Cardiac Monitoring Devices Market Analysis and Top Players Growth Strategies
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 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.
Mr. Aashish Mehra
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