According to FutureWise analysis the market for Cardiac Monitoring and Cardiac Rhythm Management Devices in 2023 is US$ 25.74 billion, and is expected to reach US$ 38.68 billion by 2031 at a CAGR of 5.20%.
The surge of patients suffering from ailments such as heart failure and recurrent arrhythmias has contributed significantly to the cardiac rhythm management (CRM) devices market. This market has seen exponential growth due to technological progress, cardiac disorders, a greater awareness among patients and a rise in the untreated medical conditions in developing nations. But despite all the advancements, the market still encounters some hindrances such as the exorbitant costs, lack of insurance coverage alternatives and an inclination to choose drugs over treatment devices. All these factors are especially prevalent in developing nations. Having said that, the developments in the latest MRI-labeled devices, along with the growth in the economies of LAMEA and Asia-Pacific regions have been predicted to augment the growth of the industries involved in the manufacture of cardiac rhythm management and cardiac monitoring.
Segmentation-wise, the market has been bifurcated into cardiac rhythm management and cardiac monitoring. These two segments have been divided into cardiac rhythm management devices and conventional monitoring devices. Here, the monitoring device has been categorised into event monitors, cardiac monitors, ECG, Holter monitors and ILR (implantable loop recorder). Cardiac rhythm management (CRM) has been classified into sub-segments which includes defibrillators, pacemakers and cardiac resynchronization devices.
Electrocardiography (ECG) market has been anticipated to account for the largest segment in the forecast time frame, while ILR is predicted to be the fastest growing segment and pacemakers and defibrillators are widely used in the area of diagnostics. These are likely to exhibit robust growth in the next six years because they are, in fact, the most mature market. Cardiac telemetry and ECG data management are two such systems that are highly up to date and will demonstrate positive changes in the ambulatory and home health care services.
The segmentation of the end users are home health care facilities, hospitals and ambulatory services. The ease of treatment and the affordability of the ambulatory and home health care facilities rank as some of the main factors in the substantial market growth.