(PharmaNewsWire.Com, September 19, 2019 ) According to research report the cardiac monitoring devices market is expected to reach $30.56 billion by 2027 from $22.12 billion in 2019, at a CAGR of 4.0% during the forecast period. The scope of the report includes cardiac monitoring and cardiac rhythm management devices used for the continuous monitoring, detection, and treatment of heart activities and abnormal heart rhythm (electric heart patterns). The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
While product launches and approvals remained at the center of the strategic growth initiatives pursued by a majority of the key players in the market, players are also focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions.
Medtronic offers defibrillators, pacemakers, CRT devices, and cardiac monitors in the market. To maintain its position in the cardiac monitoring and cardiac rhythm management devices market, Medtronic pursues several organic and inorganic growth strategies, such as product launches and acquisitions. The company’s cardiac and vascular product segment significantly contributes to its growth in the market.
The company focuses on developing innovative products for the treatment of heart rhythm disorders and heart failures. In the last three years, it launched several products such as the Evera MRI SureScan Implantable Cardioverter-defibrillator (ICD) System, SEEQ Mobile Cardiac Telemetry (MCT) System, Advisa and Ensura SR MRI SureScan Single-chamber Pacemaker Devices, Viva CRT-P Pacemaker, Reveal LINQ Insertable Cardiac Monitor (ICM) System, and Advisa DR MRI SureScan Pacing System
Abbott is one of the major players in the cardiac monitoring and cardiac rhythm management devices market. In 2017, the company acquired St Jude Medical with a view to enhance its share in the CM & CRM devices market. In the past three years, the company has focused on both organic and inorganic strategies. For instance, in April 2016, St Jude launched the MultiPoint Pacing technology, designed for CRT patients who are not responsive to other pacing options. With this launch, the company fortified its ICD systems business segment. Furthermore, in October 2015, St Jude acquired Thoratec Corporation (US), a leading manufacturer and marketer of proprietary medical devices used for mechanical circulatory support for the treatment of heart-failure patients. Geographically, Abbott has a global presence across 150 countries. In 2016, the company invested 6.8% of its total income in R&D activities to focus on product innovation and broaden its portfolio.
Some other leading players in the cardiac monitoring and cardiac rhythm management devices market include Cardiac Science (US), LivaNova (UK), Hill-Rom Holdings (US), and SCHILLER (Switzerland). These companies focus significantly on investing in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of cardiac monitoring and cardiac rhythm management devices and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years.
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