Cardiac Monitoring and Cardiac Rhythm Management Market, Forecast by 2024
Posted by Yash Chauhan on March 1st, 2019
The global cardiac monitoring and cardiac rhythm management market is growing at a significant pace, due to the escalating occurrence of cardiovascular diseases and technological improvement. The market has observed a high demand for defibrillators over the last few years due to the increasing occurrence of cardiovascular disease and the technological improvement of the device.
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The escalating occurrence of cardiovascular diseases, the speedy upsurge in aging population, mounting healthcare expenditure, and technological improvement are the main growth drivers for cardiac monitoring and cardiac rhythm management market. According to Centers of Disease Control and Prevention (CDC), approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S.
Furthermore, smart wear ECG monitors, expanding the necessity for compact devices, and boosting demand in emerging economies are also powering the growth of the cardiac monitoring and cardiac rhythm management market.
Inappropriate reimbursement for the remote cardiac device and recurrent product recalls are the key challenges for the growth of cardiac monitoring and cardiac rhythm management market. Lack of trained professionals with proficiency in cardiac monitoring, the inclination of alternative methods such as drugs for treatment over treatment devices, and high price are also few of the factor hindering the global cardiac monitoring and cardiac rhythm management market growth.
Worldwide, the manufacturing companies trying to enter the cardiac monitoring and cardiac rhythm management industry are required to maintain stringent regulatory standards. Furthermore, the high level of capital requirement also poses a key barrier to the entry of new companies. In addition, novel product introductions and approvals were major stratagems implemented by key industry players to upsurge their market share and provide unfulfilled requirements.
North America is the biggest cardiac monitoring and cardiac rhythm management market as in the region the occurrence of cardiovascular disease is rising.
Asia-Pacific countries like China, India, Japan, etc are observed to witness the fastest growth in the cardiac monitoring and cardiac rhythm management market, as the region comprises of the large population base.
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