SAN FRANCISCO, July 21, 2020 /PRNewswire/ -- The global cardiac monitoring and cardiac rhythm management market size is expected to reach USD 48.9 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. Increasing incidence of cardiovascular diseases and advancement in medical devices is driving the market.
Cardiovascular disorders, such as ischemic heart disease, are one of the leading causes of death globally. According to the CDC, the prevalence of cardiovascular diseases and the number of deaths has remained steady with almost 31.0% of the population dying due to such diseases in 2017. Moreover, the incidence of obesity has increased over the past few years; an estimated 37.7% of adults in the U.S. are obese. In addition, in 2016, about 18.0% of the U.S. adults had high-density lipoprotein cholesterol levels of less than 40 mg/dL. Industry players are trying to develop advanced medical devices for cardiovascular disorders, which is propelling the market.
The hospital segment held the largest market share in terms of revenue in 2019. Hospitals are able to provide optimal care of the patients suffering from cardiovascular disorders by efficiently monitoring and diagnosing the problem at an early stage. This, in turn, is anticipated to augment the growth of the segment in the market.
Key suggestions from the report:
- In terms of revenue, CRM devices dominated the market in 2019. The growth can be attributed to the growing demand for minimally invasive surgeries and advancement in CRM devices
- On the basis of end-use, hospitals held the largest revenue share in 2019 owing to increased patient footfall due to increasing cases of cardiovascular disorders
- Some of the key companies present in the market are Boston Scientific, Nihon Kohden Corporation, GE Healthcare, Zoll Medical Corporation, Schiller, Abbott, Microport Scientific Corporation, Phillips Healthcare, Stryker and Medtronic
Read 150 page research report with ToC on "Cardiac Monitoring And Cardiac Rhythm Management Market Size, Share & Trends Analysis Report By Product (CMD (ECG, Event Monitors), CRM (Pacemakers, Defibrillators)), By End Use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/cardiac-monitoring-and-cardiac-rhythm-management-crm-market
The home care segment is expected to witness significant growth over the forecast period owing to ease of treatment and cost-effectiveness provided by the system. Miniaturization of medical devices required to monitor cardiovascular events at remote places is anticipated to drive the driving segment in the coming years.
North America held the largest revenue share in 2019 owing to the increasing geriatric population in the region. In addition, rapid technological advancements in medical devices such as miniaturization, long battery life, the use of biocompatible materials are also stimulating the growth of the market in the region. Moreover, rising cases of cardiovascular disorders including heart failure and cardiovascular arrests are expected to propel market growth in the region.
In Asia Pacific, the market is anticipated to witness significant growth over the forecast period. This is attributed to the rising demand for quality healthcare services in the region. The growing number of an aging population in countries including India, Japan, and China is driving demand for advanced medical devices in the region.
Grand View Research has segmented the global cardiac monitoring and cardiac rhythm management market on the basis of product, end-use, and region:
- Cardiac Monitoring And CRM Product Outlook (Revenue, USD Million, 2016 - 2027)
- Cardiac monitoring devices
- Resting ECG
- Stress ECG
- Holter Monitors
- Event Monitors
- Implantable Loop Recorders
- Mobile Cardiac Telemetry
- Cardiac rhythm management devices
- Implantable Cardioverter Defibrillators (ICD)
- External Defibrillator
- Manual External Defibrillator
- Automatic External Defibrillator
- Wearable Cardioverter Defibrillator
- Cardiac Resynchronization Therapy (CRT)
- Cardiac Monitoring And CRM End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Ambulatory centers
- Home healthcare
- Cardiac Monitoring And CRM Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- List of Key Players of Cardiac Monitoring And Cardiac Rhythm Management Market
- Stryker Corporation
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Zoll Medical Corporation
- GE Healthcare
- Microport Scientific Corporation
- Hill-Rom Holdings
- Nihon Kohden Corporation
- Spacelabs healthcare
Find more research reports on Medical Devices Industry, by Grand View Research:
- Hernia Repair Devices Market– The market is primarily driven by increasing prevalence of obesity and hernia globally. Being overweight causes the pressure and strain on abdominal muscles and makes them prone to development of the disease.
- Hydrotherapy Equipment Market– Rising cases of spinal cord injuries and applications in rehabilitation services and sports training are expected to drive market growth.
- Lip Augmentation Market– Lip augmentation is a cosmetic procedure done to enhance the volume of lips through enlargement using fillers that may be permanent or temporary in nature.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.