+91-8668442535

Cardiac Rhythm Management Devices Market By Product Type (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy, Accessories) - Growth, Future Prospects & Competitive Analysis, 2015 – 2027

Report Description

Cardiac rhythm management devices are a small battery-powered device which is connected to the heart and placed inside the body. They help monitor and treat heart rhythm. Cardiac rhythm management devices are used to treat and manage arrhythmia-related diseases. The various therapies delivered by cardiac rhythm management devices are bradycardia pacing, monitoring for arrhythmias disturbances, anti-tachycardia pacing, and cardiac resynchronization for heart failure. These devices are not only used to manage and monitor cardiac issues but also have applications in repairing, restoring, and healing cardiac activities. The Cardiac rhythm management devices market is expected to cross-market value of USD 28.67 billion in 2027 from USD 21.43 billion in 2020. It is expected to grow at a CAGR of over 4.5% during the forecast period.

Global Cardiac Rhythm Management Devices Market

Interesting Facts of Global Cardiac rhythm management devices Market

  • Prevalence of CVD among adults (20+ years of age) is around 9.5%
  • In 2020, over 100 million people suffered from stroke
  • Stringent regulations and product recalls are presenting major challenge for the industry participants
  • U.S. and Europe has been remained at the forefront of cardiac rhythm management devices industry
  • Cardiac rhythm management devices industry participants are mainly focusing on research & development and innovative strategies 

Cardiac Rhythm Management Devices: Key Market Drivers and Restraints

The increase in the prevalence of cardiovascular diseases and stroke largely contribute in the implementation of cardiac rhythm management devices. According to the world health center, around 32% of global death caused by cardiovascular diseases out of which 85% of death occurred due to heart attack and stroke. Further, an aging world population along with the introduction of advanced cardiac management, monitoring, and treatment options for heart arrhythmias has increased the demand for cardiac rhythm management. In addition to this, rising life expectancy is also contributing to the increased adoption of cardiac rhythm management devices. Besides, increasing government support and favorable policies are expected to propel the CRM devices market in the forecast period. However, frequent product recalls happen in cardiac rhythm management devices due to continuous technical changes in the product may restrain the market growth.  

Impact of COVID 19 on Cardiac Rhythm Management Devices Market

The sudden outbreak of COVID-19 has gripped the world with apprehension and infected humans worldwide. The current concerns over the spread of coronavirus have shown to have a moderate impact on the growth of the CNS therapeutics market due to the rising preference for remote monitoring of patients suffering from cardiovascular conditions. Frequent hospital and clinic visits have been reduced owing to limit the spread of infection along with a preference of visits in shifts to examine critical cases. Further, increasing the adoption of remote monitoring for cardiac patients is likely to boost the overall market growth for cardiac rhythm management devices in the forecast period.

North America region dominates the global Cardiac rhythm management devices Market

Geographically, the global cardiac rhythm management devices market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa, Latin America (LATAM), including all the key economies in these regions. The North American market is anticipated to account for the largest revenue share in the global Cardiac rhythm management devices market. This is attributed to increasing healthcare expenditure, growing healthcare awareness, and the high spending power of consumers. Also, presence of major medical device manufacturers in the region contributes to healthy market growth.

The Asia Pacific region is projected to register significant revenue share in the cardiac rhythm management device market, due to the increasing prevalence of cardiovascular diseases and growing spending on healthcare. The Asia Pacific is anticipated to register significant CAGR in the global market over the forecast period.

Defibrillators dominate the global cardiac rhythm management devices Market

On the basis of product type, the global cardiac rhythm management devices market is segmented into pacemakers, defibrillators, and cardiac resynchronization therapy (CRT). In 2020, the defibrillator segment registers for the highest share of the Cardiac rhythm management devices market. Increasing adoption of Subcutaneous Implantable Defibrillator (S-ICD) as well as Transvenous Implantable Cardioverter Defibrillator (T-ICD) in countries like China, India, and the U.S. are fostering the growth of the segment.

Companies operating the global Cardiac rhythm management devices Market focuses on technological advancement

The global Cardiac rhythm management devices market is highly focused on the presence of various large and small manufacturers in the market. The key players operating in this market are 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 and BIOTRONIK. Cardiac rhythm management devices industry participants are mainly focusing on research & development and innovative strategies. The leading players operating in the cardiac rhythm management devices are also focusing on new product launches to augment the product portfolio and enhance product performance.

Pacemakers, Defibrillators and Cardiac Resynchronization Therapy (CRT) are major product type of cardiac rhythm management devices, out of which defibrillators segment dominated the global market owing to rising cardiovascular diseases. Dominance of defibrillators segment will be continuing in the forecast period attributed to the technological innovations in the devices.

Some of the major players operating in Cardiac rhythm management devices industry include, Medtronic plc, Abbott laboratories, Schiller AG, Koninklijke Philips N.V., Boston Scientific Corporation and Microport Scientific Corporation. This is owing to increasing focus on effective monitoring from end user industries.

North America hold the highest market share owing to large demand of Cardiac rhythm management devices, increasing healthcare awareness among end users and growing demand in several industries.

The market is anticipated to grow at a CAGR of 4.5% throughout the forecast period, in terms of revenue

High cost involved in the treatment of Cardiac rhythm management devices industry. Moreover, lack of technical expertise of cardiac rhythm management device among end-users across emerging markets is one of the significant hurdle for the growth of this industry.

Choose License Type
Trusted By
Godaddy
Related Report










Published Date:  Oct 2021
Category:  Medical Devices
Report ID:   59025
Report Format:   PDF
Pages:   120
Rating:    4.4 (25)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support