According to Facts & Factors, the Global Cardiac Rhythm Management Devices Market size in terms of revenue was worth around USD 17,274.6 Million in 2021 and is expected to reach USD 24,071.19 Million by 2028, growing at a CAGR of 6.3% from 2021 to 2028. The global cardiac rhythm management devices market is projected to grow at a significant growth rate due to a number of driving factors
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The prevalence of various cardiovascular diseases, such as arrhythmia and atrial fibrillation, is expected to increase, which will lead to a rise in the market for cardiac rhythm management devices globally. Additionally, a number of technological developments are anticipated to fuel market growth. In countries like Canada, the United States, and the United Kingdom, favourable reimbursement policies have led to an increase in patient adoption of medical devices, thereby extending market penetration.
Growth is also anticipated to be fueled by stepped-up government initiatives and the adoption of new CRM technologies. Because of longer life expectancies and the availability of better technologies, CRM device adoption has increased recently.The expansion was accelerated by an increase in R&D expenditures and the introduction of new products by leading businesses.
Due to their symptoms’ gradual onset, cardiovascular disorders are frequently referred to as the “silent pandemic.” They are also regarded as one of the most expensive medical conditions to treat. CRM devices are used to repair, restore, and mend cardiac activity in addition to managing and monitoring cardiac abnormalities. Over the course of the projection period, these related benefits are anticipated to increase adoption. However, the limited insurance coverage and exorbitant cost of these devices are preventing further market growth.
Segmental Overview:
Defibrillators dominated the CRM devices market in terms of product during the forecast period, accounting for a sizeable portion of total revenue. The dominance is the result of increased adoption across significant regional markets like the United States, Europe, China, and India, particularly for the Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD). The two types of defibrillators are external and implantable cardioverter defibrillators (ICD). Because these defibrillators are becoming more and more common, especially in public settings, the external defibrillator market is anticipated to expand at the fastest rate during the forecast period.
Hospitals accounted for the largest share of the market for cardiac monitoring & heart rhythm management devices in terms of end users. The growing incidence of CVD, the rise in hospital visits for diagnosis, the rise in cardiac implant surgeries, and the accessibility of financing for these therapies in developed markets all contribute to the size of this market.
Regional Overview:
During the forecast period, North America dominated the market for CRM devices. A number of factors contribute to this, such as an established healthcare system, an ageing population, the rapid adoption of technologically advanced products (such as those with long battery lives, biocompatible materials, or that are downsized and lead-free), and an increase in regulatory approvals. Many companies are currently developing novel devices based on pacemaker and implantable cardioverter-defibrillator (ICD) technology that is already available.In addition, the region’s growing demand for CRM devices is being fueled by the rising prevalence of cardiovascular disorders, which is fostering market expansion.
Competitive Landscape:
Abiomed, Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Bosten Scientific Corporation, Cardic Science Corporation, General Electric Company (GE), Hill-Rom Holdings, Inc., Jarvik Heart, Inc., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc., SCHILLER AG, St. Jude Medical, Inc., and others are some of the major companies active in the global cardiac rhythm