; Cardiac Monitoring & Cardiac Rhythm Management

Cardiac Monitoring and Cardiac Rhythm Management Devices Market

Cardiac Monitoring & Cardiac Rhythm Management Devices Market Size, Share, and Analysis, By Cardiac Monitoring Devices (Implantable Loop Recorder, ECG Devices, Event Monitors, Cardiac Output Monitoring), By Rhythm Management Devices (Defibrillators, Cardiac Resynchronization Therapy Devices, Pacemakers), By End-User (Hospitals, Home & Ambulatory Care, and Others), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

Published on: May-2024
Report Code: FG HC 01998
No. of Pages: 170-350
Report Format: PDF

Cardiac Monitoring & Cardiac Rhythm Management Devices Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 31.2 billion and is projected to reach USD 75.8 billion by the completion of 2034.

Product Overview

Cardiac monitoring refers to continuous observation and recording of the electrical activity and rhythm of the heart to detect irregularities and anomalies. It uses various devices such as electrocardiogram (ECG or EKG) monitors, along with Holter monitors and implantable loop recorders. These tools provide important data for diagnosing and managing heart conditions such as arrhythmias and heart block. In contrast, cardiac rhythm management devices are specially designed instruments, that are used to manage and treat abnormal heart rhythms. This category includes pacemakers, implantable cardioverter-defibrillators, and cardiac resynchronization therapy devices. Pacemakers send electrical signals to manage heartbeats in individuals with slow heart rates and implantable cardioverter-defibrillators deliver shocks to restore normal rhythms during dangerous arrhythmias. Cardiac resynchronization therapy devices synchronize the contractions of heart chambers to improve pumping efficiency in patients with heart failure. Thus, cardiac monitoring and cardiac rhythm management devices are important for diagnosing and treating various cardiac conditions, which ultimately improves the quality of life of heart patients.

Market Highlights

Cardiac Monitoring & Cardiac Rhythm Management Devices Market is expected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2034

Cardiac Monitoring & Cardiac Rhythm Management Devices Market is projected to reach USD 75.8 billion over the forecast period, due to several improvements in technology, such as reduction in the size of devices, along with wireless connectivity and data analytics. Alongside, the rising cases of cardiovascular diseases, such as heart rhythm disorders, are a major contributor to the growth of the cardiac monitoring & cardiac rhythm management devices market. In addition, demographic changes, like an aging population and lifestyle changes are leading to high heart-related ailments, that further boost the adoption of these devices. Furthermore, the adoption of remote monitoring solutions and telemedicine practices in the post-COVID-19 era is improving the penetration of heart monitoring and rhythm management devices within the market. Consequently, the cardiac monitoring & cardiac rhythm management devices market shows promising growth prospects owing to innovations and healthcare initiatives.

Source: Fatpos Global

Cardiac Monitoring & Cardiac Rhythm Management Devices Market Segmentation

Electrocardiogram segment will lead the industry due to its ability to effectively monitor heart rate at a low cost

Cardiac monitoring & cardiac rhythm management devices market is segmented based on the Cardiac Monitoring Devices in Implantable Loop Recorder, ECG Devices, Event Monitors, and Cardiac Output Monitoring. The electrocardiogram, or ECG, devices have established their dominance in the cardiac monitoring & cardiac rhythm management devices market as they offer swift monitoring of the heart's electrical activity and provide diagnostic information that is essential for detecting various cardiac conditions, such as arrhythmias and myocardial infarction. In addition, ECG technology is widely recognized for its reliability and relatively low cost, which makes it available in various healthcare settings. Its non-invasive nature and user-friendly operation further contribute to its adoption. Hence, the dependability and constant innovation of ECG devices have cemented their position as the leading segment in the cardiac monitoring & cardiac rhythm management devices market.

Pacemaker segment will dominate due to its extensive usage in heart diagnosis

Cardiac monitoring & cardiac rhythm management devices market is divided based on Rhythm Management Devices into Defibrillators, Cardiac Resynchronization Therapy Devices, and Pacemakers. The pacemaker segment will capture the highest market share in the market as these devices are used to regulate abnormal heart rhythms by delivering electrical impulses in patients who are experiencing bradycardia (slow heart rate). Their long history of successful application and well-established therapeutic benefits contribute to their dominance in the global market. Furthermore, while defibrillators and cardiac resynchronization therapy devices hold significant importance, pacemakers often display wide applicability across different cardiac rhythm disorders. Thus, pacemakers are anticipated to maintain a leading position due to their high usage in heart health diagnosis and proven efficacy in managing heart rhythm abnormalities.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Innovations in Technology will Encourage Growth in the Cardiac Monitoring & Rhythm Management Devices Market

Cardiac monitoring and rhythm management device industry is thriving on constant innovations. Innovations such as the reduction in the size of devices, along with wireless networking and data analytics have all substantially helped in boosting the capabilities of these devices. Miniaturization has resulted in the development of smaller and more comfortable gadgets, which can improve the experience of patients. Besides, wireless connectivity allows for remote monitoring and provides healthcare personnel with real-time data access for timely actions even outside of clinical environments. The powerful data analytics algorithms have improved the accuracy of diagnosis. Alongside, these advancements majorly contribute to market growth by enhancing the performance and efficiency of healthcare providers.

Increasing Prevalence of Cardiovascular Diseases Will Act as a Catalyst

Increasing incidence of cardiovascular diseases, such as heart rhythm disorders, acts as a key catalyst for the growth of the market. Factors such as aging populations, along with unhealthy dietary habits and the rising prevalence of risk factors like hypertension and diabetes are impacting the population on a large scale. In addition, given the chronic nature of these conditions, there is a growing need for frequent monitoring and management. This increasing patient demographic presents an important market opportunity for device manufacturers and healthcare providers. Furthermore, innovations in early detection and treatment further propel growth by promoting the use of these devices for preventive and therapeutic purposes.

Restraints

Cost Restraints in the Cardiac Monitoring & Cardiac Rhythm Management Devices Market Will Impact the Growth

Cost restrictions present a primary limitation in the cardiac monitoring & cardiac rhythm management devices market. The initial investment required for purchasing these devices can be excessive across regions with limited healthcare budgets or inadequate insurance coverage. Alongside, the expenses related to monitoring, maintenance, and upgradation of devices can impose a financial burden on healthcare providers and patients. These cost limitations delay access to cardiac monitoring and rhythm management technologies, thus limiting their availability to those in need. Furthermore, to address this challenge, innovative pricing models and reimbursement policies are necessary. Thus, these measures can promote the adoption of these life-saving technologies, which will ultimately improve the outcomes for patients.

Recent Developments

  • In October 2023, Medtronic plc got FDA approval for the Aurora extravascular implantable cardioverter-defibrillator (EV-ICD) MRI SureScan system. This new system allows patients with the device to undergo MRI scans safely under certain conditions.
  • In February 2020, Abbott Laboratories got CE Mark approval for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices. These devices offered improved patient engagement through smartphone connectivity and remote monitoring apps.
  • In October 2023, Boston Scientific Corporation launched the next-generation LUX-Dx II+ insertable cardiac monitor (ICM) system. This new system offers improved diagnostic capabilities and patient comfort.
  • Biotronik SE & Co. KG is focusing on developing AI-powered algorithms for improved arrhythmia detection and remote monitoring solutions. They partnered with Apple to explore the use of the Apple Watch in cardiac rhythm monitoring.

Cardiac Monitoring & Cardiac Rhythm Management Devices Market

Key Players:

  • Medtronic plc
  • Abbott Laboratories
  • Boston Scientific Corporation
  • Biotronik SE & Co. KG
  • Philips Healthcare  
  • General Electric Company 
  • St. Jude Medical, Inc.
  • Siemens Healthineers AG
  • Microport Scientific Corporation
  • Hill-Rom Holdings, Inc.
  • LivaNova PLC
  • Edwards Lifesciences Corporation
  • Nihon Kohden Corporation
  • BioTelemetry, Inc.
  • Cardiac Science Corporation
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Cardiac Monitoring & Cardiac Rhythm Management Devices Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region leads the adoption of cardiac monitoring & cardiac rhythm management devices as the region benefits from advanced healthcare infrastructure and reimbursement policies, that ensure vast access to advanced medical technologies. In addition, higher cases of cardiovascular diseases and an aging population further contribute to the strong demand for cardiac monitoring and rhythm management devices.

Conversely, the Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) in the cardiac monitoring & cardiac rhythm management devices market as a result of improving healthcare infrastructure and rising healthcare expenditure in emerging economies. Moreover, growing awareness of preventive healthcare measures and a large population of patients has propelled the demand for cardiac monitoring and rhythm management devices in the region.

Source: Fatpos Global

Impact of COVID-19 on the Cardiac Monitoring & Cardiac Rhythm Management Devices Market

COVID-19 pandemic had a multi-layered impact on the cardiac monitoring & cardiac rhythm management devices market. Initially, during the peak of the pandemic, there was an evident decline in elective procedures and non-emergency healthcare visits, which led to a temporary slowdown in device sales. Hospitals redirected resources toward COVID-19 patients, thus postponing elective surgeries, such as those related to cardiac care. However, as the pandemic continued to inflict havoc, the market displayed a resilient nature. It emphasized the importance of detecting heart anomalies and management of cardiac conditions, which boosted the demand for cardiac monitoring devices. Therefore, while the market experienced temporary setbacks during the peak of the pandemic, it displayed adaptability as remote monitoring technologies emerged as catalysts for the market.

Cardiac Monitoring & Cardiac Rhythm Management Devices Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Cardiac Monitoring & Cardiac Rhythm Management Devices Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2034

Base Year

2023

Forecast Period

2024-2034

Historical Period

2019-2022

Growth Rate

CAGR of 8.4% from 2024-2034

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Cardiac Monitoring Devices

  • Implantable Loop Recorder
  • ECG Devices
  • Event Monitors
  • Cardiac Output Monitoring

By Rhythm Management Devices

  • Defibrillators
  • Cardiac Resynchronization Therapy Devices
  • Pacemakers

By End-User

  • Hospitals
  • Home & Ambulatory Care
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ):

Cardiac Monitoring & Cardiac Rhythm Management Devices Market size was valued at USD 31.2 billion in 2023 and is projected to reach the value of USD 75.8 billion in 2034, exhibiting a CAGR of 8.4% during the forecast period.

The cardiac monitoring & cardiac rhythm management devices market includes devices used to monitor and manage heart rhythm disorders.

The ECG Devices segment and Pacemakers segment accounted for the largest Cardiac Monitoring & Cardiac Rhythm Management Devices Market share.

Key players in the cardiac monitoring & cardiac rhythm management devices market include Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, Philips Healthcare (a division of Koninklijke Philips N.V.), General Electric Company (GE Healthcare), St. Jude Medical, Inc. (now part of Abbott Laboratories), Siemens Healthineers AG, Microport Scientific Corporation, Hill-Rom Holdings, Inc., LivaNova PLC, Edwards Lifesciences Corporation, Nihon Kohden Corporation, Bi

Innovations in technology and the increasing prevalence of cardiovascular diseases are the factors driving the cardiac monitoring & cardiac rhythm management devices market.

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