrhythmia. MCT is mainly used for ambulatory monitoring. It performs a real-time electrocardiogram (ECG) and automatically detects abnormalities. MCT can potentially improve diagnostic care and lower healthcare costs. It has been acknowledged that results obtained from MCT are much more efficient than event monitors and Holter monitors. The software used in these devices must be validated; otherwise, data privacy and protection can become a major issue. The manufacturers must work on this to avoid data leaks, which can lead the company into regulatory hurdles. Therefore, the increasing uptake of MCT will drive the growth of the market during the forecast period.
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The market share growth by the CRM Devices segment will be significant during the forecast period. Cardiac monitoring and rhythm management (CRM) devices encompass a range of technologies crucial for addressing cardiac arrhythmias and heart failure. Implantable Cardioverter Defibrillators (ICDs) deliver electric shocks to treat life-threatening rhythm abnormalities, with Single-Chamber and Dual-Chamber variants.
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The CRM devices segment was the largest and was valued at USD 15.35 billion in 2018. Automated External Defibrillators (AEDs) are portable devices for immediate response, categorized into Semi-Automatic and Fully Automatic types. Wearable Cardioverter Defibrillators (WCDs) continuously monitor and automatically deliver shocks, serving as a bridge to permanent device implantation. Cardiac Resynchronization Therapy (CRT) devices, including CRT-D and CRT-P, synchronize heartbeats to enhance efficiency and alleviate heart failure symptoms. Ventricular Assist Devices (VADs) like Left Ventricular Assist Devices (LVADs) and Right Ventricular Assist Devices (RVADs) aid heart pumping and act as bridge therapy or alternatives to heart transplants. The steady growth of CRM devices is driven by an ageing population, increasing prevalence of such issues, and technological advancements, supported by recommendations and regulations worldwide. Such factors will drive the segment growth during the forecast period.
The hospitals and clinics segment is a significant and critical part of the market Hospitals and clinics are major buyers and end-users of CM and CRM devices. They require a wide range of medical equipment and devices to diagnose, treat, and monitor patients with cardiac diseases. Increasing healthcare expenditure by governments and private entities on hospitals and clinics drives the demand for advanced medical devices that enhance patient care and treatment outcomes. Hospitals and clinics often undertake expansion and modernization activities to accommodate the growing patient load and offer advanced medical services. Such factors are expected to drive the growth of the hospitals and clinics segment of the market during the forecast period.
CM and CRM devices play a crucial role in the diagnosis and treatment of cardiac arrhythmias within cardiac care centers and ASCs. A thorough evaluation of patients is carried out before, after, and during the cardiac surgical procedure. Patients are asked to fast prior to the procedure, and their informed consent is obtained. A specialized team works in specialized cardiac care centers and ASCs throughout the procedure, consisting of technologists, nurses, and a cardiologist. Monitoring the patient after surgery guarantees stability and identifies possible problems. In the field of cardiac electrophysiology, this all-inclusive strategy enables customized therapies and enhanced patient outcomes in the hospital context. Hence, these factors will boost the growth of cardiac care centers and ASCs, which, in turn, will drive the growth of the market during the forecast period.
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North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers will shape the cardiac monitoring and CRM devices market during the forecast period. The market in North America is growing at a steady rate. Manufacturers in this region are increasing the adoption of their products through awareness programs and marketing strategies. Several public and private organizations are taking initiatives to increase awareness about CVDs. For instance, the American Heart Association (AHA) celebrates February as American Heart Month, which is a federally designated event to promote awareness about heart diseases and their early diagnosis. Through this program, the company will get exposure to millions of content brands and will experience extensive marketing in the next 12 months.
Moreover, through the digital properties of AGORACOM, such as AGORACOM TV, websites, and social media channels, the brand awareness of the company among small capital investors will increase during the forecast period. This initiative by CardioComm Solutions, Inc a software provider will help the company showcase its products to investors, which, in turn, will provide funds for the growth of the cardiac monitorng and CRM devices market market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories - The company offers cardiac monitoring and cardiac rhythm management devices such as Ellipse ICDs, Entrant ICDs, Fortify Assura ICDs, Jot Dx ICM.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is crucial in managing cardiovascular disease (CVD) and associated conditions like atrial fibrillation (AFib), bradycardia, and tachycardia. Factors such as tobacco and alcohol consumption, unhealthy diets, and obesity contribute to the prevalence of these diseases. Healthcare providers rely on AI and wearable technology integrated into devices like cardiac resynchronization therapy defibrillators (CRT-Ds) for effective monitoring and treatment. These devices play a pivotal role in detecting and managing dyslipidemia, hypertension, and congestive heart failure, ensuring timely intervention. With advancements in digital health solutions and remote monitoring capabilities, patients benefit from personalized care and improved outcomes. The market growth is driven by technological innovations that enhance diagnostic accuracy and therapeutic efficacy, addressing the evolving needs of patients and healthcare professionals in managing cardiac conditions. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, market trends and analysis, and challenges.
The increasing prevalence of CVDs globally is notably driving market growth. The increasing prevalence of vascular diseases in the US has been driving the growth of the market. In 2021, the Centers for Disease Control and Prevention (CDC) estimated that approximately 6.5 million people aged 40 and older in the US have 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. Other factors that indirectly contribute to the prevalence are smoking, high rhythm, atherosclerosis, diabetes, and high cholesterol. More than half of the affected population resides in low- and middle-income regions.
In 2021, the number of people aged 65 years and above across the world was approximately 650 million, and this number is expected to increase to approximately 910 million by 2030. 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 increase the demand for CM and CRM devices, which, in turn, will drive the growth of the global market during the forecast period.
Growing focus on developing integrated arrhythmia-monitoring devices is an emerging trend shaping market growth. Medium- and small-sized end-users such as hospitals, clinics, catheterization laboratories, and physicians offices have limited budgets. Hence, companies are focusing on developing integrated arrhythmia monitoring devices, which can help reduce the cost. For instance, The ScottCare Corporation offers TeleSense, a three-in-one device that includes mobile cardiac telemetry, cellular event, and Holter functionality. The product can be configured using Wi-Fi and wired connection and helps in remote patient monitoring. Similarly, InfoBionic offers MoMe Kardia, a wireless remote patient monitoring device, which is an integrated product. It is a three-in-one device that combines Holter functionality, event monitoring, and mobile cardiac telemetry.
Further, the presence of such integrated products with remote monitoring facilities can improve the patient monitoring workflow and help small- and medium-sized end-users procure products at a low cost. This will increase the adoption of integrated arrhythmia monitoring devices. Therefore, such factors will increase the demand for CM and CRM devices, which, in turn, will drive the market growth and trends during the forecast period.
A shortage of skilled clinicians with expertise in CM and CRM devices is a significant challenge hindering market growth. Even in developed countries, there is a significant shortage of cardiology professionals. For instance, in 2021, there was a shortage of nearly 4,500 cardiologists to fill open private practice and academic positions in the US, and the shortfall was predicted to rise to approximately 6,000 by 2025. The shortage was mainly attributed to the ongoing trend toward hospital integration, the new maintenance of certification (MOC) requirements, cuts in funding for Graduate Medical Education (GME) and research, and a continuous decline in physician salaries. Furthermore, cardiologists are mostly concentrated in metropolitan areas in the US.
Furthermore, in some countries, the reimbursement amounts for a range of cardiac procedures, such as ECG procedures, have also declined steadily. This has been accompanied by an increase in the difficulty for recent graduates of cardiology programs in finding jobs after their training. Hence, the shortage of skilled cardiologists is expected to restrict the growth of the market to a certain extent during the forecast period.
The market report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is driven by factors such as tobacco consumption, hypertension, and the prevalence of obesity, contributing to cardiovascular diseases and recurrent arrhythmias. Key devices include TYRX Absorbable Antibacterial Envelope, ECG devices, implantable loop recorders (ILRs), and cardiac output monitoring (COM) devices. Innovations like mobile cardiac telemetry (MCT) devices and smart ECG monitors enhance monitoring capabilities in cardiac centers and ambulatory surgery centers (ASCs). The market sees growth in non-invasive technologies and wearable health monitors, supporting implantation procedures for cardiac resynchronization therapy (CRT) and implantable cardioverter defibrillators (ICD). Monitoring features and advancements in defibrillators segments, including CRT devices, ensure effective management of heart disease through advanced cardiac care technologies.
In addition, the market is propelled by high blood pressure (hypertension) and the increasing adoption of CM & CRM devices. This includes cardiac resynchronization therapy devices, pivotal in managing heart conditions. Ambulatory surgical centers play a crucial role in facilitating implantation procedures for devices like defibrillators, which are essential in treating cardiac arrhythmias. The CRT segment within the market focuses on enhancing cardiac function through synchronized pacing therapy. These advancements ensure effective management of cardiovascular diseases, offering patients improved quality of life and reduced risks associated with heart conditions. As technology evolves, these devices integrate innovative features to provide comprehensive monitoring and therapeutic solutions, catering to the growing demand for advanced cardiac care across global healthcare settings.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.38% |
Market Growth 2024-2028 |
USD 7.48 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.44 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 47% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Adaptive Biotechnologies Corp., Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Boston Scientific Corp., BPL MEDICAL TECHNOLOGIES Pvt. Ltd., Cell Microsystems Inc., GE Healthcare Technologies Inc., Johnson and Johnson, Koninklijke Philips N.V., Medtronic Plc, MicroPort Scientific Corp., Nihon Kohden Corp., Osypka Medical GmBH, Progetti srl, QIAGEN NV, SCHILLER AG, Stryker Corp., ZOLL Medical Corp., and Shree Pacetronix Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market 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 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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