Cardiac Rhythm Management Devices Market Size By Product (Pacemakers {Implantable Pacemakers, External Pacemakers}, Defibrillators (Implantable Cardioverter Defibrillator [ICDs], {Subcutaneous Implantable Cardioverter Defibrillator, Transvenous Implantable Cardioverter Defibrillator {Single-chamber ICDs, Dual-chamber ICDs}, External Defibrillator [ED] {Manual ED, Automated ED {Semi-automated External Defibrillator, Fully Automated External Defibrillator} Wearable Cardioverter Defibrillator, Cardiac Resynchronization Therapy Devices [CRTs] {CRT-D, CRT-P}Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Industry Trends

Cardiac Rhythm Management Devices Market size was valued at USD 10.2 billion in 2018 and is expected to witness more than 4.2% CAGR from 2019 to 2025. Also, the number of cardiac rhythm management devices sold in the year 2018 was around 2.5 million units and is estimated to grow at 5.3% over the forecast period.
 

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Rising incidence of heart failure and growing number of patients with recurrent arrhythmias across the globe are some of the factors attributing to the cardiac rhythm management (CRM) devices market growth positively. For instance, according to Boston Scientific, more than 4 million Americans have recurrent arrhythmias, and every 39 seconds, a person dies from sudden cardiac arrest. Approximately 5 million Americans are currently suffering from heart failure. Thus, the adoption of CRM devices among the healthcare providers has gained a significant traction, that is further expected to propel the cardiac rhythm management devices market growth in the forthcoming years.
 

With the growing prevalence of cardiovascular diseases, the market is anticipated to witness lucrative growth over the coming years. According to the Diagnostic and Interventional Cardiology, in 2018, approximately 3 million people across the globe were living with pacemaker and each year around 600,000 pacemakers are implanted to treat bradycardia patients. With growing indications for implantable cardioverter defibrillator and permanent pacemaker implantation has resulted in augmenting the demand and adoption rate of these cardiac rhythm management devices in patients, fuelling the business growth. Hence, such innovations, leading to emergence of heart rhythm management will spur the cardiac rhythm management devices industry growth.
 

However, stringent product approvals and high cost of some devices are expected to impede the growth of the market.
 

Cardiac Rhythm Management Devices Market, By Product

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In 2018, pacemakers market accounted for the revenue size of USD 3.6 billion in the cardiac rhythm management devices market. The significant market share is owing to the growing implantation of cardiac pacemakers that has prolonged the lives and improved the quality of life of several patients across the globe. Also, the rates of insertion and prevalence of cardiac permanent pacemaker are continuously rising in Western Australia with the ageing population that has further propelled the market growth positively. Thus, with the continuous rise in the implantation of pacemakers coupled with cost-effectivity are some of the factors that have boosted market growth.
 

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Cardiac resynchronization therapy (CRT) devices market are projected to witness the highest growth rate of 5.8% during the forecast period. The growth of CRT devices is majorly due to the rising prevalence of heart failure witnessed across the globe. According to the Emory Healthcare, around 5 million Americans are presently living with congestive heart failure and approximately 550,000 new cases are diagnosed each year in the U.S. Growing number of geriatric population across the globe along with rising incidence of atrial fibrillation, arrhythmias, congenital heart diseases are some other factors that have augmented the need and demand for resynchronization therapy devices products that is further expected to witness significant growth over the forecast period.  

Cardiac Rhythm Management Devices Industry, By Region

U.S. cardiac rhythm management devices market is forecasted to reach USD 6.3 billion by 2025. Rising number of FDA approval for arrhythmia monitoring management devices, presence of large number of medical device manufacturers that are participating in research and development activities of cardiac rhythm management devices will propel the market growth. Additionally, growing geriatric population suffering from cardiac dysfunction is another factor that is boosting the market growth positively in the country. However, high cost of few devices may impede the growth of the market in the country.
 

India market is estimated to expand at a significant pace of 8.6% CAGR during the forecast period. Increasing prevalence of cardiovascular diseases, rising number of arrhythmias, and sudden cardiac deaths in the country are expected to propel the market growth positively in the upcoming years.
 

Competitive Market Share

Few of the notable industry players operating in global cardiac rhythm management devices market are BIOTRONIK, ZOLL Medical, Boston Scientific, SCHILLER, Koninklijke Philips N.V., ABIOMED, Medtronic, Abbott, among others. Players have been engaging in acquisitions and mergers, product launch strategies and, collaborations in order to expand their product portfolio and gain competitive advantage.
 

Recent industry developments:

• In September 2017, Abbott laboratories received FDA approval to sell an implantable heart defibrillator named Ellipse defibrillator that is compatible with magnetic resonance imaging scanners, owing to which patients with implanted device can undergo an MRI scan.
   
• In August 2017, Abbott Laboratories announced new software updates that were intended to protect numerous implanted pacemakers from hacking and dangerous battery depletions. The company stated that around 465,000 implanted pacemakers were eligible for the software updates. The purpose of updating the software was to curb the risk of patient harm owing to significant exploitation of cybersecurity vulnerabilities.
   

Cardiac Rhythm Management Devices Industry Background

In 1958, pacemakers were implanted for the first time and it was followed by the first series of 10 pacemakers implanted in humans in 1960. Since then, the management of patients with rhythm problems has been transformed, primarily through the massive developments in the manufacturing, engineering, and implantation techniques of cardiac rhythm management devices. Over the period, more features and functionality were added to these devices.
 

In the early 1980s, the concept of the defibrillator was introduced, driven by the need to protect high-risk patients that had already sustained a cardiac arrest from being inflicted with recurring lethal ventricular arrhythmias. Over the course of the past 25 years, these life-saving devices transformed into smaller, highly sophisticated, endovascular devices implanted primarily by electrophysiologists in the pectoral area of indicated patients. Every few years, the joint task force of the American Heart Association, the American College of Cardiology, and the Heart Rhythm Society publishes new guidelines for cardiac rhythm management device indications. The industry has numerous players in the market that experiences a major competition in terms of their share in the global market. In recent years, substantial advancements in cardiac rhythm management devices have been made that gained a significant traction in the market. Advancements including wearable technology is expected to provide momentous industry growth opportunities in the foreseeable future.
 

Cardiac rhythm management devices market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million & volume in Units from 2014 to 2025, for the following segments:

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Cardiac Rhythm Management Devices Industry, by Product, 2014 – 2025 (USD Million & Units)

• Pacemakers
  • Implantable Pacemakers
  • External Pacemakers
• Defibrillators
  • Implantable Cardioverter Defibrillator (ICD)
    • Subcutaneous Implantable Cardioverter Defibrillator     
    • Transvenous Implantable Cardioverter Defibrillator       
      • Single-chamber ICDs
      • Dual-chamber ICDs
  • External Defibrillator (ED)
    • Manual External Defibrillator        
    • Automated External Defibrillator
      • Semi-Automated External Defibrillator
      • Fully Automated External Defibrillator
    • Wearable Cardioverter Defibrillator
• Cardiac Resynchronization Therapy (CRT)
  • CRT-D
  • CRT-P

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Taiwan
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia  
  • UAE