According to research report Cardiac Monitoring Devices Market is expected to reach USD 30.56 billion by 2027 from USD 22.12 billion in 2019, at a CAGR of 4.0% during the forecast period. Factors such as the increasing incidence of cardiovascular diseases and technological advancements in devices are expected to propel the growth of the market. However, price sensitivity and limited reimbursements for remote cardiac monitoring devices are expected to restrain the growth of the CM & CRM devices market.
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The hospitals segment accounted for the largest share of the cardiac monitoring and cardiac rhythm management devices market
By end user, the cardiac monitoring and cardiac rhythm management devices market is classified into hospitals, home & ambulatory care settings, and other end users. The hospitals segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to the increasing use of these devices in hospitals, increasing burden of cardiovascular & coronary heart diseases, growing number of patient visits to physician offices for the principal diagnosis of CVD & CHD, and growing number of cardiac implant procedures.
The external defibrillators segment is expected to grow at the highest CAGR in defibrillators market during the forecast period
By type, the defibrillators market is divided into implantable and external defibrillators. The external defibrillators segment is expected to grow at the highest CAGR during the forecast period. This positive growth is attributed to the implementation of defibrillation programs in various countries and the launch of technologically advanced AED devices in the market
Asia is expected to grow at the highest CAGR during the forecast period
On the basis of region, the CM & CRM devices market is segmented into North America, Europe, Asia, and RoW. Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growth in the geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for CM & CRM devices in this region.
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Market Players
The cardiac monitoring and cardiac rhythm management devices market is dominated by players such as Medtronic (Ireland), Abbott (US), Boston Scientific (US), BIOTRONIK (Germany), GE Healthcare (US), and Philips Healthcare (Netherlands)
