Cardiac Monitoring And CRM Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19 – Eurowire

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cardiac Monitoring And CRM market.

Trusted Business Insights presents an updated and Latest Study on Cardiac Monitoring And CRM Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cardiac Monitoring And CRM market during the forecast period (2020-2029). It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Report Overview: Cardiac Monitoring And CRM Market

The global cardiac monitoring and cardiac rhythm management market size was valued at USD 28.9 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2027. Rising incidence of cardiovascular disorders, treatment costs of cardiac diseases, increasing use of ambulatory and home services, favorable government regulation, and technological advancements are the integral drivers for this market for cardiac monitoring and cardiac rhythm management. The introduction of advanced cardiac devices such as subcutaneous ICDs, Automated External Defibrillators (AEDs), and MRI pacemakers is driving the market for cardiac monitoring and cardiac rhythm management. Cardiovascular Diseases (CVDs) are a major cause of mortality in the U.S. As per WHO, one-fourth of all deaths are estimated to be caused by CVDs.

Ischemic heart disease and stroke accounted for more than 85.0% of all CVD-related deaths worldwide. According to the CDC, CVDs are responsible for about 840,768 lives lost in the U.S in 2019. Moreover, Coronary Heart Disease (CHD) accounts for the majority of CVD deaths, along with stroke and heart failure. The economic burden of these diseases is likely to be more than USD 1.0 billion by 2030, which highlights the heightened need for preventive devices for cardiac monitoring and cardiac rhythm management.

Increasing demand to enhance patients lives and improve outcomes of various cardiac procedures, with the most advanced and minimally invasive technologies is the major factor driving the growth of the market for cardiac monitoring and cardiac rhythm management. Moreover, favorable reimbursement policies, such as those introduced by the U.S. Medicare system, are among the major factors boosting the market for cardiac monitoring and cardiac rhythm management.

The COVID-19 outbreak caused due to SARS-CoV-2, already affected millions of people globally as of May 2020. The contagious coronavirus is also having an economic impact and implications on most of the sectors including the medical device industry. According to the World Economic Forum in March 2020, among the 500 people being hospitalized in the U.S., 20.0% were aged between 20 to 44 years and 18.0% were aged between 45-54 years. The European Society of Cardiology on 21st April 2020, suggested that CVD patients are expected to show vulnerability in case of COVID-19 infection. It is challenging to predict the exact Coronavirus pandemic curve in the world. However, looking at the grim situation, especially in the U.S. and Europe, the peak demand for critical care equipment is anticipated to rise at an exponential rate in 2020.

Product Insights: Cardiac Monitoring And CRM Market

In terms of revenue, cardiac rhythm management devices lead the market with around 68.0% share in 2019. The high share is attributable to the introduction of technologically advanced cardiac rhythm management devices such as fitness trackers and smartwatches, which can enhance Atrial Fibrillation (AFib) detection and screening. The cardiac rhythm management devices segment is sub-segmented into pacemakers, defibrillators, and cardiac resynchronization devices. The cardiac monitoring devices are further divided into implantable loop recorder (ILR), event monitors, ECG, mobile cardiac telemetry, and others. The Electrocardiography (ECG) segment lead the cardiac monitoring devices market with around 34.0% share in 2019. Government initiatives, technological advancements, regional expansions, and commercialization of new products, are likely to boost the market for cardiac monitoring and cardiac rhythm management in the forthcoming years.

End-use Insights: Cardiac Monitoring And CRM Market

The hospital segment lead the market and held the highest revenue share of 61.0% in 2019. Hospitals provide optimal care for patients suffering from CVD and enable early diagnosis, thus witnessing tremendous growth. According to the American Heart Association, 209,000 patients suffered from in-hospital cardiac arrest in the U.S in 2016, and this number is expected to rise to more than 23.6 million by 2030.

The home health care segment is expected to be the fastest-growing sub-segment in the cardiac monitoring and cardiac rhythm management market over the forecast period owing to its cost-effectiveness and ease of treatment. Technological advancements and miniaturization of products are boosting the demand for home healthcare devices. Furthermore, increasing the target population, growing demand to curb the healthcare spending, and high incidence of target diseases are expected to be some of the high-impact rendering drivers for home healthcare devices.

Regional Insights: Cardiac Monitoring And CRM Market

North America lead the market with a share of around 37.0% in 2019. The growth can be attributed to growing disposable income, increasing elderly population, rapid technological advancements such as long battery life, miniaturization, leadless or biocompatible materials, and improving rate of government regulatory approvals. The incidence of cardiac disorders, such as cardiac arrests, heart failure, and cardiac arrhythmias, is increasing at a rapid rate in the U.S., which is further boosting the growth of the market for cardiac monitoring and cardiac rhythm management in the region. Asia Pacific is expected to exhibit lucrative growth in the market for cardiac monitoring and cardiac rhythm management over the forecast period 2021-2027. Increasing demand for a better healthcare system and huge untapped opportunities are propelling growth. Organizations such as the China Cardiovascular Association and the American College of Cardiology are working together to develop ground-breaking technologies for cardiac care. The rapidly aging population is a major concern in North Asian countries such as Japan, China, and Korea, which is expected to drive the market for cardiac monitoring and cardiac rhythm management in the region in the coming years due to a higher prevalence of CVDs.

Key Companies & Market Share Insights: Cardiac Monitoring And CRM Market

Key players undertook various strategic initiatives such as mergers and acquisitions, product launches, and partnerships, and collaborations to gain more penetration. For instance, in April 2019, Stryker launched LIFEPAK CR2 defibrillator installed with LIFELINKcentral AED program manager in the U.S. in order to improve its product portfolio. In January 2020, Medtronic received U.S. FDA approval for Micra AV, the smallest pacemaker with the atrioventricular synchrony. In February 2020, Abbott received CE marking for Gallant ICD and CRT-D devices and allowing the company to have advanced cardiac rhythm management capabilities, resulting in market penetration. Some of the prominent players in the cardiac monitoring and cardiac rhythm management market include:

Key companies Profiled: Cardiac Monitoring And CRM Market Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cardiac monitoring and cardiac rhythm management market report on the basis of product, end-use, and region.

Product Outlook (Revenue, USD Million, 2016 2027)

Implantable Cardioverter Defibrillators (ICD)

End-use Outlook (Revenue, USD Million, 2016 2027)

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Cardiac Monitoring And CRM Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19 - Eurowire