Rising incidences of cardiovascular disorders, increasing treatment costs of cardiac diseases, increasing use of ambulatory & home services, favorable government regulation and technological advancements are the vital drivers for this market. Introduction of subcutaneous ICDs, AEDs (Automated external defibrillators) and MRI pacemakers are driving forces for cardiac rhythm management market (CRM).
Cardiac monitoring and cardiac rhythm management (CRM) market is broadly divided in to conventional monitoring devices and cardiac rhythm management devices. The monitoring market is further divided into Holter monitors, ILR (implantable loop recorder), event monitors, ECG and cardiac monitors. CRM segment is sub segmented into pacemakers, defibrillators and cardiac resynchronization devices. Electrocardiography (ECG) market is expected to be the largest segment during the forecast period whereas ILR is expected to be the fastest growing segment. Defibrillators and pacemakers market finds vast application in diagnostics and are expected to be most mature market in the coming six years. ECG data management system and cardiac telemetry are the technologically updated systems in this market which enhances the home healthcare and ambulatory services. This market is also segmented on the basis of end users into hospitals, home health care and ambulatory services and others. Home health care and ambulatory services are expected to be the fastest growing sub segment due to its cost effectiveness and ease of treatment.
Regionally, this market is segmented into North America, Europe, Asia-Pacific and RoW. Asia Pacific is expected to register the highest growth rate owing to the increasing disposable incomes, lower cost of devices, increasing influx of established players, and rising patient awareness levels. North America is expected to have the highest market share followed by Europe and Asia. North America is driven by the popularity of home healthcare and point of care system. The growing economies of Asia Pacific are expected to show lucrative growth owing to the rising number of cardiovascular disorders and increase in disposable income.
Major players in this market are Boston Scientific, Nihon Kohden Corporation, GE Healthcare, Welch Allyn, Zoll Medical Corporation, Schiller, Spacelabs Healthcare, Scottcare Corporation, Ecardio Diagnostics, St. Jude Medical CardioNet, Phillips Healthcare, Cardiac Science Corporation, Life Watch, Mortara Instruments and Medtronic.
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