Cardiac Rhythm Management Devices Market Size, Trends | Report 2022 to 2030

The global Cardiac Rhythm Management Devices market size is expected to be worth around US$ 39.9 billion by 2030, according to a new report study.

The global Cardiac Rhythm Management Devices market size was valued at US$ 26.9 billion in 2020 and is anticipated to grow at a CAGR of 7.10% during forecast period 2021 to 2030.

Immediate Delivery Available | Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/37629

Report Highlights

• The defibrillators segment dominated the CRM devices market and held the largest revenue share of 43.63% in 2021.
• North America dominated the market for CRM devices and held the largest revenue share of over 41.07% in 2021.
• In Asia Pacific, the market for cardiac rhythm management devices is expected to witness the fastest growth rate of 7.6% during the projected period .
• By product, the U.S. cardiac rhythm management devices market was valued at USD 6.33 billion in 2021 and expected to witness growth at a CAGR of 6.05% from 2022 to 2030.

The increasing instance of cardiovascular disorders is one of the foremost factors driving the cardiac rhythm management devices market. According to the World Health Organization (WHO), globally, cardiovascular diseases account for more than 30% of deaths. Also, nearly 33.5 million people, globally, are suffering from atrial fibrillation (AFib), which is the most common type of serious arrhythmia. With the rise in the aging population in America and Europe, a number of patients suffering from heart rhythm disorders are likely to witness an increase and this is a cause for concern.

Defibrillator is Expected to Hold the Largest Market Share in the Product Type

Defibrillator is a medical device that restore a normal heartbeat by sending an electric pulse or shock to the heart. This device is used to treat cardiac ocndition such as arrhythmia, a heartbeat that is uneven or that is too slow or too fast.

The use of defibrillator is increasing due to its efficacy in treating cardiac arrest. There was a survey conducted by the researchers during year 2018 which had 49,555 cardiac arrests across the USA and Canada that did not happen in hospitals. Among these people, around 18.8% of the people were survived due to AED (Automated external defibrillator) which were used by a bystander. Cardiac arrest victims who received a shock from a publicly-available AED had far more chances of survival and being discharged from the hospital than those who did not, accounting for 66.5% versus 43%. With ushc surveyes, it has been estimated that about 1,700 lives are saved in the United States every year by bystanders using a defibrillator. This indicates that the usage of defibrillators has experienced a significant rise, globally, over the recent years.

Scope of the Report

Growth Factors

The market has shown constant growth in the adoption of cardiac rhythm management (CRM) devices owing to the increasing prevalence of cardiovascular disorders. According to the CDC, as of September 2020, approximately 655,000 Americans die suffering from heart disease every year.

The market was negatively impacted during the COVID-19 pandemic, as elective procedures, including the non-essential cardiovascular procedures, were postponed or canceled during the pandemic. Major players in the market, such as Medtronic, Abbott, and Boston Scientific Corporation, incurred huge losses in their cardiac rhythm management business segments globally. This resulted in negative growth of the market in 2020.

Revolutionary technological progress is rapidly transforming the market. These expansions are producing lucrative potentials. Increase in R&D expenditure and new product launches by leading firms is driving the market. For instance, in October 2020, Abbott launched its new ICD and CRT-D in India, to expand its product portfolio in the country. The company had also received CE Mark approval for its Gallant ICD and CRT-D devices in February 2020. Some of the major market players account for a significant share of the market owing to their extensive product offerings.

Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/37629

Product Insights 

The defibrillators segment dominated the CRM devices market and held the largest revenue share of 43.63% in 2021. The dominance is a result of rising adoption, especially of the Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD), in major regional markets such as the U.S., European countries, China, and India. Defibrillators are further classified into Implantable Cardioverter Defibrillators (ICD) and external defibrillators. The external defibrillator segment is anticipated to witness the fastest growth rate of 9.3% over the projected period, owing to the growing adoption of these defibrillators, especially in public places.

Within the pacemakers’ segment, the implantable segment held the largest revenue share. The implantable pacemakers have become a well-established treatment for sinus node dysfunction and conduction disorders. Increasing application of these for the treatment of arrhythmias and heart failure as well as in ongoing clinical investigations is a major factor leading to segment growth. Furthermore, the cardiac resynchronization therapy (CRT) segment is expected to witness a significant growth rate over the forecast period. Associated benefits such as reduced blood transfusion, risk of infections, and hospital stay are key drivers for this segment. Healthcare practitioners are increasingly recommending minimally invasive surgeries for CRT-Pacemaker implantation to curb bradycardia and cardiac arrest instances. The preference for minimally invasive techniques for CRT-P implantation is expected to boost sales during the forecast period.

Regional Insights

North America dominated the market for CRM devices and held the largest revenue share of over 41.07% in 2021. This is owing to various factors such as well-established healthcare infrastructure, increasing elderly population, rapid adoption of technologically advanced products (such as long battery life, biocompatible materials or miniaturization, and leadless), and increasing regulatory approvals. Many companies are currently working on developing new devices based on existing pacemakers and Implantable Cardioverter Defibrillator (ICD) technologies. In addition, the growing prevalence of cardiovascular diseases is driving the demand for CRM devices in the region, which, in turn, is driving the market growth.

In Asia Pacific, the market for cardiac rhythm management devices is expected to witness the fastest growth rate of 7.6% during the projected period owing to the rising R&D investments by international players such as the China Cardiovascular Association and American College of Cardiology that are working together to develop ground-breaking technologies for cardiac care. Moreover, developed Asian economies still lag OECD nations in curbing the various causes of CVDs, including tobacco consumption. However, increasing efforts to create awareness, such as Japan’s smoke-free policy implemented for the 2020 Olympic Games, are expected to propel growth.

Key Players

• Physio-Control, Inc. (Stryker)
• Schiller
• Medtronic
• Abbott
• Boston Scientific Corporation
• Koninklijke Philips N.V.
• Zoll Medical Corporation
• BIOTRONIK
• ProgettiSrl

Market Segmentation

• Product Outlook (Revenue, USD Million, 2016 - 2028)
  • Pacemakers
    • Implantable
    • External
  • Defibrillators
    • Implantable Cardioverter Defibrillators (ICD)
      • S-ICD
      • T-ICD
    • External Defibrillator
      • Manual External Defibrillator
      • Automatic External Defibrillator
      • Wearable Cardioverter Defibrillator
  • Cardiac Resynchronization Therapy (CRT)
    • CRT-Defibrillator
    • CRT-Pacemakers
• Regional Outlook (Revenue, USD Million, 2016 - 2028)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Click Here to View Full Report Table of Contents

Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/37629

You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333