Cardiac Monitoring & Cardiac Rhythm Management Market is Expected to Reach $32,216 Million, Globally, by 2022January 9, 2017 No Comments
SOURCE: Allied Market Research
Global cardiac monitoring & cardiac rhythm management market is expected to reach $32,216 million by 2022 from $19,397 million in 2015, growing at a CAGR of 7.6% from 2016 to 2022, according to new research published by Allied Market Research. Defibrillators are estimated to generate the highest revenue among all segments during the forecast period, owing to increasing adoption of technologically advanced defibrillators, growing demand for quality medical care, high incidences of sudden cardiac arrest (SCA), across the globe.
Technological advancements in cardiac monitoring & cardiac rhythm management devices, awareness among patients about monitoring of the heart and treatment options for management of cardiac disorders, and increasing number of unmet medical needs in developing and under developed regions of the world are expected to drive the market growth. However, limited insurance coverage, high cost of devices (especially in developing nations) and preference for drugs over treatment devices will hamper the market growth. Conversely, development of new MRI-labeled devices and growth opportunities in emerging economies of the Asia-Pacific and LAMEA regions are expected to provide opportunities for market growth during the forecast period.
According to Hemali Narkhede, Manager, Healthcare Research at AMR, “Development of miniaturized, portable devices, especially ECG systems and event monitors, is projected to propel the market growth.” “Miniaturization has enabled easy transportation of these devices which makes them suitable for use in home settings,” she further added.
The ECG devices was the predominant segment in 2015, accounting for 5,260 thousand units, and is expected to grow at a CAGR of 9.0% (in volume) during the forecast period. Event Monitors is projected to be the fastest growing segment, with a CAGR of 33.8% during the forecast period. Event monitors are very small and light weight, which makes them easy to be carried by the patient. In addition to this, longevity of the devices also propels growth as an event monitor can be used for up to a month depending on the frequency of the symptoms. Apart from this with the rise in the incidence of diseases such as arrhythmia and myocardial infraction, the demand for event monitors is expected to increase during the forecast period.
Key findings of the study:
- Based on product type, defibrillators segment accounted for nearly two-fifth of the total market in 2015
- Event monitors are expected to grow at the highest rate (with a CAGR of 33.8%) owing to their lightweight, portable nature and long battery life
- Based on end user, hospitals & clinics accounted for more than three-fourth of the total market in 2015
Ambulatory Surgical Centers (ASCs) is expected to grow at the highest CAGR (10.0%) throughout the forecast period, as they provide a cost-effective and high-quality alternative to hospital-based treatment
North America accounted for majority of the share (more than two-fifth) in the market in 2015, and is expected to remain dominant throughout the forecast period. This is attributed to the growing incidences of arrhythmia and heart failure accompanied with the rising geriatric population, increased patient awareness about the availability of treatment options, and favorable reimbursement framework for cardiac monitoring & cardiac rhythm management devices in the region. In addition, the high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are anticipated to bring in new growth opportunities for the key players in this market. Asia-Pacific is expected to be the fastest growing region (with a CAGR of 9.1%) throughout the analysis period, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of cardiac disorders in this region.
Key players have adopted product development as their key strategy to cater to the changing needs of the industry. Major players operating in this market include Abiomed, Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric Company (GE), Hill-Rom Holdings, Inc., Jarvik Heart, Inc., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc., SCHILLER AG, and St. Jude Medical, Inc.