According to the deep-dive market assessment study conducted by Growth+Market Reports, the global Cardiac Monitoring & Cardiac Rhythm Management Devices market was pegged at ~US$ 21 billion in 2020. The market is expected to witness a CAGR of ~4.0% from 2021 to 2031.
Increasing occurrence of cardiovascular diseases, technological advancements, increasing awareness among the patients, and rising adoption of monitoring devices due to COVID-19 are some of the pivotal factors propelling the growth of the cardiac monitoring & cardiac rhythm management devices market. However, increase in recall of the defective devices and high cost of the devices are likely to hamper the growth of the market to a certain extent.
Prominent players are progressively implementing several strategies such as technological advancements and collaborative initiatives with several organizations, research centers & companies in order to be competitive in the market. For instance, in Aug 2019, Philips has announced plans to combine LindaCare’s cloud-based platform, designed to help remotely monitor patients with electronic cardiac implants, with its IntelliSpace Cardiovascular informatics program.
According to WHO, Cardiovascular diseases (CVDs) are the leading cause of deaths globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 31% of all deaths worldwide. According to CDC, one person dies every 36 seconds in the United States from cardiovascular disease. About 655,000 Americans die from heart disease each year—that’s 1 in every 4 deaths. As most of CVDs types can be prevented through regular monitoring and diagnosis, cardiac monitoring & cardiac rhythm management devices can save the life of patients with high risk.
Cardiovascular disease is among the severe conditions in critically ill patients with COVID-19 infection. It increases the risk of death in patients with COVID-19, whereas COVID-19 itself can also induce myocardial injury, arrhythmia, acute coronary syndrome and venous thromboembolism. Therefore, increasing COVID-19 patients rate is expected to drive supply and adoption of cardiac monitoring devices in hospitals.
However, increase in recall of the defective devices has affected the growth of market to a certain extent. Recall of defective products makes consumers lose interest in the products, and lead to negative effect on the product demand. The willingness to repeat purchase related products also declines, which in turn decreases the market volume and eventually hampers the market growth. For instance, in Feb 2019, Medtronic recalled around 13,440 dual chamber implantable pulse generators in the United States owing to a defect in the manufacturing process.
The Asia Pacific region is expected to record highest CAGR and is expected to be the fastest growing cardiac monitoring & cardiac rhythm management devices market. Factors such as developing healthcare infrastructure, rising R&D investments by prominent players to develop break-through technologies for cardiac care and availability of skilled health care professionals can be attributed for the growth of the market. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases and rising geriatric population in the region.
Some of the prominent players operating in the cardiac monitoring & cardiac rhythm management devices market are GENERAL ELECTRIC COMPANY, Abbott, Boston Scientific Corporation, Koninklijke Philips N.V., Medtronic, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., SCHILLER, BIOTRONIK, BPL Medical Technologies, NIHON KOHDEN CORPORATION, among others.
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