What is the global market size of Cardiac Monitoring and Cardiac Rhythm Management Devices Market?

Global Cardiac Monitoring and Cardiac Rhythm Management Devices Market size was valued at USD 17.82 billion in 2021 and is poised to grow from USD 18.8 billion in 2022 to USD 31.1 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

Global 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

Global 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.

Global Cardiac Monitoring and Cardiac Rhythm Management Devices Market Report Snapshots

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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 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. '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.

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Global 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

Global Cardiac Monitoring and Cardiac Rhythm Management Devices Market Regional Insights

Global Cardiac Monitoring and Cardiac Rhythm Management Devices Market Report Snapshots

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