(PharmaNewsWire.Com, August 20, 2020 ) Growth in this market is primarily driven by the increasing incidence of cardiovascular diseases; technological advancements; increasing investments, funds, and grants for research on CM & CRM devices; and the growing preference for wearable cardiac devices.
According to research report the cardiac monitoring devices market is projected to reach USD 25.0 billion by 2024 from USD 20.7 billion in 2019, at a CAGR of 3.9%.
• Based on type, the CM devices market is segmented into ECG devices, ILR, MCT, event monitors, COM devices, and smart ECG monitors. The ECG devices segment is expected to account for the largest share of the cardiac monitoring devices market. • Based on type, the CRM devices market is segmented into defibrillators and pacemakers. The defibrillators segment accounted for the largest share of the market in 2018. Factors such as technological advancements in defibrillators, rising prevalence of CVDs, and growing focus on providing public-access defibrillators are expected to propel the growth of this market. • Based on end user, the CM & CRM devices market is segmented into three categories-hospitals, clinics, & cardiac centers; ambulatory surgery centers; and other end users (which include home care settings, public-access markets, alternate care settings, pre-hospital care settings, and research institutes). The hospitals, clinics, & cardiac centers segment accounted for the largest share of this market in 2019.
The major players in the cardiac monitoring devices market include Medtronic (Ireland), Boston Scientific (US), Abbott Laboratories (US), GE Healthcare (US), BIOTRONIK (Germany), Koninklijke Philips (Netherlands), and Hill-Rom Holdings (US). Various growth strategies have been adopted by these players, such as product launches, contracts, agreements, collaborations, partnerships, and acquisitions to increase their presence in the global cardiac monitoring devices market.
Abbott has a strong foothold in the cardiac monitoring devices market. In 2017, Abbott entered the pacemakers market with the acquisition of St. Jude Medical (US). Abbott received approval for its magnetic resonance (MR)-conditional labeling for both the Assurity MRI pacemaker and the Tendril MRI pacing lead.
Medtronic is one of the leading companies in the cardiac monitoring devices market. In order to maintain its position, Medtronic continuously launches advanced products in this market. Between 2016 and 2019, the company launched CRT devices, pacemakers with MRI compatibility, and implantable cardiac monitors.
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