The cardiac monitoring and cardiac rhythm management devices market is set to chart an impressive CAGR (Compound Annual Growth Rate) over the coming years owing to multiple reasons. So, it would be pertinent for players to keep an eye on the market dynamics in order to make the most of new opportunities generated.
One of the biggest growth drivers in the market is the population that is ageing at an alarming level. Already, in the year 2018, history was created as far as the demographics of geriatric population is concerned. The number of people who were aged 65 or above actually surpassed the number of people aged 5 or below. Such an even occurred for the first time in the history of mankind.
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Besides, it is expected that by the end of 2050, one in six people will fall in the age group of old people (65 and above). And, in North America and Europe, the number will one in four. As this population increases, the market for cardiac monitoring and cardiac rhythm devices is bound to see high growth.
There is also the problem of lifestyle change that is leading to growth of Cardiovascular Diseases (CVD). As people live stressful lives, more now than ever in the history, the problem only rises. Besides, very often it is this stress that leads to harmful habits such as smoking and smoking-up that again lead to a high incidence of CVD.
As of now the market is slightly consolidated but is expected to see growing competition over the coming years. Some of the most prominent names in the global cardiac monitoring and cardiac rhythm management devices include St. Jude Medical Inc., Boston Scientific Corporation, Medtronic PLC, GE Healthcare, Philips Healthcare, Welch Allyn, Ecardio Diagnostics, Mortara Instruments, Nihon Kohden Corporation, and Life Watch.
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