Cardiac Monitoring & Cardiac Rhythm Management Devices Market is Expected to Reach $26.4 billion | MarketsandMarkets™

Chicago, May 21, 2024 (GLOBE NEWSWIRE) — Cardiac Monitoring & Cardiac Rhythm Management Devices market in terms of revenue was estimated to be worth $21.3 billion in 2024 and is poised to reach $26.4 billion by 2029, growing at a CAGR of 4.3% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.

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Cardiac Monitoring & Cardiac Rhythm Management Devices Market Scope:

Report Coverage Details
Market Revenue in 2024 $21.3 billion
Estimated Value by 2029 $26.4 billion
Growth Rate Poised to grow at a CAGR of 4.3%
Market Size Available for 2022–2029
Forecast Period 2024–2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, Procedure, End User, and Region
Geographies Covered North America (US, Canada), Europe (Germany, France, UK, Spain, Italy, and RoE), APAC (China, India, Japan, and the RoAPAC), and Rest of the World (Latin America, Middle East & Africa, GCC countries)
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Wearable Technologies and Mobile Health (MHealth) Applications
Key Market Driver Growing Geriatric Population and Subsequent Increase In CVD Prevalence

Based upon Type cardiac monitoring & cardiac rhythm management devices market catagorized into:

Based on Type, cardiac monitoring devices Market is classified into ECG Devices- (Resting ECG Devices, Stress ECG Devices, Holter Monitors, Smart ECG Monitors, Event Monitors- by Type- {Loop memory monitor, Patch recorders, Symptom event monitor, Implanted loop recorders}, Event Monitors by Technology-[Patient Activated, Auto Detected], Mobile Cardiac Telemetry Devices, and Cardiac Output Monitoring Devices. The ECG Devices segment is forecasted to drive the cardiac monitoring device’s Market. The high growth of the services segment is attributed to its versatility as EGS devices are versatile and can be used for various applications, including ambulatory monitoring, bedside monitoring, and remote monitoring, and increasing prevalence of cardiovascular diseases, such as atrial fibrillation, heart failure, and hypertension, drives the demand for cardiac monitoring devices, likewise, Favorable reimbursement policies and healthcare initiatives supporting the use of EGS devices for cardiac monitoring further drive market growth.

Based on Type, the global cardiac rhythm management devices Market is segmented into Defibrillators – {(by type- Implantable Cardioverter Defibrillators, External Defibrillators), by type Implantable Cardioverter Defibrillators- {Transvenous Implantable Cardioverter Defibrillators (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillators}, T-ICD’s by type- [Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators, Dual-Chamber Implantable Cardioverter Defibrillators, Single-Chamber Implantable Cardioverter Defibrillators], External Defibrillators by type-( Automated External Defibrillators, Manual External Defibrillators, Wearable Cardioverter Defibrillators), Automated External Defibrillators by type – [Semi-Automated External Defibrillators, Fully Automated External Defibrillators]}, and Pacemakers – By Implantability (Implantable Pacemakers, External Pacemakers), By Type – Dual-Chamber Pacemakers, Single-Chamber Pacemakers, and Biventricular/Crt Pacemakers. The largest share of Defibrillators segment can be attributed to factors such as With the rising prevalence of cardiovascular diseases and aging populations, there’s a corresponding increase in the incidence of ventricular arrhythmias such as ventricular tachycardia (VT) and ventricular fibrillation (VF). Defibrillators are essential for the treatment of these life-threatening arrhythmias, similarly, technological advancements (miniaturization, longer battery life, enhanced sensing algorithms, and remote monitoring capabilities), and alignment with evolving healthcare trends and guidelines. contributing to their higher market demand.

Based on the Application, cardiac monitoring & cardiac rhythm management devices Market is classified into Arrhythmias, Myocardial Infarction, Heart Failure, and Others-(Chest Pain Evaluation, Sports Clearance. The Arrhythmias segment is forecasted to drive the cardiac monitoring & cardiac rhythm management devices Market. The high growth of the Arrhythmias segment is attributed to Technological advancements in cardiac monitoring devices such as Holter monitors, event monitors, implantable loop recorders (ILRs), and wearable devices, enable continuous and long-term monitoring of cardiac rhythm in various clinical settings. These devices facilitate early detection, diagnosis, and management of arrhythmias, enhancing patient care and outcomes similarly, the increasing prevalence of arrhythmias, such as atrial fibrillation, ventricular tachycardia, and bradyarrhythmia’s, drives the demand for cardiac monitoring and rhythm management devices which capable of detecting, diagnosing, and managing these conditions effectively.

Based on the Procedure, cardiac monitoring & cardiac rhythm management devices Market is classified into Invasive, and Non-invasive. The Invasive segment is forecasted to drive the cardiac monitoring & cardiac rhythm management devices Market. The high growth of the Invasive segment is attributed to its Diagnostic Accuracy as invasive procedures such as cardiac catheterization, electrophysiology studies, and device implantation offer higher diagnostic accuracy compared to non-invasive methods likewise, Advances in medical technology have led to the development of minimally invasive techniques and devices, reducing procedural risks and recovery times associated with invasive procedures. For example, the use of catheter-based ablation techniques for treating arrhythmias has become increasingly sophisticated, leading to improved success rates and fewer complications.

Based on the End User, the global cardiac monitoring & cardiac rhythm management devices Market is segmented into Hospitals, Clinics, Cardiac Centers and Ambulatory Surgery Centers, and Other End Users-(home care settings, public-access markets, alternate care settings, pre-hospital care settings, and research institutes). The Hospitals segment is expected to dominate the market during the forecast period. The major factors contributing to the growth of this segment include its ability to provide Comprehensive Healthcare Services as Hospitals are equipped with specialized cardiac care units, electrophysiology labs, and operating rooms dedicated to the diagnosis and treatment of cardiac conditions., moreover reimbursement and payment models as Hospitals typically have established reimbursement mechanisms and payment models for cardiac procedures and services, ensuring financial sustainability and viability.

Based on the Region, the cardiac monitoring & cardiac rhythm management devices Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is forecasted to climb the cardiac monitoring & cardiac rhythm management devices Market. Growth in the North American market is mainly driven due to the North America, particularly the United States and Canada, is known for its advanced healthcare infrastructure and research facilities. The large share of North America can be attributed to several factors, such as the presence of well-established healthcare systems in the US and Canada, wide access to advanced screening techniques, and availability of majority of key players in the region.

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Prominent Players of Cardiac Monitoring & Cardiac Rhythm Management Devices Market

  • Abbott Laboratories (US)
  • Medtronic (Ireland)
  • Boston Scientific Corporation (US)
  • GE HealthCare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Asahi Kasei Corporation. (Japan)
  • MicroPort Scientific Corporatio (China)
  • Baxter. (US)
  • NIHON KOHDEN CORPORATION. (Japan)
  • BIOTRONIK (Germany)
  • SCHILLER (Switzerland)
  • ACS Diagnostics. (US)
  • BPL Medical Technologies (India)
  • BTL (US)
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
  • OSYPKA AG (Germany)
  • AliveCor, Inc. (US)
  • Amiitalia (Italy)
  • Bexen Cardio (Spain)
  • Narang Medical Limited (India)
  • Primedic (Germany)
  • Progetti (Italy)
  • INNOMED MEDICAL INC.(Hungary)
  • LUMED srl (Italy)
  • Nasiff Associates Inc. (US)
  • and Among others

This research report categorizes the cardiac monitoring & cardiac rhythm management devices Market into the following segments and subsegments:

Cardiac Monitoring & Cardiac Rhythm Management Devices Regional split

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Cardiac Monitoring Devices Market, by Type

  • ECG Devices
    • Resting ECG Devices
    • Stress ECG Devices
    • Holter Monitors
  • Event Monitors
    • Event Monitors by Type
    • Loop memory monitor
    • Patch recorders.
    • Symptom event monitor
    • Implanted loop recorders
  • Event Monitors by Technology
    • Patient Activated
    • Auto Detected
  • Smart ECG Monitors
  • Mobile Cardiac Telemetry Devices
  • Cardiac Output Monitoring Devices

Cardiac Rhythm Management Devices Market, by Type

  • Defibrillators
    • Implantable Cardioverter Defibrillators
      • Transvenous Implantable Cardioverter Defibrillators (T-ICDs)
        • Biventricular Implantable Cardioverter Defibrillators/Cardiac Resynchronization Therapy Defibrillators
        • Dual-Chamber Implantable Cardioverter Defibrillators
        • Single-Chamber Implantable Cardioverter Defibrillators
      • Subcutaneous Implantable Cardioverter Defibrillators
    • External Defibrillators
      • Automated External Defibrillators
        • Semi-Automated External Defibrillators
        • Fully Automated External Defibrillators
    • Manual External Defibrillators
    • Wearable Cardioverter Defibrillators
  • Pacemakers
  • Pacemakers Market, By Implantability
    • Implantable Pacemakers
    • External Pacemakers
  • Pacemakers Market, By Type
    • Dual-Chamber Pacemakers
    • Single-Chamber Pacemakers
  • Biventricular/Crt Pacemakers

Cardiac Monitoring & Cardiac Rhythm Management Devices By application

  • Arrhythmias
  • Myocardial Infarction
  • Heart Failure
  • Other

Cardiac Monitoring & Cardiac Rhythm Management Devices By Procedure

  • Invasive
  • Non-invasive

Cardiac Monitoring & Cardiac Rhythm Management Devices By End User

  • Hospitals
  • Clinics, Cardiac Centers and Ambulatory Surgery Centers
  • Other End Users

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Key Market Stakeholders:

  • Government and academic institutes
  • Research laboratories, diagnostic centers, and research institutes.
  • Cardiac monitoring and cardiac rhythm management device manufacturers
  • Suppliers and distributors
  • Monitoring service providers
  • Healthcare service providers
  • Physicians
  • Diagnostic centers
  • Health insurance players
  • Research and consulting firms

Report Objectives:

  • To define, describe, and forecast the global cardiac monitoring & cardiac rhythm management devices Market based on Type, Application, Procedure, End User, and Region
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, opportunities, and industry-specific challenges)  
  • To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the total market
  • To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of market segments with respect to four main regions—North America, Europe, Asia Pacific and the Rest of the World (RoW)2
  • To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies
  • To track and analyze competitive developments such as acquisitions, expansions, new product launches, and partnerships in the cardiac monitoring & cardiac rhythm management devices Market.

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