Pune: The global market for cardiac monitoring (CM) and cardiac rhythm management (CRM) devices is expected to grow at a compound annual growth rate (CAGR) of 4.8 per cent and reach $28 billion by 2021 from $22.19 billion in 2016, according to a new market research report by MarketsandMarkets.
Factors such as increasing incidence of cardiovascular diseases, technological advancements, and rise in private institutional nursing and home care are driving the CM & CRM devices market.
However, dearth of skilled healthcare professionals with expertise in electrocardiography and cardiac monitoring and limited reimbursements for remote cardiac monitoring devices are major factors restraining the growth of the CM & CRM devices market, the report states.
The market is segmented on the basis of product, end user, and region.
On the basis of product, the CM devices market is segmented into ECG devices, implantable loop recorder (ILR), and cardiac output monitoring (COM) devices, and event monitors.
The ECG devices segment is the largest and fastest-growing product segment due to increasing incidence of cardiovascular diseases.
On the basis of product, the CRM devices market is segmented into defibrillators, pacemakers, and cardiac resynchronization therapy (CRT) devices. The defibrillators segment is the largest and fastest-growing segment.
On the basis of end user, the market is segmented into home and ambulatory care, hospitals, and other end users (research institutes and laboratories). The home and ambulatory care segment is expected to account for the largest share of the market in 2016.
On the basis of region, the CM & CRM devices market is segmented into North America, Europe, Asia, and the Rest of the World. In 2015, North America accounted for the largest share of the CM & CRM devices market, followed by Europe.
However, Asia is expected to account for the largest share during the forecast period. The growth of the CM & CRM devices market in the Asia will revolve around China, India, and Japan.
Major players operating in the CM & CRM devices market are Medtronic (Ireland), GE Healthcare (US), Boston Scientific (US), Philips Healthcare (Netherlands), and St Jude Medical (US).