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Cardiovascular diseases (CVD) are abnormal conditions that affect the heart. CVD have now become the most common cause of death worldwide. According to the World Health Organization (WHO), 17.9 million people died from CVD in 2016. Thus, there is a rapid need for early diagnosis and treatment of cardiac disorders. Cardiac monitoring devices enable cardiac surgeons to continuously monitor the patients’ health and cardiac functions through ECG monitors, event recorders, insertable cardiac devices, and smart wearable. These devices are nowadays gaining demand owing to increased prevalence of heart disease and growing patient preference for smarter devices. Considering the above factors, the global cardiac monitoring devices market is anticipated to register a stellar growth during the forecast period 2019-2026.
The market driver responsible for the growth of global cardiac monitoring devices is the penetration of smarter and technologically advanced systems in the cardiac monitoring devices enabling easy access and faster diagnosis of cardiac malfunction in patients. Additionally, factors such as the higher prevalence of cardiac disorders, demand for smarter & wearable devices, and awareness about the need for healthcare among patients is also likely to boost the growth of the cardiac monitoring devices market. Also, the emergence of players in the cardiac monitoring device industry and rising investments & funding for the manufacturing of advanced cardiac monitoring devices is expected to drive the market growth during the forecast period.
Key Market Driver -
Penetration of smart technology in the cardiac monitoring devices
Key Market Restraint -
High cost associated with sophisticated devices
However, the high cost associated with increasingly sophisticated devices is likely to hamper the market growth during the forecast period. Also, the lack of awareness and development of cardiac monitoring devices in lower-economic countries will affect the global cardiac monitoring devices' growth.
The major companies covered in the global cardiac monitoring devices market report include Medtronic Inc., Braemar Manufacturing, LLC, Boston Scientific Corporation, Cardiac Science Corporation, NIHON KOHDEN CORPORATION, GENERAL ELECTRIC COMPANY, SCHILLER, ABIOMED, Biotronik, Inc. and other prominent players.
As per the current cardiac monitoring devices market trends, Insertable cardiac monitoring devices and smart wearable devices are anticipated to witness higher growth during the forecast period owing to higher adoption of smart devices by patients, increasing cardiac disorders and demand for non-invasive surgeries.
Geographically, the global cardiac monitoring devices is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is leading the global cardiac monitoring devices owing to the presence of major players in the region, adoption of smart cardiac monitoring devices by patients, higher prevalence of cardiac disorders and continuous technological advancements in the cardiac monitoring devices by manufacturers. Europe is likely to hold the second position in the global cardiac monitoring devices owing to the penetration of cardiac devices, investments of manufacturers in the region, and development of cardiac monitoring devices. Asia Pacific is anticipated to register highest CAGR in the global cardiac monitoring devices market owing to the growing prevalence of cardiac diseases, demand for cardiac monitoring devices, adoption of smart devices, growing technological advancements and improved healthcare infrastructure.
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Latin America is likely to register significant growth during the forecast period due to the increasing penetration of smart cardiac monitoring devices, awareness about the need for cardiac monitoring and the establishment of strong players in the region. Middle East & Africa is expected to witness a slower growth owing to lack of development and awareness among patients and manufacturers about cardiac monitoring devices, lack of public or private funding, and lack of innovations in cardiac monitoring devices.
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