The global cardiac rhythm management devices market was valued at USD 21.37 billion in 2020 and is projected to grow at a CAGR of 6.4% during the forecast period. Factors driving the growth of the cardiac rhythm management devices market include increasing incidence of heart failures, introduction of advanced products by market players, growing investments, resources, and allowances for research on cardiac rhythm management devices.
The global cardiac rhythm management devices market is segmented based on product. On the basis of product, the market is segmented into pacemakers, defibrillators, and cardiac resynchronization therapy (CRT). The cardiac resynchronization therapy is projected to grow at a highest CAGR over the forecast period.
Regionally, North America accounted for the largest market share of the global cardiac rhythm management devices market attributable to growing disposable income. Leading players of the global cardiac rhythm management devices market include Medtronic, Boston Scientific Corporation, Jude Medical (Abbott), BIOTRONIK, Koninklijke Philips N.V., Schiller, Physio-Control, Inc. (Stryker), Zoll Medical Corporation among others.
Key segments of the global cardiac rhythm management devices market
Product Overview, 2018-2028 (USD Billion)
- Cardiac resynchronization therapy
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
Reasons for the study
- Increasing incidence of heart failures and arrhythmias
- Increasing life expectancy and availability of advanced technologies
- Growing needs of the aging population
What does the report include?
- The study on the global cardiac rhythm management devices market includes qualitative factors such as drivers, restraints and opportunities
- The study covers qualitative and quantitative analysis of the market segmented on the basis of product. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global cardiac rhythm management devices market is suitable for all the players across the value chain including product manufacturing companies, suppliers/distributors, R&D labs, CROs, healthcare organizations, medical reimbursement and insurance providers
- Venture capitalists and investors looking for more information on the future outlook of the global cardiac rhythm management devices market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global cardiac rhythm management devices market
Increasing incidences of arrhythmia and heart failure have resulted in many clinical trials that provision the usage of cardiac rhythm management devices for managing moderate to severe heart failure in patients with cardiac dyssynchrony. Commercially available cardiac rhythm management devices has steered to an increasing number of patients receiving these devices. However, patients with implanted cardiac rhythm management devices have to pay keen attention to notice hostile events associated with the device, such as to detect failure to respond to therapy, and adjust device function. Collaboration among the primary care physician, cardiologist, heart failure specialist, and electrophysiologist becomes crucial to achieve these goals. To ease everyone’s role, market players are providing physicians’ hands-on, realistic simulation training to improve and sharpen their skills on these technologies. It is important that the physicians’ have in-depth understanding of device assortment, precise lead assignment and examining pacing measurements. Through practicing and repeating the technique through simulation, physicians can hone their procedures across numerous anatomical variants, all based on real life data providing applied training, with cutting-edge metrics to measure and track progress.
The cardiac resynchronization therapy (CRT) devices are said to surpass the growth other products by 2028. The heart has special cells that make up an electrical system. Electrical impulses trigger the heart muscle to squeeze, and pump blood and oxygen to the body. Normally, the lower chambers of the heart (ventricles) pump at the same time (synchronized). Sometimes this electrical system is damaged by aging or heart disease. The damage results in weakened heart muscle and a heart rate that is either too slow (bradycardia) or too fast (tachycardia). When the heart muscle is weakened, less blood is pumped with each heartbeat and the lower chambers do not pump at the same time. This affects your body’s need for blood and oxygen. Cardiac resynchronization therapy (CRT) is a small electronic device used to treat heart failure. It delivers tiny amounts of electrical impulses to the heart causing both ventricles to pump together in a coordinated way. There are 2 types of these devices: a CRT pacemaker (CRT-P) and a CRT defibrillator (CRT-D). Both send an electrical impulse to heart, triggering a heartbeat when needed. A CRT-D can also deliver a life-saving shock to return the heart rhythm
North America dominated the market for cardiac rhythm management devices in 2019. The growing elderly population, especially the ones above 65 years of age are creating opportunities for companies selling cardiac rhythm management devices. Other factors fuelling the growth of this industry include up surging demand in developing markets due to better infrastructure, advanced new treatments, improved affordability owing to climbing per-capita GDP and a mounting dominance of lifestyle diseases such as obesity owed to urbanization. The cardiac rhythm management devices market has matured in developed regions such as U.S., Canada, Germany and Japan but still represents a substantial opportunity, in Asian region. There has been a wave of industry innovation continuing as various operating procedures have shifted to robotic platforms or less-invasive techniques. Meanwhile, diffusion in evolving markets still offers benefits, as local government policies are supporting higher healthcare spending. cardiac rhythm management devices companies can benefit from rising affordability in these markets.