Patients with issues with heart rate and rhythm can maintain a normal cardiac rhythm with the aid of cardiac rhythm management devices. Major cardiac disorders such as heart failure, atrial fibrillation, atrial flutter, warning symptoms of a recent heart attack, coronary ischemia, inadequate oxygen transport to cardiac muscles, pharmacological side effects, and particular genetic errors, among others, require the use of these devices.
The market worth of cardiac rhythm management devices in 2021 was USD 17.34 billion, and it will be worth USD 31.9 billion by 2030, growing at a 6.5% CAGR during the forecast period.
Increases in cardiac ailments, technological advancements, patient awareness, and the amount of unmet medical needs in developing and undeveloped nations are some of the factors propelling the market.
The use of cardiac rhythm management devices is expanding as a result of the rise in cardiovascular disease and stroke rates. The World Health Organization estimates that cardiovascular illnesses account for around 32% of all deaths worldwide, with heart attacks and strokes accounting for 85% of these deaths. The demand for cardiac rhythm management has also increased due to an aging global population and the development of sophisticated cardiac management, monitoring, and therapy options for heart arrhythmias. A further factor in the increased use of cardiac rhythm control devices is the growth in life expectancy.
Due to ongoing product technology developments, frequent product recalls of cardiac rhythm management devices restrict the market's overall expansion.
Present-day cardiac rhythm management (CRM) technologies are becoming more important for restoring, mending, and healing in addition to monitoring and managing cardiac abnormalities.
Technological Advancements: Due to longer life expectancies and ongoing technological advancements that have increased CRM devices' capabilities and breadth, their use has significantly increased over the past few decades. Leading biotech companies have also made important R&D contributions to the field.
On the basis of product, the market is segmented into defibrillators, cardiac pacemakers, and cardiac resynchronization therapy devices.
In 2021, the defibrillators segment ruled the entire market, with the highest revenue share of 43.6%. The dominance is a result of increasing acceptance, particularly of the Transvenous Implantable Cardioverter Defibrillator (T-ICD) and Subcutaneous Implantable Defibrillator (S-ICD), across important regional markets like the United States, European nations, China, and India. External defibrillators and Implantable Cardioverter Defibrillators (ICD) are further categories for defibrillators.
On the basis of end-user, the market is segmented into ambulatory surgery centers, hospitals and clinics, and others.
The market was entirely ruled by the hospitals & clinics segment due to increased government financing for healthcare facilities and its numerous technological improvements; the Hospitals and Clinics segment substantially dominated the market.
In 2021, North America ruled the CRM device market with a maximum revenue share of nearly 41.0%. This is due to a number of causes, including an established healthcare system, an aging population, the quick uptake of technologically advanced devices (such as those with long battery lives, biocompatible materials, or downsizing, and lead-free), and an increase in regulatory approvals. Many businesses are presently engaged in the development of new products based on the technologies used in pacemakers and Implantable Cardioverter Defibrillators (ICD) devices. Additionally, the region's demand for CRM devices is driven by the rising prevalence of cardiovascular disorders, which in turn is fueling market expansion.
The Asia Pacific market will experience the fastest growth rate of 7.6%. It is due to rising R&D investments by international players like the China Cardiovascular Association and the American College of Cardiology, who are collaborating to develop game-changing technologies for cardiac care.
- Physio-Control, Inc. (Stryker)
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Zoll Medical Corporation
The market worth of cardiac rhythm management devices in 2021 was USD 17.34 billion, and it will be worth USD 31.9 billion by 2030, growing at a 6.5% CAGR during the forecast period. The market has grown as a result of the rising incidence of cardiovascular disorders such as arrhythmia, cardiac arrest, coronary heart disease, and others. Additionally, the market is anticipated to rise as a result of the introduction of novel, sophisticated cardiac rhythm management technologies.