Cardiac Monitoring & Cardiac Rhythm Management Market - Forecast(2024 - 2030)

Cardiac Monitoring & Cardiac Rhythm Management Market size is estimated to reach $27.8 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2022-2027. Cardiac monitoring (CM) devices assist the progress of continued analysis of the internal organ activity of a patient. Heart rhythm management or Cardiac rhythm management (CRM) devices keep up conventional heart rhythm in patients afflicted by rate and rhythm ailments of the heart. An implantable loop recorder is a kind of heart-monitoring device that reports the heart rhythm continuously for up to three years. It permits the physician to remotely supervise the heartbeat while a person undertakes his/her everyday activities. The tiny device, also termed a cardiac event recorder, is established just under the skin of the chest during minor surgery. Electrocardiography is the assessment of electrical activity in the heart and its reporting as a visual trace (on paper or on an oscilloscope screen), utilizing electrodes established on the skin of the limbs and chest. Enhancements in solid-state digital technology have improved trans-telephonic transmission of electrocardiography (ECG) data and elevated the precision of software-based analysis systems. An insertable heart monitor or internal cardiac monitor (ICM) is a tiny medical device about the size of a pen lid that is put under the skin, normally in the left upper chest area. It monitors the heart rate and rhythm and can take an automatic report when it discovers that the heart rate is too quick or too sluggish. Insertable heart monitors or insertable cardiac monitors have numerous benefits over external monitoring methods and may indicate a clinical turning point in the field of arrhythmia management.

The surging technological progress in cardiac monitoring devices that reduces the possibility of contamination and the enhanced effectiveness of devices like implantable loop recorders is set to drive the Cardiac Monitoring & Cardiac Rhythm Management Market. The emerging application of ambulatory and home services for cardiac monitoring and supportive reimbursement policies are set to propel the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2022-2027. This represents the Cardiac Monitoring & Cardiac Rhythm Management Industry Outlook.

Report Coverage

The report: “Cardiac Monitoring & Cardiac Rhythm Management Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Cardiac Monitoring & Cardiac Rhythm Management Market.

By Product: Electrocardiogram Devices, Implantable Loop Recorders, Cardiac Output Monitoring Devices, Event Monitors, Pacemakers, Defibrillators, Others.
By End-User: Hospitals, Clinics, Ambulatory Surgical Centers, Others.
By Geography: North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia, Rest of South America), and Rest Of The World (Middle East, Africa).

Key Takeaways

• Geographically, North America Cardiac Monitoring & Cardiac Rhythm Management Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the increased patient pool of cardiovascular diseases and cardiac abnormalities like arrhythmias requiring application of implantable loop recorders in the North American region.
• Cardiac Monitoring & Cardiac Rhythm Management Market growth is being driven by the increasing predominance of heart ailments requiring the application of devices like implantable loop recorders and an expanding population of the elderly who are very vulnerable to coronary heart disease. However, the growing occurrences of contamination, the soaring costs related to cardiac monitoring, and the binding regulatory procedures are some of the major factors hampering the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market. 
• Cardiac Monitoring & Cardiac Rhythm Management Market Detailed Analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Cardiac Monitoring & Cardiac Rhythm Management Market report. 

Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By Product

The Cardiac Monitoring & Cardiac Rhythm Management Market based on products can be further segmented into Electrocardiogram Devices, Implantable Loop Recorders, Cardiac Output Monitoring Devices, Event Monitors, Pacemakers, Defibrillators, and Others. The Defibrillators Segment held the largest market share in 2021. This growth is owing to the surging application of defibrillators for the treatment of cardiac conditions like arrhythmia. The insertable cardiac monitor is an insertable heart monitor which is a tiny medical device around the size of a pen lid that is introduced under the skin, normally in the left upper chest area. The soaring application of defibrillators for the efficient treatment of cardiac arrest is further propelling the growth of the Defibrillators segment.

Furthermore, the Electrocardiogram Devices segment is estimated to grow with the fastest CAGR of 5.9% during the forecast period 2022-2027 owing to the increasing predominance of cardiovascular diseases requiring the application of long-term electrocardiography.

Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By End-User

The Cardiac Monitoring & Cardiac Rhythm Management Market based on end-user can be further segmented into Hospitals, Clinics, Ambulatory Surgical Centers, and Others. The Hospitals segment held the largest market share in 2021. This growth is owing to the increasing application of cardiac monitoring and cardiac rhythm management in hospitals. An insertable cardiac monitor is an insertable heart monitor which supervises the heart rate and rhythm and can take an automatic report when it discovers that the heart rate is too quick or too sluggish. The soaring utilization of electrocardiography and pacemakers by trained medical practitioners in hospitals for treatment are further propelling the growth of this segment.

Furthermore, the Clinics segment is estimated to grow with the fastest CAGR of 6.3% during the forecast period 2022-2027 owing to the expanding application of electrocardiography and implantable loop recorders as required for the treatment of patients in clinics.

Cardiac Monitoring & Cardiac Rhythm Management Market Segment Analysis – By Geography

The Cardiac Monitoring & Cardiac Rhythm Management Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. North America (Cardiac Monitoring & Cardiac Rhythm Management Market) held the largest share with 33% of the overall market in 2021. The growth of this region is owing to the extreme increase in the patient pool of cardiovascular diseases in countries like the U.S. and Canada in the North American region. An insertable cardiac monitor is an insertable heart monitor which is a tiny device established just under the skin that automatically discovers and reports abnormal heart rhythms for up to 3 years. The well-entrenched healthcare infrastructure and supportive reimbursement policies are further propelling the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market in the North American region.

Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the growing count of cardiovascular ailments in the Asia-Pacific region. Recurrent unexplained syncope is a well-identified indication for an insertable cardiac monitor (ICM) or insertable heart monitor. The surging healthcare spending by the government, the increasing predominance of cardiac ailments, and the rising per-capita income of the population in the South-Asian countries are further fuelling the progress of the Cardiac Monitoring & Cardiac Rhythm Management Market in the Asia-Pacific region.

Cardiac Monitoring & Cardiac Rhythm Management Market - Drivers

Surging Applications Of Insertable Cardiac Monitors (ICMs) Are Projected To Drive The Growth Of Cardiac Monitoring & Cardiac Rhythm Management Market:

Insertable cardiac monitor (ICM) is an insertable heart monitor which is a tiny device established just under the skin that is programmed to constantly discover and supervise the actions of the heart and abnormalities and reports them automatically prior to, at the time of, and subsequent to likely cardiac conditions for up to three years. Insertable cardiac monitors (ICMs) are tiny, subcutaneously implanted devices providing constant ambulatory electrocardiogram supervision with a lifespan of up to 3 years. ICMs have been investigated and confirmed to be beneficial in picked cases of unexplained syncope and palpitations, and in atrial fibrillation (AF) handling. The application of ICMs has highly enhanced the ability to discover subclinical AF after cryptogenic stroke, and the use of this technology is expanding. Abbott's Insertable cardiac monitors (ICMs) allow for diagnosis with confidence and handle with adaptability. The altered SharpSense™ technology has raised p-wave and r-wave sensitivity resulting in a 97.9% decline in false positives. Abbott makes it effortless to stay powerfully linked with a 97% patient compliance with the myMerlin™ app for remote connectivity guaranteeing that one accepts accurate, actionable data 20x faster than other ICMs without bothering the patients lives. Abbott has developed the Jot Dx™ ICM with SharpSense technology which is the earliest ICM to allow to switch between picturing three key episodes and picturing all patient episodes. The surging applications of insertable cardiac monitors (ICMs) are therefore fuelling the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2022-2027.

Soaring Applications Of Electrocardiography Are Expected To Boost The Demand For Cardiac Monitoring & Cardiac Rhythm Management:

Electrocardiography (ECG) is a fast, clear, painless process in which the electrical impulses of the heart are detailed and reported. This report, the electrocardiogram (also termed an ECG), offers information regarding the

1. A portion of the heart that causes to happen every heartbeat (the pacemaker, termed the sinoatrial or sinus node)
2. Nerve conduction pathways of the heart
3. Rate and rhythm of the heart

At times, the ECG can display that the heart is expanded (normally owing to high blood pressure) or that the heart is not accepting adequate oxygen owing to an obstruction in one of the blood vessels that supply the heart (the coronary arteries). Normally, an ECG is acquired if a heart ailment is suspected. It is at times, also acquired a portion of a habitual physical examination for middle-aged and older people, even if they have no proof of a heart ailment. It can be utilized as a basis of comparison with subsequent ECGs if a heart ailment establishes. Abnormal heart rhythms and insufficient blood flow to the heart muscle may happen only shortly or unpredictably. To discover issues like these, physicians may utilize constant ambulatory electrocardiography, in which the ECG is reported while the person is occupied in usual everyday actions. Feature of Normal ECG Heartbeat needs to be between 60-90 beats per minute (bpm). Some more values include: PR Interval: 0.12 - 0.20 sec QRS Duration: 0.06 - 0.10 sec QT Interval (QTc 0.40 sec). The soaring applications of electrocardiography are therefore driving the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market during the forecast period 2022-2027.

Cardiac Monitoring & Cardiac Rhythm Management Market – Challenges

Disadvantages Of Cardiac Output Monitoring Through Electrical Impedance Tomography Are Hampering Growth Of The Market:

Based on investigations conducted, the hypothesis that electrical impedance tomography (EIT) can be utilized to supervise Cardiac Output (CO) and stroke volume (SV) was corroborated. However, further investigations are needed prior to applying this method in clinical practice. Heart Rate (HR) was decided strongly and precisely. Investigation of the HR under Positive End Expiratory Pressure (PEEP) and EIT is based on 81,605 observations in 12 animals. The mean count of observations per action was 6800 (SD 1914.01; range 2022–8726). Animal 1 demonstrates a correlation of 0.466 (95% CI, 0.445–0.485). The correlation coefficients from the remaining animals differed from 0.92 to 1.00. Computations were performed resulting in the weighted (by sample size) correlation among the animals, producing a correlation of 0.997 (95% CI, 0.986–0.999). For SV supervision, encouraging outcomes were acquired in 80% of the experiments. However, unanticipated scaling of the cardiac electrical impedance tomography (EIT) signal bringing about the imprecise estimation of SV continues to be a problem. Prior to strong evaluation of SV by EIT is appropriate for clinical practice, the cause of and compensation for unwelcome scaling results require to be examined. These issues are thus hampering the growth of the Cardiac Monitoring & Cardiac Rhythm Management Market.

Cardiac Monitoring & Cardiac Rhythm Management Industry Outlook

Product launches, mergers & acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Cardiac Monitoring & Cardiac Rhythm Management Market. Key companies in this market are:

1. Stryker Corporation
2. Medtronic
3. Abbott
4. Boston Scientific Corporation
5. Koninklijke Philips N.V.
6. ZOLL Medical Corporation
7. BIOTRONIK
8. GE Healthcare
9. Microport Scientific Corporation
10. Berlin Heart GmBH

Recent Developments

• In February 2021, Royal Philips declared that it has concluded the acquisition of BioTelemetry, Inc., a chief U.S.-based provider of remote cardiac diagnostics and monitoring. BioTelemetry’s financial outcomes will be combined as a portion of Philips’ Connected Care business segment as of February 9, 2021. The acquisition of BioTelemetry is a robust fit with Philips’ cardiac care portfolio, and its plan of action is to change completely the delivery of care along the health continuum with combined solutions.
• In October 2020, Abbott introduced next-generation heart rhythm management devices in India. Novel ICD (implantable cardioverter-defibrillator) and CRT-D (cardiac resynchronization therapy defibrillator) family of devices provide patients and their medical practitioners with a smartphone app and Bluetooth® capability planned to assist medical practitioners to tailor therapy to a patient’s rare clinical requirements. These devices are characterized by a patient-chosen design without jeopardizing battery longevity and compatibility with magnetic resonance imaging (MRI).
• In June 2020, Boston Scientific declared the U.S. introduction of the DIRECTSENSE™ Technology, a tool for supervising the result of radiofrequency (RF) energy transfer at the time of cardiac ablation processes. Accessible on the RHYTHMIA HDx™ Mapping System, the DIRECTSENSE Technology, which accepted U.S. Food and Drug Administration authorization in April, is the only instrument to supervise alterations in local impedance – electrical resistance – about the tip of the INTELLANAV™ MiFi Open-Irrigated (OI) ablation catheter, providing doctors an added assessment of therapy result at the time of ablation. Ablation is a treatment alternative for patients with cardiac arrhythmias in which doctors utilize a catheter to build lesions and devastates heart tissue that brings about abnormal rhythms.

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