The Global cardiac rhythm management device market generated revenue of around USD 21.43 billion in 2020 and anticipated to grow at a CAGR of over 4.5% during the forecast period from 2021 to 2027 to reach around USD 28.67 billion in 2027.The Global cardiac rhythm management device market generated revenue of around USD 21.43 billion in 2020 and anticipated to grow at a CAGR of over 4.5% during the forecast period from 2021 to 2027 to reach around USD 28.67 billion in 2027.
Global Cardiac Rhythm Management Device Market, 2020 – 2027 (USD Billion)
Cardiac rhythm management devices are small battery-powered devices that perform several functions that includes defibrillation, bradycardia pacing, monitoring for arrhythmias, cardiac resynchronization, and anti-tachycardia pacing for tachyarrhythmias. Cardiac rhythm management devices are majorly used to manage and monitor cardiac issues. In addition to this, cardiac rhythm management devices help in fixing, restoring, and curing cardiac actions. The incidences of cardiac arrest are increasing which has significantly contributed in adoption of cardiac rhythm management devices in the last few years. Further, the higher adoption rate of implants in developed countries such as the U.S., Germany, and the U.K. is likely to increase the patient’s preference towards cardiac rhythm management devices.
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Key Trends in Global Cardiac Rhythm Management Device Market
Rapid technological innovation in cardiac management and treatment across the globe
Global rise in incidences of cardiovascular diseases is the key driving factor for the growth of the cardiac rhythm management devices market. Rapid innovation technological advancement in cardiac management, treatment, and monitoring options for heart arrhythmias continues to propel the market growth of cardiac rhythm management devices. Further, favorable reimbursement policies have led to higher adoption of medical devices by patients in countries like the U.S., Canada., and the U.K., further increasing market penetration. The market players are adopting key strategies such as new product launches and business expansion which is again expected to boost the demand of the cardiac rhythm management devices market. Furthermore, increasing adoption of advanced cardiac rhythm management devices in emerging countries such as Japan, China and India are expected to offer significant growth opportunities for the market during the forecast period.
However, high cost associated with cardiac rhythm management devices hampers the market growth. Besides, less availability of technical expertise for operating CRM devices may hinders the product demand in the low to middle income market.
Cardiac Rhythm Management Device Market expected to have a moderate impact during a COVID-19 pandemic
As the measures to control the outbreak of coronavirus have heighten, the demand for cardiac rhythm management devices has momentarily reduced. Less demand of the devices is mainly due to reduced hospital visit, and patients monitoring. Many hospitals and clinics are focused on covid patient and offering remote monitoring for cardiac patients owing to stringent government rules. Further, many heart patients has postpone surgeries and treatments to avoid hospital environment in pandemic period. All these factors affected the product demand, however, with the occurrence of pre pandemic conditions the market is expected to return on track over the forecast period.
Defibrillator’s segment dominates the Global Cardiac Rhythm Management Device Market by Product Insights
Pacemakers, Defibrillators, and Cardiac Resynchronization Therapy (CRT) are some of the major products of cardiac rhythm management Devices. Defibrillators account for the major market share in 2019 for the cardiac rhythm management device. Increasing adoption of defibrillators in the countries such as the U.S., China, and India held the largest market share.
According to American Heart Association, annually 4,00,000 out of hospital cardiac arrests occur in the United States. Cardiac rhythm management device therapy has become a vital part of managing life-threatening arrhythmia and heart failure among operators. Defibrillators are the key to survival and absolute therapy for sudden cardiac arrest. Furthermore, timely treatment of defibrillation increases survival rate of victim up to 50-70%.
Regional Insights of Global Cardiac Rhythm Management Device Market
North America accounts for the highest revenue contributor in the global market. This is attributed to the high demand for cardiac rhythm management devices in the region is due to growing adoption of technologically advanced products along with increasing life expectancy. The major share of this market is attributed to the rising prevalence of cardiovascular diseases, increasing disposable income along increasing healthcare expenditure in the region. The Asia Pacific market is expected to be an emerging market for cardiac rhythm management devices and it is expected to register a lucrative growth rate during the forecasted period. This is attributed to the growing awareness of cardiac rhythm management and monitoring devices in the region. Furthermore, the market in the Middle East & Africa, and Latin America accounts for a moderate share in the overall market.
Competitive Landscape for the Global Cardiac Rhythm Management Device Market
The Cardiac Rhythm Management Device market is intensely competitive with the presence of several leading players. The key players operating in the global Cardiac Rhythm Management Device Market include Medtronic plc, Abbott laboratories, Schiller AG, BIOTRONIK, Koninklijke Philips N.V., Boston Scientific Corporation, and Physio-Control, Inc. (Stryker). The leading manufacturers are focusing on introducing new technologies and products in the market to enhance their product portfolio.
Market Segmentation
Global Cardiac Rhythm Management Device Market by Product, 2015 – 2027
- Pacemakers
- Defibrillators
- Cardiac Resynchronization Therapy (CRT)
Global Cardiac Rhythm Management Device Market by Region, 2015 – 2027
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Cardiac Rhythm Management Device Market: Key Players
- Medtronic plc
- Abbott laboratories
- Schiller AG
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Microport Scientific Corporation
- Physio-Control, Inc. (Stryker)
- Zoll Medical Corporation
- Progetti Srl
- BIOTRONIK
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