The growth of this market is driven by the increasing prevalence of cardiovascular diseases; availability of reimbursement for CM & CRM devices; launch of innovative products by market players; increasing investments, funds, and grants for research on CM & CRM devices; and the growing preference for wearable cardiac devices.
On the basis of cardiac rhythm management devices by type, the market is segmented into defibrillators and pacemakers. In 2019, the defibrillators segment accounted for the largest market share. This segment is also projected to register the highest CAGR during the forecast period. Factors such as technological advancements in defibrillators, rising prevalence of CVD, and growing focus on providing public-access defibrillators are driving the growth of this market.
On the basis of cardiac monitoring devices by type, the market is segmented into ECG devices, event monitors, implantable loop recorders (ILRs), cardiac output monitoring (COM) devices, mobile cardiac telemetry (MCT) devices, and smart ECG monitors. In 2019, the ECG devices segment accounted for the largest share of the market. The large share of this 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.
DRIVER: Rising prevalence of cardiovascular disease
Cardiovascular disease (CVD) is the leading cause of death worldwide. According to the World Health Organization (WHO), CVD is the major cause of death globally, and approximately 30 million people suffer heart attack or stroke annually. According to the American Heart Association, nearly half of the adults in the US have some type of CVD. By 2035, more than 130 million adults or 45.1% of the US population are projected to have some form of CVD.
Some of the primary risk factors for CVD include family history, ethnicity, and age. Other risk factors include tobacco consumption, high blood pressure (hypertension), high cholesterol, obesity, physical inactivity, diabetes, unhealthy diets, and consumption of alcohol. Due to lifestyle changes, there has been an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity, which also contribute to the rising incidence of CVD across the globe.
OPPORTUNITY: Measures to reduce infections caused due to CIEDs
CIEDs are associated with an increase in survival and quality of life while treating cardiac arrhythmias. However, CIED-associated infections are a major complication associated with the use of these devices. CIED infections most commonly occur in patients with an implantable cardioverter defibrillator device or cardiac resynchronization therapy defibrillator device. According to the European Heart Journal, the incidence of CIED infections was 1.19% for pacemakers, 1.91% for implantable cardioverter-defibrillators, 2.18% for cardiac resynchronization therapy pacemakers (CRT-Ps), and 3.35% for CRT defibrillators (CRTDs).
Medtronic offers an absorbable, multifilament mesh envelope (TYRX Absorbable Antibacterial Envelope) to improve CIED stabilization in the subcutaneous pocket and to elute the antibiotics minocycline and rifampin. These envelopes are designed for use with cardiac implantable electronic devices (CIEDs), such as implantable cardioverter defibrillators (ICDs) and pacemakers. In 2019, results of an international randomized controlled trial showed that the envelope reduced the incidence of infection by 40%, compared to standard-of-care infection prevention alone.
On the basis of region, the Cardiac Monitoring Devices Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America commanded the largest share of the market. The large share of this market segment can be attributed to the increasing incidence of CVD, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: