Global Cardiac Rhythm Management Devices Market Report and Forecast 2024-2032

Global Cardiac Rhythm Management Devices Market Outlook

The global cardiac rhythm management devices market size reached a value of about USD 17.38 billion in 2023. The market is further expected to grow at a CAGR of about 5.0% during the forecast period of 2024-2032 to reach a value of around USD 27.04 billion by 2032, driven by the rapid technological advancements.

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North America to be a Significant Regional Market for Cardiac Rhythm Management Devices

North America dominates the market for cardiac rhythm management (CRM) devices and holds one of the largest revenue shares owing to various factors, including well-established healthcare infrastructure, rising elderly population, increased adoption of technologically advanced products, and rising regulatory approvals. Many companies are currently working on new pacemaker and implantable cardioverter defibrillator (ICD) devices, based on existing pacemakers. The rising frequency of cardiovascular disorders in the region is driving the demand for CRM devices, which is driving the market growth.

Defibrillators are Expected to hold the Largest Market in Product Type

A defibrillator is a medical device that sends an electric pulse or shock to the heart to restore a regular heartbeat. This device is used to treat cardiac problems, such as arrhythmia, an irregular heartbeat, or a heartbeat that is too rapid or too slow. Due to its effectiveness in treating cardiac arrest, the use of a defibrillator is on the rise. Implantable cardioverter defibrillators (ICDS) are recommended by physicians to treat irregular heartbeat, while external defibrillators are widely being installed in developed and emerging nations to deal with the increasing prevalence of out-of-hospital cardiac arrests.

Market Segmentations

Cardiac rhythm management is a branch of electrophysiology that deals with how the heart works. The usage of cardiac rhythm management devices, such as cardiac resynchronization therapy, pacemakers, implantable cardioverter defibrillators, and loop recorders, has evolved during the last decade. Arrhythmia, bradycardia, tachycardia, and sudden cardiac arrests all are treated with cardiac rhythm management devices.

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By product, the market includes:

• Defibrillators
  • Implantable Cardioverter Defibrillators (ICDS)
  • External Defibrillators (ED)
• Pacemakers
  • Single Chamber Cardiac Pacemaker
  • Dual Chamber Cardiac Pacemaker
• Cardiac Resynchronization Therapy (CRT) Devices
  • Cardiac Resynchronization Therapy Defibrillators (CRT-D)
  • Cardiac Resynchronization Therapy Pacemakers (CRT-P)

The significant applications of the market are:

• Bradycardia
• Tachycardia
• Heart Failure
• Others

The end-users of the market are:

• Hospitals and Clinics
• Ambulatory Surgery Centres
• Homecare Settings

The regional markets for the cardiac rhythm management devices industry can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Growing Prevalence of Cardiovascular Diseases Augmenting the Market Growth

The surging volume of patients suffering from cardiac disorders and heart failure across the globe, rising investment in the development of advanced technological devices, changing lifestyle of the people, increasing usage of home care and ambulatory services for cardiac monitoring are some of the significant factors that will propel the growth of the market for cardiac rhythm management devices in the forecast period of 2020-2027. Increasing applications in developing economies and a growing number of research activities to the next level will further boost various opportunities that will lead to the growth of the cardiac rhythm management devices industry in the forecast period.

Favourable reimbursement policies have led to higher adoption of medical devices by patients in countries like Canada, the United States, and the United Kingdom, thereby increasing market penetration. Furthermore, increased government efforts and the implementation of new CRM technology are expected to promote growth over the forecast period. For example, regulations governing the use of external defibrillators in public locations.

Key Players in the Global Cardiac Rhythm Management Devices Market

The report gives a detailed analysis of the following key players in the global cardiac rhythm management devices industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Physio-Control, Inc.
• Schiller Americas, Inc.
• Medtronic
• Abbott
• Boston Scientific Corporation
• BIOTRONIK SE & Co. KG
• GE Healthcare
• Asahi Kasei Corporation
• MicroPort Scientific Corporation
• NIHON KOHDEN CORPORATION
• BPL Medical Technologies
• Lepu Medical Technology
• Pacetronix
• Osypka Medical
• AliveCor, Inc.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report