According to research report the cardiac monitoring devices market is expected to reach $30.56 billion by 2027 from $22.12 billion in 2019, at a CAGR of 4.0%. The scope of the report includes cardiac monitoring and cardiac rhythm management devices used for continuous monitoring, detection, and treatment of heart activities and abnormal heart rhythm (electric heart patterns). Factors driving the growth of this market include increasing incidence of cardiovascular diseases and technological advancements in devices. However, price sensitivity and limited reimbursements for remote cardiac monitoring devices are expected to restrain the growth of the CM & CRM devices market.
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Based on end user, the cardiac monitoring and cardiac rhythm management devices market is segmented into hospitals, home and ambulatory care settings, and other end users. In 2017, the hospitals segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to the increasing use of these devices in hospitals, increasing burden of cardiovascular & coronary heart diseases, increasing number of patient visits to physician offices for the principal diagnosis of CVD & CHD, and growing number of cardiac implant procedures.
Based on product, the cardiac rhythm management devices market is segmented into defibrillators and pacemakers. The pacemakers segment is projected to grow at the highest CAGR during the forecast period. The rising geriatric population (heart tissue degeneration is a major cause of high blood pressure) and increasing incidence of hypertension are the major factors driving the demand for pacemakers.
Based on product, the cardiac monitoring devices is segmented into ECG devices, ILR, event monitors, COM monitors, mobile cardiac telemetry, and smart wearable ECG monitors. The mobile cardiac telemetry segment is projected to grow at the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis compared to other short & longer-term monitoring modalities and huge potential for reducing healthcare costs are driving the growth of the market.
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Asia is expected to grow at the highest CAGR during the forecast period
On the basis of region, the CM & CRM devices market is segmented into North America, Europe, Asia, and RoW. Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growth in the geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fuelling the demand for CM & CRM devices in this region.
CM & CRM Devices Market Players
The cardiac monitoring and cardiac rhythm management devices market is dominated by players such as Medtronic (Ireland), Abbott (US), Boston Scientific (US), BIOTRONIK (Germany), GE Healthcare (US), and Philips Healthcare (Netherlands)
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