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%. 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.
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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 Laboratories (US)
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. The Assurity MRI pacemaker is the worlds
smallest and longest-lasting wireless MRI-compatible pacemaker, which
gives added advantage to the company, thus helping the firm in
maintaining its position as the market leader.
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Medtronic (Ireland)
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. In 2017, Medtronic received FDA approval
for its quadripolar cardiac resynchronization therapy-pacemakers
(CRT-Ps). Moreover, Medtronic’s Micra is the newest and smallest among
all pacemakers and has been approved for use in the US by the FDA since
2016. Geographically, Medtronic operates in more than 160 countries,
spanning across North America, Western Europe, Asia, and Latin America.
