The global Cardiac monitoring (CM) and cardiac rhythm management (CRM) market is projected to reach USD 25.23 billion by 2022 from USD 20.85 billion in 2017, at a CAGR of 3.9%. Factors such as the increasing incidence of cardiovascular diseases and technological advancements in devices are expected to propel the growth of the market. However, price sensitivity and limited reimbursements for remote cardiac monitoring devices are expected to restrain the growth of the CM & CRM market. CM & CRM refer to the continuous monitoring, detection, and treatment of heart activities and abnormal heart rhythm (electric heart patterns). Over the past two decades, the cardiovascular therapeutics and cardiac monitoring devices market has undergone significant technological developments.
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Opportunities
Rising opportunities in emerging markets
Emerging markets such as China, India, Brazil, and the Middle East are expected to witness significant growth in the CM & CRM devices market during the forecast period. Growth in these markets can be attributed to the increasing incidence of CVDs, rising disposable income, growing healthcare awareness, and the implementation of favorable government initiatives across these regions.
In order to leverage the high-growth opportunities for CM & CRM devices in emerging markets, manufacturers are strategically focusing on expanding their presence in these countries.
Challenges
Dearth of skilled professionals with expertise in electrocardiography and cardiac rhythm management devices
In most countries, there is a shortage of physicians and healthcare professionals with the expertise and know-how to handle cardiac monitoring devices such as ECG devices, new cardiac pacemakers, and defibrillators that are implanted in patients with heart rhythm ailments or congestive heart failure. According to a survey on the latest business conditions conducted by the National Association for Business Economics (NABE), 35% of participants reported that there is a shortage of skilled professionals in the US. According to the Association of American Medical Colleges (AAMC), the US will face a shortage of approximately 90,000 physicians by 2020. This dearth of skilled professionals as well as physicians in healthcare will have an impact on the cardiac monitoring and cardiac rhythm management market.
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