Cardiac Rhythm Management Devices Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, Australia, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE, Kuwait), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3933
Cardiac Rhythm Management Devices Market size is projected to experience significant growth from 2019 to 2025.
The rising prevalence of cardiovascular disorders will act as high impact rendering factor for the growth of cardiac rhythm management devices market over the projected timeframe. According to the WHO, nearly 17.9 million people die annually due to cardiovascular condition globally, accounting for around 31% of total deaths.
Growing geriatric population base prone to suffer from cardiac ailment and sedentary lifestyle will escalate the demand for cardiac rhythm management devices over the forecast period. Technological advancements and numerous efforts undertaken by government to reduce burden of cardiovascular conditions will further boost the overall industry growth. High investment in R&D activities to advance cardiac rhythm management technology and growing adoption of unhealthy habits including tobacco smoking and alcohol consumption will positively impact the business growth.
The cardiac activity monitoring systems allows efficient ECG data management as well as it continuously tracks patient’s cardiac activity, sending patient’s cardiac statistics to the healthcare professional on daily basis thereby positively affecting the industry growth. However, high device cost and limited reimbursement coverage for these devices especially in developing economies will hamper industry expansion to certain extent over the coming years.
The cardiac defibrillators market is estimated to witness lucrative growth during the forecast period owing to technological advancements in the device and high adoption rate. Growing burden of sudden cardiac arrest coupled with rising demand for external defibrillators will further propel segmental growth.
Based on end-use, the industry is bifurcated into ambulatory surgical centers, hospitals and homecare settings. Hospitals accounted for largest revenue share in 2018 due to increasing number of cardiac implant procedures, growing use of cardiac rhythm management devices in the hospitals and rising number of patient visits for diagnosis of cardiovascular condition will drive segmental growth during the analysis period.
The U.S. dominated the North America cardiac rhythm management devices industry in 2018 owing to rising prevalence of cardiovascular diseases and high technological adoption in the country. Favorable reimbursement policies and government’s support to increase adoption of cardiac monitoring devices to reduce cardiovascular diseases burden will drive U.S. cardiac rhythm management devices market growth during the analysis period.
India cardiac rhythm management devices market is projected to witness robust growth over the forecast period. Rising geriatric population base coupled with growing incidence of cardiac diseases in the country will result in growing adoption of cardiac rhythm management devices. Furthermore, several efforts undertaken by government to increase awareness about cardiovascular conditions will positively impact overall industry growth.
Medtronic, BIOTRONIK, Boston Scientific Corporation, GE Healthcare, St. Jude Medical (Abbott), ZOLL Medical Corporation, Stryker Corporation, Koninklijke Philips N.V., Defibtech, LLC, LivaNova and Schriller AG are some of the companies operating in cardiac rhythm management devices market. Industry players are presently focusing on expanding their geographical presence as well as introduce superior product in the market to gain significant market share and sustain industry rivalry. For instance, In July 2019, Biotronik received the U.S. FDA approval for BIOMONITOR III, injectable cardiac monitor (ICM). The approval assisted company in expanding their cardiovascular product portfolio as well as sustain its position in the market.
Cardiac Rhythm Management Devices Market, By Product, 2014-2025 (USD Million)
- Implantable pacemakers
- External pacemakers
- Implantable cardioverter defibrillators (ICDs)
- Subcutaneous ICD (S-ICD)
- Transvenous ICD (T-ICD)
- External defibrillator (ED)
- Manual ED
- Automated ED (AED)
- Wearable cardioverter defibrillator
- Implantable cardioverter defibrillators (ICDs)
- Cardiac resynchronization therapy (CRT)
- CRT-defibrillators (CRT-D)
- CRT-pacemakers (CRT-P)
Cardiac Rhythm Management Devices Market, By End-use, 2014-2025 (USD Million)
- Ambulatory surgical centers
- Homecare settings
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- GE Healthcare
- BIOTRONIK, Inc.
- Boston Scientific Corporation
- St. Jude Medical (Abbott)
- ZOLL Medical Corporation
- Koninklijke Philips N.V.
- Defibtech, LLC,
- Schriller AG
- Stryker Corporation
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