Rising incidence of cardiovascular disorders will boost the cardiac monitoring & cardiac rhythm management devices market, forecast to touch US$ 38 Bn by 2025 at a CAGR of 5.5%
Noida, Uttar Pradesh, India, March 3 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market is estimated to see healthy growth, pegged at a CAGR of ~5.5% during the forecast period 2020-2025. Rising incidence of cardiovascular disorders, treatment of cardiac diseases costs, increasing use of ambulatory and home care services, technological advancements, and favorable government regulation are the significant drivers for cardiac monitoring and cardiac rhythm management. Moreover, the introduction of advanced cardiac devices such as Automated External Defibrillators (AEDs), subcutaneous ICDs, and MRI pacemakers will further drive cardiac monitoring and cardiac rhythm management. It is considered that cardiovascular diseases (CVDs) are a significant cause of mortality in the US, increasing the use of the product. According to the World Health Organization (WHO), it has seen that one-fourth of all US deaths are estimated to be caused by CVDs.
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Rising demand to improve patients’ lives and progress outcomes of various cardiac procedures, with the most advanced and minimally invasive technologies, are estimated to be the vital factors for the market’s growth. Moreover, the introduction of favorable reimbursement policies, such as those introduced by the US Medicare system, are among the significant factors improving the cardiac monitoring and cardiac rhythm management market’s growth.
Ischemic heart disease and stroke accounted for over 85% of all CVD-related deaths around the world. According to the CDC, CVDs are responsible for about 840,768 lives lost in the US in 2019. Moreover, Coronary Heart Disease (CHD) accounts for most CVD deaths, along with heart and stroke failure. These diseases’ economic burden is probably over USD 1.0 billion by 2030, highlighting the heightened preventive devices needed for cardiac monitoring and cardiac rhythm management.
In April 2020, the European Society of Cardiology (ESC) proposed that CVD patients are anticipated to show vulnerability in COVID-19 infection cases. It is challenging to expect the exact Coronavirus pandemic scenario in the globe. However, looking at the grim situation, especially in the US and Europe, the peak demand for critical care equipment is anticipated to rise exponentially in 2020.
Although, the COVID-19 outburst caused due to SARS-CoV-2 already affected millions of people worldwide. The contagious coronavirus also has an economic impact and implications on most sectors, including the medical device market. According to the World Economic Forum survey, among the 500 people being hospitalized in the US, 20% were aged between 20 to 44 years, and 18% were aged between 45-54 years. This increase in the hospitalization of individuals is raising the demand for the product in the market.
Segmentation Overview of the Global Cardiac Monitoring & Cardiac Rhythm Management Devices Market
The global cardiac monitoring & cardiac rhythm management devices market has been segmented into Product and End-use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook
Cardiac monitoring devices (ECG, Event Monitors, Implantable Loop Recorders, Echocardiogram, Mobile Cardiac Telemetry, Others)
Cardiac rhythm management devices (Pacemakers , Defibrillators)
Implantable Cardioverter Defibrillators (ICD)
Cardiac Resynchronization Therapy (CRT)
By End-use Outlook (Hospitals, Ambulatory centers, Home healthcare, Others)
Key Players Insights
Stryker Corporation, Medtronic, Abbott, Schiller, Boston Scientific Corporation, Zoll Medical Corporation, Koninklijke Philips N.V., BIOTRONIK, Microport Scientific Corporation, GE Healthcare, Hill-Rom Holdings, Biotelemetry, Nihon Kohden Corporation, and Spacelabs healthcare, among others, are some of the crucial players included in the global cardiac monitoring & cardiac rhythm management devices market research study.
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