Cardiac Monitoring & Cardiac Rhythm Management Devices Market Worth $25.0 Billion by 2024 - Exclusive Market Report by M&M

CHICAGO, Oct. 29, 2019 /PRNewswire/ -- According to the new market research report "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" The CM & CRM devices market is expected to grow from USD 20.7 billion in 2019 to USD 25.0 billion by 2024, at a CAGR of 3.9% during the forecast period.

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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.

The ECG devices segment to account for the largest share of the global CM market in 2019

Based on type, the CM devices market is segmented into ECG devices, ILR, MCT, event monitors, COM devices, and smart ECG monitors. The ECG devices segment is expected to account for the largest share of the cardiac monitoring devices market. Growth in this market segment can be attributed to technological advancements such as the incorporation of advanced algorithms and workflow improvement features, such as simplified operations, touchscreen systems, portability, wireless features, and better connectivity with cardiovascular information systems (CVIS), electronic medical records (EMRs), and ECG management systems.

The defibrillators segment to account for the largest share of the market in 2019

Based on type, the CRM devices market is segmented into defibrillators and pacemakers. The defibrillators segment accounted for the largest share of the market in 2018. Factors such as technological advancements in defibrillators, rising prevalence of CVDs, and growing focus on providing public-access defibrillators are expected to propel the growth of this market.

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The hospitals, clinics, & cardiac centers segment to account for the largest share of the market in 2019

Based on end user, the CM & CRM devices market is segmented into three categories-hospitals, clinics, & cardiac centers; ambulatory surgery centers; and other end users (which include home care settings, public-access markets, alternate care settings, pre-hospital care settings, and research institutes).

The hospitals, clinics, & cardiac centers segment accounted for the largest share of this market in 2019. The large share of this segment can be attributed to the increasing prevalence of CVDs, a growing number of patient visits to physician offices for diagnosis, an increasing number of cardiac implant procedures, and the availability of reimbursement for these procedures across developed markets.

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North America to account for the largest share of the CM & CRM devices market in 2019

On the basis of region, the global CM & CRM devices market is segmented into four major geographies- North America, Europe, the Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global CM & CRM devices market in 2019. The large share of the North American region can be attributed to the increasing incidence of CVDs, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.

The major players in the CM & CRM devices market include Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), Hill-Rom Holdings (US), and Koninklijke Philips (Netherlands).

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