US Cardiac Monitoring Devices Market Analysis

US Cardiac Monitoring Devices Market Analysis


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The US cardiac monitoring device market is projected to grow from $12.1 Bn in 2022 to $15 Bn by 2030, registering a CAGR of 2.7% during the forecast period of 2022-30. The US cardiac monitoring device market is expected to continue growing as the demand for accurate and reliable Cardiac Monitoring devices increases. Medtronic is a leading medical device company that offers a range of cardiac monitoring devices, including implantable cardiac monitors, pacemakers, and defibrillators.

ID: IN10USMD010 CATEGORY: Medical Devices GEOGRAPHY: US AUTHOR: Shivam Zalke

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US Cardiac Monitoring Device Market Executive Summary

The market for cardiac monitoring devices in the US is anticipated to increase from $12.1 billion in 2022 to $15 billion in 2030, with a CAGR of 2.7% over the forecast period of 2022–30.

One area of the medical device business that is expanding quickly is the US cardiac monitoring device market. A variety of cardiovascular disorders, such as arrhythmia, heart failure, and coronary artery disease, are diagnosed and monitored with cardiac monitoring equipment.

Major contributors to this rise include the aging population, rising heart health awareness, and the incidence of cardiovascular illnesses.

Devices for electrocardiography (ECG or EKG), Holter monitors, event monitors, implanted loop recorders, and cardiac output monitoring are just a few of the several kinds of cardiac monitoring equipment that are offered on the US market. The highest market share belongs to ECG equipment, which is used to capture the electrical activity of the heart.

Major competitors in the industry, such as Philips Healthcare, GE Healthcare, Medtronic, Boston Scientific, and Abbott Laboratories, are fiercely competitive. To create new products and enhance the precision and effectiveness of cardiac monitoring equipment, these businesses are investing in research and development.

Overall, it is anticipated that as the need for precise and dependable Cardiac Monitoring devices rises, the US market for such devices will continue to expand. Significant changes to create new goods and increase market share are presented by this growth for businesses working in this industry.

US cardiac monitoring devices market analysis

Market Dynamics

Growth Drivers

The following factors are important for the US market for cardiac monitoring devices:

  1. Cardiovascular Disorders Are Becoming More Common: One of the main factors propelling the market for cardiac monitoring devices is the rising prevalence of cardiovascular illnesses including coronary artery disease, arrhythmia, and heart failure. According to the American Heart Association, cardiovascular illnesses account for around 655,000 of all fatalities in the country each year.
  2. Increasing Aging Population: The market for cardiac monitoring devices is also significantly influenced by the aging population. The prevalence of cardiovascular disorders grows with age, as does the need for cardiac monitoring equipment.
  3. Technical developments: The accuracy and effectiveness of cardiac monitoring devices have been increased thanks to technological developments such as the creation of wireless and remote monitoring systems. As a result, more healthcare professionals and patients are using these gadgets.
  4. Rising Heart Health Awareness: Increased interest in Cardiac Monitoring devices is a result of growing public knowledge of the value of maintaining good heart health. Healthcare practitioners are putting more focus on the prevention and early identification of cardiovascular illnesses, and people are becoming more proactive in keeping an eye on their heart health.
  5. Favorable Reimbursement Policies: The market has grown as a result of favorable reimbursement policies for cardiac monitoring equipment. Due to this, both patients' access to these devices and healthcare practitioners' ability to include them in their services have improved.

In general, these factors are anticipated to keep supporting the expansion of the US market for cardiac monitoring devices in the years to come.

Competitive Landscape

Key Players

The US cardiac monitoring device market is highly competitive, with several key players in the industry. Some of the major players in the US cardiac monitoring device market include:

  • Medtronic
  • Abbott Laboratories
  • GE Healthcare
  • Philips Healthcare
  • BioTelemetry
  • Boston Scientific
  • iRhythm Technologies

These companies are among the most well-known and established players in the US cardiac monitoring device market and are likely to remain at the forefront of the industry in the years to come. However, new players and innovative technologies may emerge, changing the competitive landscape of the market.

Healthcare Policies and Regulatory Landscape

Many healthcare laws and regulations have an effect on the market for cardiac monitoring devices in the US. The market for cardiac monitoring devices in the US is impacted by the following significant laws and regulations:

  1. FDA regulations: The US Food and Drug Administration (FDA) controls the efficacy and safety of medical devices, including those used for cardiac monitoring. Before selling their products in the US, medical device makers must have FDA permission or approval. For different kinds of devices, the FDA has developed several regulatory paths, and adherence to these standards is a crucial need for market entrance.
  2. Medicare payment guidelines: A sizable section of the US population is covered by Medicare, a government health insurance program. Cardiovascular monitoring equipment usage and adoption are impacted by Medicare reimbursement rules. The adoption of new technologies and the use of already-available gadgets may be impacted by Medicare coverage regulations, which in turn can have an influence on market demand.
  3. Affordable Care Act (ACA): The Affordable Care Act (ACA) is a federal statute that specifies rules for American healthcare delivery and health insurance coverage. By supporting value-based care, which places an emphasis on providing high-quality treatment at a reduced cost, the ACA has had an influence on the market for cardiac monitoring devices. As a result, telemedicine and remote monitoring have received more attention, spurring commercial innovation.
  4. Health Insurance Portability and Accountability Act (HIPAA) regulations: HIPAA is a federal statute that safeguards the confidentiality and privacy of patient health information. HIPAA standards must be followed by healthcare organizations and manufacturers of medical equipment in order to secure patient information, including information gathered by cardiac monitoring devices.

Overall, the market entry, uptake, and use of cardiac monitoring devices are all impacted by healthcare laws and regulations in different ways. To protect patient safety and keep their businesses competitive on the market, medical device makers and healthcare organizations must abide by these laws and regulations.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

US Cardiac Monitoring Device Market Segmentation

The Cardiac Monitoring Device Market is segmented as mentioned below:

By Product Type (Revenue, USD Billion):

  • ECG Monitors
  • Event Recorder
  • Implantable Cardiac Loop Recorder
  • Pacemaker
  • Defibrillator
  • Cardiac Resynchronization Therapy (CRT) Devices
  • Smart Wearable
  • Other

By End User (Revenue, USD Billion):

  • Hospitals and Clinics
  • Home Care Settings
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 31 March 2023
Updated by: Shivam Zalke

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