Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market: About this market
Technavio’s cardiac monitoring & cardiac rhythm management devices market analysis considers sales from both cardiac rhythm management devices and cardiac monitoring devices in Asia, Europe, North America, and ROW. In 2018, the cardiac rhythm management devices segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising product launches and the growing focus on R&D for the development of advanced devices will play a significant role in the cardiac rhythm management devices segment to maintain its market position. Also, our global cardiac monitoring & cardiac rhythm management devices market report looks at factors such as increasing prevalence of CVDs, increasing awareness initiatives and access to healthcare, and technological advances and new product launches. However, high costs of CM and CRM devices, shortage of skilled clinicians, and increasing enforcement of stringent regulations may hamper the growth of the cardiac monitoring & cardiac rhythm management devices industry over the forecast period.
Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market: Overview
Increasing awareness initiatives and access to healthcare
Public and private organizations are taking initiatives to promote awareness about CVDs and lung diseases. For instance, The Sudden Cardiac Arrest (SCA) Foundation is focusing on increasing awareness and influence attitudinal and behavioral changes for reducing mortality and morbidity from SCA. The Asia Pacific Heart Rhythm Society (APHRS) is another organization focusing on advancing the diagnosis and treatment of patients with heart rhythm disorders in APAC. Such initiatives by organizations lead to an increase in the diagnosis and treatment of CVDs leading to the expansion of the global cardiac monitoring & cardiac rhythm management devices market at a CAGR of almost 5% during the forecast period.
Increasing use of cardiac implants
Cardiac implants like pacemakers, ICDs, and CRT devices, are significantly increasing in several developing and developed countries. The significant improvements in the technology of cardiac implants and patient outcomes have improved experience and confidence of cardiac surgeons to operate on high-risk. Factors driving the utilization of cardiac implants are rising replacement rate of CRM devices; the increasing number of CRM devices implantation facilities; and the growing prevalence of CVDs. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global cardiac monitoring & cardiac rhythm management devices market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global cardiac monitoring & cardiac rhythm management devices market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position. In line with this, our report provides a detailed analysis of few leading cardiac monitoring & cardiac rhythm management devices manufacturers, that include Abbott Laboratories, Abiomed Inc., Asahi Kasei Corp., Biotronik Inc., Boston Scientific Corp., General Electric Co., Hill-Rom Holdings Inc., Koninklijke Philips NV, Medtronic Plc, SCHILLER AG.
Also, the cardiac monitoring & cardiac rhythm management devices market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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