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New Product Launches and Approvals are Driving Cardiac Monitoring and Cardiac Rhythm Management Devices Market
Major players in the CM & CRM devices market include Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), GE Healthcare (U.S.), Boston Scientific Corporation (U.S.), and Philips Healthcare (Netherlands).
Among the top five players in the CM & CRM devices market, Medtronic plc is expected to dominate the market in 2016. Over the past three years, Medtronic adopted the strategies of approvals and acquisitions to maintain its position in the global CM & CRM devices market. In August 2016, Medtronic plc acquired HeartWare International Inc. (U.S.), a leading manufacturer of implantable heart pumps, ventricular assist devices (VAD), and mechanical circulatory support technologies (MCS) for treating patients with advanced heart failure. This acquisition strengthened the company’s cardiac and vascular group business segment.
Companies in the CM & CRM devices market are majorly focusing on new product launches and approvals. These strategies accounted for 78.9% of the total number of developments adopted by key players in this market. In May 2016, Medtronic plc (Ireland) received FDA approval for Visia AF single-chamber implantable cardioverter defibrillators (ICDs). With this approval, the company enhanced its ICDs product portfolio. In August 2016, Boston Scientific Corporation (U.S.) received FDA approval for its EMBLEM MRI Subcutaneous Implantable Defibrillator (S-ICD) System. This new system allows patients to undergo MRI scans safely. This approval broadened the company’s product offerings in the U.S.
St. Jude Medical, Inc., a global CM & CRM devices market player, offers various cardiac rhythm management products. In order to maintain its position in the market, the company primarily adopts the strategies of product launches, approvals, and acquisitions. In April 2016, the company launched its MultiPoint Pacing technology, a revolutionary approach designed for cardiac resynchronization therapy.
The CM & CRM devices market is in different phases of growth in different regions. In the U.S. and Europe, the CM & CRM devices market is in a mature phase with several key players opting to improve the cardiac rhythm management of cardiac arrhythmic patients.
Cardiac Monitoring & Cardiac Rhythm Management Devices Market CM [ECG (Resting, Stress, Holter Monitor), COM Devices, Implantable Loop Recorders, Event Monitors], CRM (Defibrillators (ICDs, External), Pacemakers, CRT-D, CRT-P) - Global Forecast to 2021
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