Global Cardiac Rhythm Management Devices Market Size Is Anticipated To Reach USD 31.9 Billion By 2030

 Cardiac Rhythm Management Devices Industry Overview

The global cardiac rhythm management devices market size is anticipated to reach USD 31.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 6.5% from 2022 to 2030. The key factors driving the market include growth in the adoption of cardiac rhythm management (CRM) devices owing to the increasing prevalence of cardiovascular disorders. According to the Centers for Disease Control and Prevention (CDC), as of September 2021, approximately 659,000 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. The rising demand for handling sudden cardiac arrests is leading to innovation in all types of cardiac rhythm management devices. Innovation with regards to implantable devices includes products, such as subcutaneous and transvenous devices, that aim to increase the comfort level of patients. Swedish Transport Agency ran a program under the test phase, which aimed to deliver AEDs using a drone. This may reduce the delivery time of an AED, increasing the chances of survival with faster treatment.

 

Cardiac Rhythm Management Devices Market Segmentation

Grand View Research has segmented the global cardiac rhythm management devices market on the basis of product and region:

Based on the Product Insights, the market is segmented into Pacemakers, Defibrillators, and Cardiac Resynchronization Therapy (CRT).

• Defibrillators are further classified into Implantable Cardioverter Defibrillators (ICD) and external defibrillators. The external defibrillatorsegment 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.
• The defibrillators segment dominated the CRM devices market and held the largest revenue share of 43.6% 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.
• 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.
• 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.

 

Cardiac Rhythm Management Devices Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The industry is marked by the presence of various large and small business operators. It is competitive and dominated by participants such as Medtronic, Abbott, Boston Scientific Corporation, and Koninklijke Philips N.V. Key players are focusing on executing innovative strategies like mergers and acquisitions, market penetration, partnerships, and distribution agreements to intensify their revenue. For instance, in July 2020, Abbott received the U.S. Food and Drug Administration (FDA) clearance for its Gallant ICD and CRT-D devices. This enabled the company to market the device in the U.S. while expanding its portfolio. Some of the prominent players in the cardiac rhythm management devices market include:

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

 

Order a free sample PDF of the Cardiac Rhythm Management Devices Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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