Development of miniaturized, portable devices, especially ECG systems and event monitors, is projected to propel the market growth.
PORTLAND, OREGON, US, December 16, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cardiac Monitoring & Cardiac Rhythm Management Market: Global Opportunity Analysis and Industry Forecast, 2014-2022”. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Global cardiac monitoring & cardiac rhythm management market is expected to reach $32,216 million by 2022 from $19,397 million in 2015, growing at a CAGR of 7.6% from 2016 to 2022. Defibrillators are estimated to generate the highest revenue among all segments during the forecast period, owing to increasing adoption of technologically advanced defibrillators, growing demand for quality medical care, high incidences of sudden cardiac arrest (SCA), across the globe.
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The ECG devices was the predominant segment in 2015, accounting for 5,260 thousand units, and is expected to grow at a CAGR of 9.0% (in volume) during the forecast period. Event Monitors is projected to be the fastest growing segment, with a CAGR of 33.8% during the forecast period.
limited insurance coverage, high cost of devices (especially in developing nations) and preference for drugs over treatment devices will hamper the market growth. Conversely, development of new MRI-labeled devices and growth opportunities in emerging economies of the Asia-Pacific and LAMEA regions are expected to provide opportunities for market growth during the forecast period.
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Key findings of the Report:
• Based on product type, defibrillators segment accounted for nearly two-fifth of the total market in 2015
• Event monitors are expected to grow at the highest rate (with a CAGR of 33.8%) owing to their lightweight, portable nature and long battery life
• Based on end user, hospitals & clinics accounted for more than three-fourth of the total market in 2015
• Ambulatory Surgical Centers (ASCs) is expected to grow at the highest CAGR (10.0%) throughout the forecast period, as they provide a cost-effective and high-quality alternative to hospital-based treatment
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