Medtronic (Ireland) and Abbott Laboratories (US) are Leading Players in the Cardiac Monitoring & Cardiac Rhythm Management Devices Market
The global cardiac monitoring & cardiac rhythm management devices market is expected to reach USD 26.4 Billion by 2029 from USD 21.3 Billion in 2024, at a CAGR of 4.3% during the forecast period. The growth of this market is majorly driven by growing geriatric population and subsequent increase in CVD prevalence as well as availability of reimbursement for CM & CRM devices. However, Lack of skilled professionals is one of the challenges for which may obstruct the growth of this market.
The key players operating in cardiac monitoring & cardiac rhythm management devices market are Abbott Laboratories (US), Medtronic (Ireland), Boston Scientific Corporation (US), GE HealthCare (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation. (Japan), MicroPort Scientific Corporatio (China), Baxter.(US), NIHON KOHDEN CORPORATION.(Japan), BIOTRONIK (Germany)
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Medtronic.
Medtronic offers a comprehensive portfolio of cardiac devices and therapies, from diagnostic tools to implantable devices and minimally invasive surgical solutions. This diversification provides resilience and allows the company to address various cardiac conditions and patient needs. Similarly, Medtronic invests heavily in R&D, consistently introducing innovative cardiac technologies and therapies. This includes advancements in pacemakers, implantable cardioverter-defibrillators (ICDs), cardiac resynchronization therapy (CRT), and transcatheter heart valves. It spent USD 2.7 billion, USD 2.7 billion, USD 2.5 billion, on R&D in 2023, 2022, and 2021.
Abbott Laboratories
Abbott is among the leading players in this market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. It has a strong product portfolio, and its FDA- and CE-approved products have helped it gain a sizable share of the cardiac monitoring & cardiac rhythm management devices market. Abbott also invests in R&D to develop new products; the company invested USD 2.44 billion, USD 2.42 billion, USD 2.74 billion, USD 2.88 billion, and USD 2.77 billion in R&D in 2019, 2020, 2021,2022, and 2023. Abbott’s products are sold to a geographically diverse customer base.
Boston Scientific Corporation
Boston Scientific has a strong track record of innovation in cardiac care, with a diverse portfolio of products, including drug-eluting stents, transcatheter heart valves, pacemakers, implantable cardioverter-defibrillators (ICDs), and cardiac rhythm management devices. It has a robust body of clinical evidence supporting the safety and efficacy of its cardiac products. Boston Scientific invests in rigorous clinical trials and studies to demonstrate the clinical benefits of its technologies. The company has made progress by shifting its portfolio into the higher-growth spaces by reallocating R&D spending. It spent USD 1.4 billion, USD 1.3 billion, USD 1.2 billion, on R&D in 2023, 2022, and 2021.
Related Reports:
Cardiac Monitoring & Cardiac Rhythm Management Devices Market by Monitoring (ECG (Holter, ILR), COM), Rhythm Management (Defibrillators (ICD, AED), Pacemaker), Application (Heart Failure, Arrhythmias, MI), Procedure (Invasive) - Global Forecast to 2029
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