Cardiac Rhythm Management Devices Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[229+ Pages Report] 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 report analyses the global cardiac rhythm management devices market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the cardiac rhythm management devices market.

Market Overview

Cardiac rhythm management devices help patients with heart rate and rhythm problems maintain normal cardiac rhythm. These devices are critical in the treatment of major cardiac illnesses such as heart failure, atrial fibrillation, atrial flutter, signs of a recent heart attack, coronary ischemia, lack of oxygen delivery to cardiac muscles, pharmacological effects, and specific genetic mistakes, among others. Factors driving the market include an increase in the frequency of cardiac illnesses, technological improvements, patient awareness, and an increase in the number of unmet medical requirements in developing and underdeveloped countries.

The development of novel MRI-labeled devices, as well as growth possibilities in Asia-Pacific and LAMEA emerging economies, are likely to create opportunities for growth in the cardiac monitoring and heart rhythm management market over the projection period. Elderly people confront a variety of cardiac issues, which can lead to heart failure, increasing the demand for pacemakers, ventricular assist devices (VADs), electrocardiograms (ECGs), and implanted cardioverter defibrillators (ICDs) (ICDs). As a result, this aspect has a significant impact on the growth of the CM and CRM devices market.

Growth Drivers

The increasing adoption of novel technologies, as the market is heavily influenced by technical innovation in this sector. Furthermore, a surge in heart illnesses is expected to raise the demand for effective treatment alternatives. As a result, during the forecast period, this factor is likely to have a substantial impact on the growth of the CM and CRM devices market.

However, therapeutic radiation used in cancer treatment can have an impact on a patient's ability to use implantable cardiac rhythm devices. The implanted device technology employs complementary metal-oxide-semiconductor (CMOS) chips, which are susceptible to damage from therapeutic levels of radiation, however, this varies depending on the type of device used. This is one of the most important constraints limiting the use of cardiac rhythm management devices, as the implants are highly sensitive and malfunctioning might have significant repercussions. On the other side, the exorbitant cost of these devices, along with limited insurance coverage, is limiting market expansion.

COVID – 19 Impact

The COVID-19 pandemic has had an influence on numerous businesses, including the cardiac rhythm management (CRM) device market. Due to the postponement of cardiovascular treatments, market participants have suffered significant losses in their cardiac rhythm management segments. The drop was most noticeable in the ICD, CRT-D, and pacemaker segments.  

However, the COVID outbreak has increased the preference for remote monitoring of individuals with cardiovascular problems. This change was made in order to limit the risk of infection caused by the frequent hospital and clinic visits. Several firms have introduced services for remote cardiac patient monitoring. Several start-ups have also launched products that can be used to monitor cardiovascular patients.

Segmentation Analysis

The Global Cardiac Rhythm Management Devices Market is segregated based on Product, and End User.

In terms of Product, over the projection period, the cardiac resynchronization therapy (CRT) segment is predicted to increase at a rapid pace. This segment is driven by associated benefits such as reduced blood transfusion, infection risk, and hospital stay. To reduce bradycardia and cardiac arrest, doctors are increasingly advocating minimally invasive operations for CRT-Pacemaker implantation. The preference for minimally invasive CRT-P implantation techniques is likely to improve sales during the forecast period.

In terms of End Users, hospitals accounted for the largest share of the cardiac monitoring and heart rhythm management equipment market. The growing prevalence of CVD, the growing number of patient visits to hospitals for diagnosis, the growing number of cardiac implant procedures, and the availability of funding for these therapies in developed markets all contribute to the size of this category.

Report Scope

Regional Landscape

North America is predicted to dominate the cardiac rhythm management devices market during the forecast period. Higher adoption of pacemakers and ICD implants is likely to drive the market in North America, owing to a steady shift in patient preference toward preventative care and the increasing prevalence of cardiac diseases. Furthermore, rigorous government rules regarding the installation of external defibrillators in public locations are expected to result in higher use of external defibrillators, which would eventually enhance the market.

The market for cardiac rhythm management devices in the Asia Pacific is expected to grow at the fastest rate during the forecast period, owing to rising R&D investments by international players. In addition, rising R&D investments by international players in response to rising government healthcare expenditure, rising prevalence of cardiac disorders, and rising per capita income in South Asian countries, are driving the growth of the market. In the Asia Pacific, rising awareness of these CRM devices is expected to boost the adoption of cardiac management devices, accelerating the market in the region.

Competitive Landscape

The report contains qualitative and quantitative research on the global Cardiac Rhythm Management Devices Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

List of Key Players in the Global Cardiac Rhythm Management Devices Market:

• 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.

The global cardiac rhythm management devices market is segmented as follows:

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)

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America