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$25 Billion Cardiac Monitoring & Cardiac Rhythm Management Devices Market - Global Forecast to 2024
DUBLIN, Nov. 12, 2019 /PRNewswire/ -- The "Cardiac Monitoring & Cardiac Rhythm Management Devices Market CM (ECG, ILR, Event Monitors, MCT), CRM (Defibrillator (ICD (CRT D), External Defibrillators (AED)), Pacemaker (CRT P, Dual Chamber Pacemaker)), End User (Hospitals) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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%.
Increasing prevalence of CVD to drive the growth of this market
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.
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).
- Increasing Incidence of Cardiovascular Disease
- Technological Advancements
- Increasing Investments, Funds, and Grants for Research on CM & CRM Devices
- Growing Preference for Wearable Cardiac Devices
- Increasing Incidence of Cied Infections
- Dearth of Skilled Professionals With Expertise in Electrocardiography and Cardiac Rhythm Management Devices
- Frequent Product Recalls
- Abbott Laboratories
- ACS Diagnostics
- Alivecor, Inc.
- Asahi Kasei Corporation
- Boston Scientific Corporation
- BPL Medical Technologies
- GE Healthcare
- Hill-Rom Holdings
- Koninklijke Philips N.V.
- Lepu Medical Technology
- Medtronic, PLC
- Microport Scientific Corporation
- Nihon Kohden Corporation
- Osypka AG
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Shree Pacetronix
For more information about this report visit https://www.researchandmarkets.com/r/mebng7
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