Global cardiac monitoring and cardiac rhythm management devices market

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis, By Product(cardiac monitoring and cardiac rhythm management devices and services), By End use(hospitals, ambulatory centers) - Industry Forecast 2024-2031


Report ID: SQMIG35A2212 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 62 | Figures: 75

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Insights

Cardiac Monitoring and Cardiac Rhythm Management Devices Market size was valued at USD 17.82 billion in 2019 and is poised to grow from USD 18.8 billion in 2023 to USD 31.1 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

The cardiac rhythm management device helps patients with irregular heart rates and rhythm disorders maintain a normal cardiac rhythm, while the cardiac monitoring equipment assists in the observation of the patient's cardiac activity. Among the most common conditions treated with these devices are heart failure, atrial flutter, atrial fibrillation, an indication of a recent heart attack, a lack of oxygen delivery to cardiac muscle, and some genetic defects. The market's expansion can be attributed to a variety of factors, including an increase in the number of unmet medical needs in both developed and developing nations, a shift in lifestyles, technological advancements in cardiac devices, increased awareness of cardiac disorders, healthcare programs, and technological advancements in cardiac devices. However, new MRI-labeled devices and the expansion of the Asia-Pacific economy are anticipated to propel the cardiac monitoring device market during the forecast period.

Important risk factors for the Cardiac Monitoring and Cardiac Rhythm Management Device Market include age, ethnicity, and family history. Risk factors include smoking, high cholesterol, high blood pressure (hypertension), obesity, inactivity, diabetes, poor diet, and alcohol consumption. As a result of lifestyle changes, diseases like hypertension, diabetes, dyslipidemia, and obesity have become more common. This has led to an increase in the use of cardiac monitoring and cardiac rhythm management devices all over the world.

US Cardiac Monitoring and Cardiac Rhythm Management Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 17.82 billion

Largest Segment

cardiac rhythm management devices

Fastest Growth

cardiac rhythm management devices

Growth Rate

5.5% CAGR

cardiac monitoring and cardiac rhythm management devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
cardiac monitoring and cardiac rhythm management devices market Size By product type, 2021-2028 ($ Bn)
cardiac monitoring and cardiac rhythm management devices Market Size By product type , 2021-2028 (%)

To get more reports on the above market click here to Buy The Report

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Segmental Analysis

The cardiac monitoring and cardiac rhythm management devices market is segmented on the basis of product type, end user, and region. Whereas, By product type is sub segmented into the cardiac monitoring and cardiac rhythm management devices and services. By end user is sub segmented into the hospitals, ambulatory centers, home healthcare, and others. By Region is segmented on the basis of Americas, Europe, Asia-Pacific, and the Middle East and Africa. 

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Analysis by Product type

Based on the Product type, Due to the ease with which heart conditions can be managed, the cardiac rhythm management segment accounted for a significant revenue share in 2021. In addition, innovative cardiac rhythm management solutions and devices with enhanced and improved features are being developed by a number of market players as a result of technological advancements.

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Analysis by End use

On the basis of end use, Due to an increasing number of cardiac implant procedures and patient visits to hospitals, the hospitals segment held a significant revenue share in 2021. In addition, new priority lists for treating cardiovascular and diabetes disorders are being released by organizations like the World Health Organization (WHO). A resource for biomedical engineers, public policymakers, and hospital administrators to learn more about particular medical devices, their uses, and how to maintain them is MeDevIS, a medical devices information system and clearinghouse developed by WHO. There are currently 1500 devices on the website, and more will be added as new diseases and medical conditions are discovered. In addition, this segment's revenue growth is being fueled by the availability and introduction of new policies.

cardiac monitoring and cardiac rhythm management devices Market Size By product type, 2021-2028 (%), 2023 (%)

To get detailed analysis on other segments, Request For Free Sample Report

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Regional Insights

North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. The most common type of heart disease, coronary artery disease, affects 382,820 people in the United States, and approximately 805,000 Americans suffer from heart attacks annually.Another important factor driving market revenue growth is the presence of key players like Medtronic, Abbott, and General Electric Company, among others.

The Europe market accounted for the second-largest revenue share in 2021. Market revenue growth in this region is primarily driven by rising medical costs and the prevalence of heart diseases. CVD is estimated to cost the economy of the European Union (EU) 210 billion euros annually in direct medical costs and non-medical costs like lost productivity and informal care for those with the disease.Due to the rise in heart disease cases, the UK market generated the most revenue.A heart or circulatory condition affects approximately 7.6 million people in the UK, including 4 million men and 3.6 million women, according to the British Heart Foundation.Every year, fewer than one in ten people in the UK survive an out-of-hospital cardiac arrest, which affects at least 30,000 people.

The Asia Pacific market accounted for third-largest revenue share in 2021. A significant driver of market revenue growth in this region is a significant demand for improved healthcare systems.Additionally, the use of cardiac monitoring and cardiac rhythm management devices is increasing as the prevalence of chronic diseases like diabetes and heart disease rises in India, China, and other nations.Due to its adoption of minimally invasive procedures, Japan accounted for a sizable revenue share.In addition, the government has supported a number of initiatives to promote healthcare projects and medical devices.Through the Japan Agency for Medical Research and Development (AMED), the Government of Japan (GOJ) provided more than USD 100 million for healthcare and medical device projects in FY2022.This funding will support research and development (R&D) for medical devices and healthcare that will advance diagnostics, treatments, and quality of life through the use of AI, IoT, measurement technology, and robotics technology.

cardiac monitoring and cardiac rhythm management devices Market By Geography, 2021-2028, 2024-2031
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Dynamics

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Drivers

Increasing Cases of Cardiac Cases to Bolster Market Growth

  • The key factors driving this market for cardiac monitoring and cardiac rhythm management devices include increasing prevalence of cardiovascular problems, rising expenses of treating cardiac diseases, rising use of ambulatory and home services, favorable government regulation, and technical improvements. The market for cardiac monitoring and cardiac rhythm management devices is being driven by the development of cutting-edge cardiac devices including MRI pacemakers, subcutaneous ICDs, and Automated External Defibrillators (AEDs). In the United States, cardiovascular diseases (CVDs) constitute a leading cause of death. According to the WHO, CVDs are thought to be the cause of one-fourth of all fatalities.

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Restraints

High Price to Hinder Market Growth

  • The market expansion is constrained by the exorbitant price of these devices and limited insurance coverage.

Request Free Customization of this report to help us to meet your business objectives.

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Competitive Landscape

There are a lot of large and medium-sized players in the global market for cardiac monitoring and cardiac rhythm management devices, which is fairly fragmented. Major players are employing a variety of strategies, concluding strategic agreements and contracts, entering into mergers and acquisitions, and developing and introducing more efficient devices.

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Top Players Company Profiles

  • Medtronic

  • Boston Scientific

  • Abbott Laboratories

  • GE Healthcare

  • Philips Healthcare

  • St. Jude Medical

  • Nihon Kohden

  • Mortara Instrument

  • Schiller

  • Hill-Rom Holdings

  • Edwards Lifesciences

  • Welch Allyn

  • Spacelabs Healthcare

  • OSI Systems

  • Mindray Medical

  • Fukuda Denshi

  • BioTelemetry

  • Cardiac Science

  • Innomed Medical

Cardiac Monitoring and Cardiac Rhythm Management Devices Market Recent Developments

  • On 18 February 2021, RhythMedix, a company in remote cardiac monitoring based in New Jersey, U.S. introduced nextgeneration RhythmStar wearable with integrated 4G cellular connectivity. This innovative cardiac telemetry monitor is covertly worn for prolonged remote monitoring with no additional phone or communication gear required. RhythMedix's team of U.S.-based qualified technicians can quickly analyze an Electrocardiogram (ECG) and report any cardiac abnormalities, alerting doctors if an arrhythmia of concern is found. HeartTime on-demand telemetry mode, a cutting edge platform, is now offered with RhythmStar, that enables doctors to assess heart activity and speed care via a telemedicine consultation, reducing the need for an in-person office visit.

Cardiac Monitoring and Cardiac Rhythm Management Devices Key Market Trends

  • Today's cardiac rhythm management (CRM) devices are becoming more important for more than just monitoring and managing cardiac issues. They are also helping to restore, repair, and heal. Over the past few decades, the use of CRM devices has significantly increased as a result of rising life expectancy and ongoing technological advancements that have broadened their capabilities. Leading biotech companies have also made significant contributions to the field's R&D.

Cardiac Monitoring and Cardiac Rhythm Management Devices Market SkyQuest Analysis

Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our global Cardiac Monitoring and Cardiac Rhythm Management Devices market analysis, North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. Due to the ease with which heart conditions can be managed, the cardiac rhythm management segment accounted for a significant revenue share in 2021.

Report Metric Details
Market size value in 2023 USD 17.82 billion
Market size value in 2031 USD 31.1 billion
Growth Rate 5.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • cardiac monitoring and cardiac rhythm management devices and services
  • End use
    • hospitals, ambulatory centers, home healthcare, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Medtronic

  • Boston Scientific

  • Abbott Laboratories

  • GE Healthcare

  • Philips Healthcare

  • St. Jude Medical

  • Nihon Kohden

  • Mortara Instrument

  • Schiller

  • Hill-Rom Holdings

  • Edwards Lifesciences

  • Welch Allyn

  • Spacelabs Healthcare

  • OSI Systems

  • Mindray Medical

  • Fukuda Denshi

  • BioTelemetry

  • Cardiac Science

  • Innomed Medical

Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cardiac Monitoring and Cardiac Rhythm Management Devices Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cardiac Monitoring and Cardiac Rhythm Management Devices Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Cardiac Monitoring and Cardiac Rhythm Management Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cardiac Monitoring and Cardiac Rhythm Management Devices Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cardiac Monitoring and Cardiac Rhythm Management Devices Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cardiac Monitoring and Cardiac Rhythm Management Devices Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Cardiac Monitoring and Cardiac Rhythm Management Devices Market size was valued at USD 17.82 billion in 2019 and is poised to grow from USD 18.8 billion in 2023 to USD 31.1 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

There are a lot of large and medium-sized players in the market for cardiac monitoring and cardiac rhythm management devices, which is fairly fragmented. Major players are employing a variety of strategies, concluding strategic agreements and contracts, entering into mergers and acquisitions, and developing and introducing more efficient devices. 'Biotronik SE & Co. KG', ' Medtronic ', ' Boston Scientific ', ' Abbott Laboratories ', ' GE Healthcare ', ' Philips Healthcare ', ' St. Jude Medical ', ' Nihon Kohden ', ' Mortara Instrument ', ' Schiller ', ' Hill-Rom Holdings ', ' Edwards Lifesciences ', ' Welch Allyn ', ' Spacelabs Healthcare ', ' OSI Systems ', ' Mindray Medical ', ' Fukuda Denshi ', ' BioTelemetry ', ' Cardiac Science ', ' Innomed Medical '

The key factors driving this market for cardiac monitoring and cardiac rhythm management devices include increasing prevalence of cardiovascular problems, rising expenses of treating cardiac diseases, rising use of ambulatory and home services, favorable government regulation, and technical improvements. The market for cardiac monitoring and cardiac rhythm management devices is being driven by the development of cutting-edge cardiac devices including MRI pacemakers, subcutaneous ICDs, and Automated External Defibrillators (AEDs). In the United States, cardiovascular diseases (CVDs) constitute a leading cause of death. According to the WHO, CVDs are thought to be the cause of one-fourth of all fatalities.

Today's cardiac rhythm management (CRM) devices are becoming more important for more than just monitoring and managing cardiac issues. They are also helping to restore, repair, and heal. Over the past few decades, the use of CRM devices has significantly increased as a result of rising life expectancy and ongoing technological advancements that have broadened their capabilities. Leading biotech companies have also made significant contributions to the field's R&D.

North America will dominate the cardiac monitoring and cardiac rhythm management device market during the forecast period. The most common type of heart disease, coronary artery disease, affects 382,820 people in the United States, and approximately 805,000 Americans suffer from heart attacks annually.Another important factor driving market revenue growth is the presence of key players like Medtronic, Abbott, and General Electric Company, among others.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global cardiac monitoring and cardiac rhythm management devices market

Product ID: SQMIG35A2212

$5,300
BUY NOW GET FREE SAMPLE