Cardiac Monitoring and Cardiac Rhythm Management Devices Market to grow at a CAGR of 5.38% during 2024-2028
The Cardiac Monitoring and Cardiac Rhythm Management Devices Market is expected to grow at a CAGR of 5.38% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7476.72 million. In the dynamic global cardiac monitoring and cardiac rhythm management devices market, leading vendors such as Medtronic, Abbott, and Boston Scientific are investing significantly in research and development (R&D) to innovate and launch advanced solutions. For instance, Medtronic recently allocated approximately USD360 million to expand its R&D center in Hyderabad, India, focusing on healthcare technology advancements, including robotics, imaging, surgical, and implantable devices. Meanwhile, Abbott secured US FDA approval for its Assert-IQ insertable cardiac monitor (ICM) device, which offers extended monitoring of irregular heartbeats. Boston Scientific introduced its next-generation LUX-Dx II+ ICM system in October 2023, further strengthening its cardiac monitoring portfolio. These strategic investments and product launches underscore the competitive landscape and commitment to technological advancements in the cardiac monitoring and cardiac rhythm management devices market.
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Technavio analysts predict that the CRM devices subsegment will lead the Product segment during 2024 and 2028 In the realm of cardiac care, defibrillators serve as essential medical devices that intervene in restoring a normal heart rhythm. These devices deliver electric shocks or pulses to the heart to prevent or correct arrhythmias, which can manifest as abnormally slow, fast, or irregular heartbeats. Two primary types of defibrillators are utilized: implantable cardioverter defibrillators (ICDs) and external defibrillators. ICDs are surgically implanted, battery-powered devices that continuously monitor heart rhythms, responding with either antitachycardia pacing (ATP) or electric shocks when necessary. External defibrillators encompass automated external defibrillators (AEDs) and wearable cardioverter defibrillators (WCDs), designed for emergency use outside of a hospital setting.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing prevalence of cvds globally
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Cardiac monitoring and cardiac rhythm management devices have become essential tools in the healthcare industry for managing heart diseases, including arrhythmias such as atrial fibrillation (AFib) and tachycardia, as well as bradycardia and congestive heart failure. Two common types of devices are Implantable Cardioverter Defibrillators (ICDs) and Cardiac Resynchronization Therapy-Defibrillators (CRT-Ds). Wearable technology and remote monitoring have revolutionized cardiac care, enabling real-time data transmission to healthcare providers. AI algorithms can analyze this data to detect arrhythmias and alert healthcare professionals for timely intervention. The prevalence of obesity, dyslipidemia, hypertension, alcohol consumption, unhealthy diets, diabetes, and tobacco consumption contribute significantly to the rising incidence of cardiovascular diseases (CVD), making the need for advanced cardiac monitoring and management devices more critical than ever. CRT-Ds and ICDs play a crucial role in managing recurrent arrhythmias, AFib, and CVD. These devices can detect and correct life-threatening heart rhythms, reducing the risk of sudden cardiac arrest. With the integration of AI and remote monitoring, these devices can provide personalized treatment plans and improve patient outcomes. In conclusion, the market for cardiac monitoring and cardiac rhythm management devices is expected to grow significantly due to the increasing prevalence of cardiovascular diseases and the advancements in technology. These devices offer a promising solution for managing complex heart conditions and improving patient outcomes.
According to Technavio, the global cardiac monitoring and cardiac rhythm management devices market represent a significant segment within the expansive healthcare equipment industry. This market encompasses businesses and innovations focused on research and development (R&D) of diverse product categories, including advanced and data-driven devices, such as transcatheter mitral valve replacement, and more mature product segments, like bone replacement. The global healthcare equipment market encompasses devices and equipment utilized in healthcare settings, including capital equipment, instruments, implants, accessories, and consumables, which contribute to disease diagnosis, monitoring, and treatment. Key growth drivers for the global healthcare equipment market include the increasing elderly population, with the proportion of the global population aged 60 and above projected to rise substantially.
The Cardiac Monitoring and Cardiac Rhythm Management Devices Market is experiencing significant growth, fueled by the increasing prevalence of cvds globally. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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