“Increasing prevalence of CVD to drive the growth of this market.”
The cardiac monitoring and cardiac rhythm management devices market is projected to reach USD 25.0 billion by 2024 from USD 20.7 billion in 2019, at a CAGR of 3.9%. Growth in this market is primarily driven by the increasing incidence of cardiovascular diseases; technological advancements; increasing investments, funds, and grants for research on CM & CRM devices; and the growing preference for wearable cardiac devices. However, the dearth of skilled professionals and frequent product recalls are expected to challenge market growth in the coming years.
“ILRs are expected to grow at the highest CAGR during the forecast period.”
Based on type, the CM devices market is segmented into ECG devices, ILR, MCT, event monitors, COM devices, and smart ECG monitors. Of these, ILRs are expected to grow at the highest CAGR during the forecast period. The advantages of ILRs are a higher rate of diagnosis of heart rhythm problems than external recorders, long-term monitoring of up to three years, large storage capacity, remote monitoring, and detection & reduction of recurrent syncopes. Owing to their benefits, the demand for these devices is expected to increase across the globe.
“The defibrillators segment is expected to grow at the highest CAGR during the forecast period.”
Based on type, the CRM devices market is segmented into defibrillators and pacemakers. The defibrillators segment is expected to grow at the highest CAGR in the forecast period. Technological advancements in defibrillators, rising prevalence of CVDs, and the growing focus on providing public-access defibrillators are some of the major factors expected to propel the growth of this market.
“The ambulatory surgical centers segment is expected to grow at the highest CAGR during the forecast period.”
The ambulatory surgical centers segment is expected to grow at the highest CAGR in the forecast period. Growing number of ASCs and physicians are realizing the benefits of performing cardiovascular procedures at ASCs, thus attributing to its high CAGR during the forecast period.
“APAC to grow at the highest CAGR during the forecast period.”
In the CM & CRM devices market, the APAC market, particularly in China, Japan, India, and the Association of Southeast Asian Nations (ASEAN) countries, is expected to witness the highest growth in the next five years. This is due to the rising prevalence of CVDs in APAC countries, attributed to the increasing adoption of sedentary lifestyles, changing diets, increasing stress, and habitual smoking and drinking.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the CM & CRM devices market.
- By Company Type: Tier 1: 40%, Tier 2: 30%, and Tier 3: 30%
- By Designation: C-level Executives: 27%, Directors: 18%, and Others: 55%
- By Region: North America: 50%, Europe: 20%, APAC: 15%, and RoW: 15%
The CM & CRM devices market comprises major players such as Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), Hill-Rom Holdings (US), and Koninklijke Philips (Netherlands). The study includes an in-depth competitive analysis of these key players in the CM & CRM devices market, along with their company profiles, recent developments, and key market strategies.
The market study covers the CM & CRM devices market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, based on CM devices by type, and based on CRM devices by type, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market and provide information on the closest approximations of the revenue numbers for the overall CM & CRM devices market and its subsegments.
- This report will help the stakeholders to understand the competitive landscape, to gain more insights to better position their businesses, and to plan suitable go-to-market strategies.
- The report will also help the stakeholders to understand the pulse of the market and provide information on key market drivers, restraints, opportunities, and challenges.