Cardiac monitoring devices assist in monitoring and examination of cardiac activity. Moreover, cardiac rhythm management devices maintain the regular cardiac rhythm for patients undergoing from rate and rhythm ailments of the heart. The global cardiac monitoring and cardiac rhythm management market is growing at a significant rate, due to the escalating occurrence of cardiovascular diseases and technological improvement.
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On the basis of product, the cardiac monitoring device market is subdivided into event monitors, ECG devices, cardiac output monitors, implantable loop recorders, mobile cardiac telemetry, and smart wearable ECG monitors. ECG devices are estimated to account the largest share in the market due to the escalating occurrence of cardiovascular diseases and expanding the geriatric population. Mobile cardiac telemetry is expected to grow at the fastest rate due to enormous probable for decreasing healthcare costs and quick and enhanced diagnosis contrasted to other monitoring modalities.
The escalating occurrence of cardiovascular diseases, the speedy upsurge in aging population, mounting healthcare expenditure, and technological improvement are the primary growth drivers for cardiac monitoring and cardiac rhythm management market. For instance, according to Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S.
Geographically, North America is the largest cardiac monitoring and cardiac rhythm management market as in the region the occurrence of cardiovascular disease is escalating. Asia-Pacific is observed to witness the fastest growth in the cardiac monitoring and cardiac rhythm management market, as the region comprises of the large population base.
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Key players in the cardiac monitoring and cardiac rhythm management industry are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In June 2018, Philips Royal launched Philips HeartStart Onsite in collaboration with Starting Hearts and medic assist. It is automated external defibrillators to create a cardiac arrest response system.
Medtronic PLC, Cardiac Science, Abbott, Biotelemetry, Boston Scientific, Schiller, GE Healthcare, Koninklijke Philips N.V., Biotronik, Livanova, Hill-Rom Holdings, and Applied Cardiac System are the key players offering cardiac monitoring and cardiac rhythm management.
Source: VynZ Research