The cardiac monitoring and cardiac rhythm management devices market is expected to reach USD 25.12 million by 2022 from USD 20.67 million in 2017, at a CAGR of 4.0% during the forecast period. The scope of the report includes cardiac monitoring and cardiac rhythm management devices used for continuous monitoring, detection, and treatment of heart activities and abnormal heart rhythm (electric heart patterns). The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
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Factors driving the growth of this market include increasing incidence of cardiovascular diseases and technological advancements in devices. However, price sensitivity and limited reimbursements for remote cardiac monitoring devices are expected to restrain the growth of the CM & CRM devices market.
Based on end user, the cardiac monitoring and cardiac rhythm management devices market is segmented into hospitals, home and ambulatory care settings, and other end users. In 2017, the hospitals segment accounted for the largest share of the market. The large share of this segment can primarily be attributed to the increasing use of these devices in hospitals, increasing burden of cardiovascular & coronary heart diseases, increasing number of patient visits to physician offices for the principal diagnosis of CVD & CHD, and growing number of cardiac implant procedures.
Based on product, the cardiac rhythm management devices market is segmented into defibrillators and pacemakers. The pacemakers segment is projected to grow at the highest CAGR during the forecast period. The rising geriatric population (heart tissue degeneration is a major cause of high blood pressure) and increasing incidence of hypertension are the major factors driving the demand for pacemakers.
Based on product, the cardiac monitoring devices is segmented into ECG devices, ILR, event monitors, COM monitors, mobile cardiac telemetry, and smart wearable ECG monitors. The mobile cardiac telemetry segment is projected to grow at the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis compared to other short & longer-term monitoring modalities and huge potential for reducing healthcare costs are driving the growth of the market.
Asia is expected to be the fastest growing regional market during the forecast period. Factors such as rising geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies, and less stringent regulations are fueling the demand for CM & CRM devices in this region.
Smart wearable ECG monitors and emerging markets are also expected to provide a wide range of growth opportunities for players in the market.
