(I-BusinessNews.Com, April 29, 2021 ) According to the new market research report Cardiac Monitoring Devices Market is projected to reach USD 26.8 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 4.0% from 2020 to 2025.
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The growth of the Cardiac Monitoring & Cardiac Rhythm Management Devices Market is driven by the increasing prevalence of cardiovascular diseases; increasing investments, funds, and grants for research on CM & CRM devices; availability of reimbursement for CM & CRM devices; launch of innovative products by market players and the growing preference for wearable cardiac devices.
On the basis of region, the Cardiac Monitoring Devices Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America commanded the largest share of the market. The large share of this market segment can be attributed to the increasing incidence of CVD, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.
On the basis of cardiac rhythm management devices by type, the market is segmented into defibrillators and pacemakers. In 2019, the defibrillators segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. Factors such as technological advancements in defibrillators, rising prevalence of CVD, and growing focus on providing public-access defibrillators are driving the growth of this market.
On the basis of cardiac monitoring devices by type, the market is segmented into ECG devices, event monitors, implantable loop recorders (ILRs), cardiac output monitoring (COM) devices, mobile cardiac telemetry (MCT) devices, and smart ECG monitors. In 2019, the ECG devices segment accounted for the largest share of the market. The large share of this segment can be attributed to technological advancements such as the incorporation of advanced algorithms and workflow improvement features, such as simplified operations, touchscreen systems, portability, wireless features, and better connectivity with cardiovascular information systems (CVIS), electronic medical records (EMRs), and ECG management systems.
By end user, the cardiac rhythm management devices market is segmented into hospitals; clinics, cardiac centers, and ambulatory surgery centers (ASCs); and other end users. Hospitals accounted for the largest share of the market in 2019. The large share of this segment can be attributed to factors such as the increasing prevalence of CVD, the growing number of patient visits to hospitals for diagnosis, increasing number of cardiac implant procedures, and the availability of reimbursement for these procedures across developed markets
OPPORTUNITY: Measures to reduce infections caused due to CIEDs
CIEDs are associated with an increase in survival and quality of life while treating cardiac arrhythmias. However, CIED-associated infections are a major complication associated with the use of these devices. CIED infections most commonly occur in patients with an implantable cardioverter defibrillator device or cardiac resynchronization therapy defibrillator device. According to the European Heart Journal, the incidence of CIED infections was 1.19% for pacemakers, 1.91% for implantable cardioverter-defibrillators, 2.18% for cardiac resynchronization therapy pacemakers (CRT-Ps), and 3.35% for CRT defibrillators (CRTDs).
Medtronic offers an absorbable, multifilament mesh envelope (TYRX Absorbable Antibacterial Envelope) to improve CIED stabilization in the subcutaneous pocket and to elute the antibiotics minocycline and rifampin. These envelopes are designed for use with cardiac implantable electronic devices (CIEDs), such as implantable cardioverter defibrillators (ICDs) and pacemakers. In 2019, results of an international randomized controlled trial showed that the envelope reduced the incidence of infection by 40%, compared to standard-of-care infection prevention alone.
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The major players operating in this Cardiac Monitoring Devices Market are Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), and Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), MicroPort Scientific Corporation (China), Lepu Medical Technology (China), Shree Pacetronix (India), OSYPKA (Germany), Hill-Rom Holdings (US), Nihon Kohden (Japan), SCHILLER AG (Switzerland), BioTelemetry (US), BPL Medical Technologies (India), ACS Diagnostics (US), Shenzhen Mindray Bio-Medical Electronics (China) and BTL t(US), Alivecor, Inc. (US), Amiitalia (Italy), Bexen Cardio (Spain), Narang Medical Limited (India), MeTrax GmbH (Germany), and Progetti Srl (Italy).
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