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Global Cardiac Monitoring and Rhythm Management Devices Market by Type, Application, Procedure, End User and Region

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Global heart rate monitoring and management devices market

Global heart rate monitoring and management devices marketGlobal heart rate monitoring and management devices market

Global heart rate monitoring and management devices market

Dublin, May 9, 2024 (GLOBE NEWSWIRE) — “Global market for cardiac monitoring and rhythm management devices through monitoring (ECG (Holter, ILR), COM), rhythm management (defibrillators (ICD, AED), pacemaker), application (Heart failure, arrhythmia, heart attack), procedure (invasive) – the “Forecast for 2029” report has been added to ResearchAndMarkets.com offering.

The global heart rate monitoring and management devices market is expected to reach USD 26.4 billion by 2029 from USD 21.3 billion in 2024, at a CAGR of 4.3% during the forecast period. The market is driven by factors such as growing public awareness campaigns and screening programs for early detection of cardiovascular diseases, which contribute to the growing demand for heart monitoring devices, especially in high-risk populations. On the other hand, the adoption of remote monitoring and telemedicine technologies raises concerns about data security and patient privacy, which may make it difficult for patients to accept and adopt these devices.

During the forecast period, implantable cardioverter-defibrillators had the largest share in the market for heart rhythm management devices

Depending on the type, defibrillators in the heart rhythm management device market are divided into implantable cardioverter defibrillators and external defibrillators. In 2023, implantable cardioverter defibrillators accounted for significant market share as implantable defibrillators provide continuous protection against sudden cardiac arrest by continuously monitoring heart rhythm and providing appropriate therapy when needed.

This continuous monitoring and intervention provides 24/7 protection for patients at risk of life-threatening arrhythmias, while external defibrillators are typically used for short-term interventions in emergency situations. Similarly, implantable defibrillators are implanted surgically or through minimally invasive procedures in patients at high risk of sudden cardiac death due to heart disease such as ventricular arrhythmias or cardiomyopathy. They are intended for long-term use and are suitable for patients requiring continuous treatment of arrhythmia. In contrast, external defibrillators, such as automated external defibrillators (AEDs) or manual defibrillators used in hospitals, are mainly used for resuscitation in the event of cardiac arrest.

The patient-activated technologies segment had the largest market share

Based on technology, the cardiac monitoring device event monitor market is segmented into: Patient-activated, automatically detected. The Patient-Activated Technology segment had the largest market share in 2023 due to a variety of applications such as patient-activated event monitors, which require the active participation of the patient who triggers event recording when he or she experiences symptoms such as palpitations or dizziness head. This level of patient engagement can lead to greater compliance with monitoring protocols and more reliable data collection compared to automatically detected monitors that may miss transient or asymptomatic events. Furthermore, patient-activated event monitors may be more cost-effective than automatically detected monitors, especially for patients with rare or intermittent symptoms.

The North America region had the second highest CAGR

The global heart rate monitoring and management devices market is segmented into four regions: North America, Asia-Pacific, Europe and Rest of the World. According to the regional analysis, the North America region is likely to maintain significant market share in 2023 and beyond. The North American market is driven by rising cases of heart disease, rising health care expenses and growing awareness about early diagnosis of diseases.

Europe is estimated to record the third highest CAGR over the forecast period

In this report, the Cardiac Monitoring and Rhythm Management Devices market is segmented into four major regional segments: North America, Europe, Asia Pacific, and Rest of World. The European market is expected to record the third highest growth rate during the forecast period. Growth in this market is due to Europe’s strong tradition of research and academic excellence, rising rates of population aging and therefore heart disease, government funding of research and health care in many European countries, support for the development and adoption of advanced diagnostic technologies such as as a cardiological examination.

Scope of research

This report examines the Cardiac Monitoring and Rhythm Management Devices market based on type, application, procedure, end user, and region. The report also analyzes the factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth. It assesses market opportunities and challenges for stakeholders and provides market leaders with details about the competitive landscape. The report also examines the micro markets in terms of their growth trends, prospects, and share in the total Cardiac Monitoring and Rhythm Management Devices market. The report forecasts market segment revenues for four major regions.

List of profiled companies:

  • Abbott Laboratories (USA)

  • Medtronic (Ireland)

  • Boston Scientific Corporation (USA)

  • GE HealthCare (US)

  • Koninklijke Philips NV (Netherlands)

  • Asahi Kasei Corporation (Japan)

  • MicroPort Scientific Corporation (China)

  • Baxter (USA)

  • NIHON KOHDEN CORPORATION (Japan)

  • BIOTRONIK (Germany)

  • SCHILLER (Switzerland)

  • ACS Diagnostics (USA)

  • BPL Medical Technologies (India)

  • BTL (USA)

  • Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (China)

  • OSYPKA AG (Germany)

  • AliveCor, Inc. (USA)

  • Amiitalia (Italy)

  • Bexen Cardio (Spain)

  • Narang Medical Limited (India)

  • Primedic (Germany)

  • Progetti (Italy)

  • INNOMED MEDICAL INC. (Hungary)

  • LUMED srl (Italy)

  • Nasiff Associates Inc. (USA)

Key features

Report attribute

Details

number of pages

298

Forecast period

2024 – 2029

Estimated market value (USD) in 2024

$21.3 billion

Projected market value (USD) until 2029

$26.4 billion

Compound annual growth rate

4.3%

Regions covered

Global

Premium insights

  • The rising incidence of genetic diseases is driving the market

  • Resting ECG devices register the highest growth during the forecast period

  • US and invasive procedures will dominate the North American market in 2024

  • Asian countries will see higher growth between 2024 and 2029

Market dynamics

  • Drivers

    • Growing elderly population and subsequent increase in CVD incidence

    • Reimbursement availability for CM and CRM devices

    • Raising awareness and prevention initiatives

    • Increasing investment, funding and grants for research

    • Growing interest in portable cardiac devices

  • Limitations

  • Possibilities

  • Challenges

    • Risk of related cybersecurity vulnerabilities

    • Frequent product recalls

    • Strict regulatory requirements delay approval of cardiac devices

    • Lack of qualified professionals

More information about this report can be found at https://www.researchandmarkets.com/r/dduoyf

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