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Cardiac Monitoring advance technologies global Market Share

ID: MRFR//4871-HCR | 85 Pages | Author: Rahul Gotadki| November 2024

One common strategy employed by companies in this market is differentiation through product attributes. With advancements in technology, companies strive to develop innovative devices with enhanced features that are more accurate as well as patient friendly interfaces. By providing unique cutting edge solutions, firms can carve out a niche for themselves attracting both health care providers as well as end users. This approach not only helps in gaining an initial market share but also fosters brand loyalty making it difficult for competitors to replicate such distinctiveness.

As well pricing strategies play an important role in determining a company’s performance in terms of its market share position. Some companies opt for a cost leadership strategy whereby they aim at capturing major markets by offering products at competitive prices. This approach targets price-sensitive consumers’ goods or services purchased by hospitals on behalf of patients without insurance coverage.
Namely that allows company positioning itself as a low-cost reliable option which is suitable for large numbers of price-conscious customers who are guided by cost factor. Conversely premium pricing strategies are used by companies whose focus is high quality originality. These firms situate their products range above others thereby attracting another group with preference towards top performance rather than how much it costs them to acquire similar kind of technology.

Geographical expansion is a critical component of market share positioning in this industry. Companies choose regions where there are many cases of heart disease or areas that have a lot of healthcare facilities coming up. By building strong footholds in vital markets, businesses can outdo others as they take advantage of the rise in demand for cardiac monitoring and rhythm control devices. Localization initiatives that include modifying products to meet the needs and specifications of individual countries or regions further enhance a company’s global market position.

Furthermore, marketing and promotional activities are key factors determining market share size. Firms spend heavily on advertisements, school programs, and exhibiting at medical conferences to create awareness about their goods. By effectively demonstrating the advantages of these gadgets to healthcare providers and users, firms can influence purchase decisions and solidify their standing in the marketplace.

Covered Aspects:

Report Attribute/Metric Details
Base Year For Estimation   2021
Forecast Period   2022-2030
Growth Rate   6.7%

Cardiac Monitoring and Cardiac Rhythm Management Device Market Overview


Cardiac Monitoring Advance Technologies Global Market Size was valued at USD 27.67 Billion in 2023. The Global Cardiac Monitoring Advance Technologies Global industry is projected to grow from USD 29.76 Billion in 2024 to USD 49.28 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2024 - 2032). The cardiac monitoring equipment aids in the observation of the patient's cardiac activity, while the cardiac rhythm management device assists patients with irregular heart rates and rhythm disorders maintain a normal cardiac rhythm. Heart failure, atrial fibrillation, atrial flutter, an indication of a recent heart attack, lack of oxygen delivery to cardiac muscle, and some genetic defects are among the major cardiac illnesses treated using these devices.


Medtronic officially unveiled Penditure Exclusion System Left Atrial Appendage (LAA) in the US in December 2023.


MicroPort CRM announced the entry of ULYS Implantable Cardioverter Defibrillator (ICDs) and INVICTA defibrillation lead into Japan market, seeking to augment their global product offering range in October 2023.


The most recent innovation from Boston Scientific has showcased the LUX-Dx II+ insertable cardiac monitor (ICM) device. This is a cutting-edge system that ensures more extensive arrhythmias monitoring for conditions such as atrial fibrillation (AFib), cryptogenic stroke, and syncope, among others.


During May 2023, Medtronic plc declared receipt of United States Food and Drug Administration (FDA) approval for Micra AV2 and Micra VR2 being next-generation iterations of their top-rated miniaturized, leadless pacemakers. The approval can enhance the company’s cardiac rhythm management devices portfolio and create higher sales.


In 2023, Boston scientific received FDA clearance and launched the next-generation LUX-Dx II/II+ICM system designed for long-term monitoring of arrhythmias.


Abbott rolled out Asert-IQ, a Bluetooth-enabled implantable cardiac monitoring for long-term heart rhythm observations, in May 2023.


Abbott on April 2022, announced that the Aveir single-chamber (VR) leadless pacemaker had been given a nod by ASEAN authorities. It means a great leap forward both for sufferers of slow heart rhythms in America specifically and patient care generally because this approval introduces new features that patients have never seen before while treating this condition or dealing with doctors trained to address it.


Boston Scientific Corporation reached an agreement with Baylis Medical Company Inc. on advanced transseptal access solutions as well as guidewires, sheaths, and dilators used for catheter-based left-heart procedures in February 2022.



Increased cardiac illnesses, changing lifestyles, technological improvements in cardiac devices, knowledge of cardiac disorders, healthcare programs, and an increase in the number of unmet medical requirements in both developed and developing countries have all contributed to the market's expansion. During the forecast period, however, the development of novel MRI-labeled devices and the growth of the Asia-Pacific economy are expected to drive the cardiac monitoring device market. Family history, ethnicity, and age are all important risk factors for Cardiac Monitoring and Cardiac Rhythm Management Device Market. The use of tobacco, high blood pressure (hypertension), high cholesterol, obesity, physical inactivity, diabetes, poor diets, and alcohol use are all risk factors. There has been an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity as a result of lifestyle changes, all of which contribute to the rising incidence of Cardiac Monitoring and Cardiac Rhythm Management devices around the world.




Segmentation


The global cardiac monitoring and cardiac rhythm management device market is segmented into types of cardiac devices, types of cardiac monitoring devices, types of cardiac rhythm management devices, and end-users. Further, the types of cardiac devices are segmented into pacemaker, biventricular pacemaker, implantable cardioverter defibrillator, and implantable cardiac loop recorder. Based on the types of cardiac monitoring devices the market is further segmented into electrocardiogram (ECG), Holter monitor, event monitor, implantable loop recorder, and cardiac output monitoring devices. Electrocardiogram (ECG) is further sub-segmented into telelectro-cardiogram, wireless ECG, and lead ECG test. Based on types of cardiac rhythm management devices, the market is segmented into defibrillators, pacemakers, and cardiac resynchronization therapy devices. Defibrillations are further sub-segmented into implantable defibrillators and external defibrillators. Based on end-user the market is segmented into hospitals, ambulatory surgical centers, and others.


Regional Market Summary


The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The market of cardiac monitoring and cardiac rhythm management device in the Americas has been further segmented into North America and South America, with the North American market divided into the US and Canada. The European cardiac monitoring and cardiac rhythm management device market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The market of cardiac monitoring and cardiac rhythm management device in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The cardiac monitoring device market in the Middle East and Africa has been segmented into the Middle East and Africa.


In terms of market value, North America will dominate the global cardiac monitoring and cardiac rhythm management device market during the forecast period. The increasing investment by North America in cardiac devices over the last few years has led to the growth of the market in this region. Increasing number of cardiac patients, better healthcare infrastructure, and advanced technology in cardiac monitoring equipment have boosted the market of cardiac monitoring and cardiac rhythm management device in North America. The European market is expected to be the second-largest cardiac monitoring device market.

The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, a growing number of surgeries due to the changing lifestyle is contributing to the growth of the market in this region. Asia-Pacific is expected to be the fastest-growing cardiac monitoring device market during the forecast period owing to the increasing prevalence of cardiac diseases, rising investments in healthcare, increasing geriatric population, and expansions by market players in the region. Asia-Pacific is giving strong competition in the global cardiac monitoring device market by producing cost-effective products that are high in demand in local as well as global markets. The market in the Middle East and Africa is expected to account for the smallest share in the global cardiac monitoring device market due to the underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.


Key Players


Some of the key players in the global cardiac monitoring and cardiac rhythm management device market are Abiomed, Berlin Hearth, Brotionik SE and Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric(GE), Hill Rom Services Inc, Jarvik Hearth. Inc, Koninklijke Philips N.V, LivaNova plc, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc, Schiller, and Abbott.


Cardiac Monitoring and Cardiac Rhythm Management Device Market Segment


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Devices Outlook



  • Pacemaker

  • Biventricular Pacemaker

  • Implantable Cardioverter Defibrillator

  • Implantable Cardiac Loop Recorder


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Monitoring Devices Outlook



  • Electrocardiogram (ECG)

  • Telelectro-Cardiogram

  • Wireless ECG

  • Lead ECG Test

  • Holter Monitor

  • Event Monitor

  • Implantable Loop Recorder

  • Cardiac Output Monitoring Device


Cardiac Monitoring and Cardiac Rhythm Management Device Types of Cardiac Rhythm Management (CRM) Devices Outlook



  • Defibrillators

  • Implantable Defibrillators

  • External Defibrillators

  • Pacemakers

  • Cardiac Resynchronization Therapy Devices


Cardiac Monitoring and Cardiac Rhythm Management Device End-User Outlook



  • Hospital

  • Home/Ambulator

  • Others


Cardiac Monitoring and Cardiac Rhythm Management Device Region Outlook


America



  • North America

  • US

  • Canada

  • South America


Europe



  • Western Europe

  • Germany

  • France

  • Italy

  • Spain

  • UK

  • Rest of Western Europe

  • Eastern Europe


Asia-Pacific



  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Rest of Asia-Pacific


Middle East and Africa



  • Middle East

  • Africa


Recent Development


November 2023: Medtronic announces the launch of its new Micra AV ICD, the world's smallest fully implantable pacemaker and defibrillator. The Micra AV ICD is designed to provide patients with a more comfortable and discreet way to manage their heart rhythm disorders.October 2023: Abbott launches its new Navistar ablation catheter for the treatment of atrial fibrillation. The Navistar catheter is designed to provide physicians with greater control and precision during ablation procedures.September 2023: Boston Scientific announces the launch of its new VertaFlex peripheral vascular intervention (PVI) catheter. The VertaFlex catheter is designed to provide physicians with a more flexible and maneuverable option for treating peripheral vascular disease.August 2023: Biotronik announces the launch of its new CardioMessenger Neo remote monitoring system for cardiac rhythm management devices. The CardioMessenger Neo system is designed to provide clinicians with real-time data on patient status, and to alert them to any potential problems.July 2023: Philips Healthcare announces the launch of its new IntelliVue X3 anaesthesia monitor with integrated cardiac rhythm management capabilities. The IntelliVue X3 monitor is designed to help clinicians monitor and manage patients with cardiac rhythm disorders more effectively.




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