19-Jul-2022 | Facts and Factors
According to Facts and Factors, the Global Cardiac Rhythm Management Devices Market size was valued at USD 17,274.6 million in 2021 and is predicted to increase at a CAGR of 6.3% to USD 24,071.19 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
The global cardiac rhythm management devices market is expected to grow as the prevalence of various cardiovascular illnesses, such as arrhythmia and atrial fibrillation, rises. In addition, various technical breakthroughs in the market are also expected to drive market expansion. Favourable reimbursement policies have resulted in increased patient uptake of medical devices in nations such as Canada, the United States, and the United Kingdom, hence expanding market penetration.
Browse the full “Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis Report By Product (Electrocardiogram (ECG) Devices, Implantable Loop Recorders (ILR), Cardiac Output Monitoring (COM) Devices, Event Monitors, Pacemakers, Cardiac Resynchronization Therapy (CRT) Devices, Defibrillator, External Defibrillator, Ventricular Assist Devices (VADs)), By End-User (Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers (ASCs)), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/cardiac-rhythm-management-devices-market
Additionally, increased government efforts and the implementation of new CRM technologies are likely to drive growth over the forecast period. CRM device adoption has increased in recent years as a result of rising life expectancy and the availability of improved technologies. A surge in R&D spending and new product launches by top companies pushed the expansion even further. Cardiovascular disorders are usually referred to as the "silent pandemic" due to their gradual onset of symptoms. Furthermore, they are thought to be one of the most expensive health diseases to treat. CRM devices are utilized not only to manage and monitor cardiac abnormalities, but also to repair, restore, and mend cardiac activity. These associated advantages are projected to increase adoption over the projection period. However, the exorbitant cost of these gadgets, along with limited insurance coverage, is limiting market expansion.
In terms of Product, in the forecast period, the defibrillators segment dominated the CRM devices market, accounting for a major share of total revenue. The dominance is the consequence of increased acceptance, particularly of the Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD), across important regional markets such as the United States, Europe, China, and India. Implantable Cardioverter Defibrillators (ICD) and external defibrillators are the two types of defibrillators. The external defibrillator segment is expected to grow at the quickest pace during the forecast period, owing to the increasing acceptance of these defibrillators, particularly in public settings.
In terms of End Users, hospitals held the greatest proportion of the cardiac monitoring & heart rhythm management devices market. The expanding prevalence of CVD, the increasing number of patient visits to hospitals for diagnosis, the increasing number of cardiac implant surgeries, and the availability of funding for these treatments in developed markets all contribute to this segment's size.
North America dominated the CRM device market in the forecast period. This is due to a number of variables, including well-established healthcare infrastructure, an aging population, quick acceptance of technologically advanced products (such as long battery life, biocompatible materials or downsizing, and leadless), and more regulatory approvals. Many businesses are now working on novel devices based on existing pacemaker and implantable cardioverter-defibrillator (ICD) technology. Furthermore, the increasing frequency of cardiovascular disorders is driving demand for CRM devices in the region, which is supporting market growth.
Market Size in 2021
USD 17,274.6 Million
Projected Market Size in 2028
USD 24,071.19 Million
CAGR Growth Rate
Key Market Players
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., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc., SCHILLER AG, St. Jude Medical, Inc., and Others
By Product, End-User, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Some of the major companies operating in the global cardiac rhythm management devices market are 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., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, ReliantHeart Inc., SCHILLER AG, St. Jude Medical, Inc., and among others.
The global cardiac rhythm management devices market is segmented as follows:
- Electrocardiogram (ECG) Devices
- Implantable Loop Recorders (ILR)
- Cardiac Output Monitoring (COM) Devices
- Event Monitors
- Cardiac Resynchronization Therapy (CRT) Devices
- External Defibrillator
- Ventricular Assist Devices (VADs)
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers (ASCs)
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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