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Cardiac Rhythm Management Devices Market: Description
The Cardiac Rhythm Management Devices are small electrically-charged devices that are installed in the human body and connected to the heart. This device helps in monitoring and controlling the functioning of hearts rhythm. These devices also aid in managing, restoring, repairing, and healing cardiac issues. Human heart beats and maintains a specific rhythm and rate. The heartbeat is measured by the number of contractions per minute. This rate can vary as per the physical activity done by a person. As per American Heart Association, a normal resting heart beats at a rate of 60-100 bpm. Any fluctuations in the normal heart rate warrant a physician's attention. Although, most fluctuations in the rhythm are harmless, yet, sometimes, it is necessary to seek medical advice. Heart fluctuations, in case if undiagnosed, can lead to heart disease.
Over past few years, heart disease has been the leading cause of death both in men and women. As per the World Health Organization (WHO) report, over 17.9 million deaths occurred across the globe due to heart diseases. With such prevalence and development, the market is expected to witness rise during the forecasted period.
Source: WMR
Cardiac Rhythm Management Devices Market: Overview
The Cardiac Rhythm Management Devices Market is set to reveal a substantial upturn with a CAGR of 6.5% during the forecasted period of 2023 to 2033. The Cardiac Rhythm Management Devices Market was valued at USD 18,100 million in 2022 and is estimated to garner a significant improvement and reach USD 31,900 million by 2033.
Source: WMR
The cardiac rhythm management devices are widely used to treat arrhythmia, bradycardia, tachycardia, or sudden cardiac arrests. Since there is rise in the prevalence of cardiac rhythmic conditions, simultaneously there is increase in adoption of cardiac management devices during the past decade. In addition to this, emerging countries are observing a huge demand for devices owing to rise in cardiac conditions. Moreover, increasing awareness about the devices among the public is boosting the market growth. Based on the product segment the defibrillators dominated the market by 43.6% revenue share in 2022. The ICD segment was the largest revenue share-holder in defibrillators as of 2021. In terms of regions North America was and is the dominant region in the global market.
Cardiac Rhythm Management Devices Market: Key Trends
Rising cases of cardio vascular diseases across the globe:
There are multiple factors that are projected to drive the market growth. one of the key driving factors is rising cases of cardio vascular disease across the globe. Additionally, integration of advanced and high tech cardiac rhythm management devices is also expected to boost the growth. The ICD segment is estimated to fuel the market growth. The ICDs are highly recommended devices by medical professionals to treat irregular heartbeat. It also delivers electric shocks to restore the heart beats. External defibrillators are widely used to deal the increasing prevalence of out-of-hospital cardiac arrests. In certain countries, it is mandatory to install external defibrillators at public places.
Risk of cyber security breach is restraining the market growth:
Despite, rising awareness of clinical documentation and its vast adoption, critical factors such as risk of cyber security breach is restraining the market from growing. In addition to this, issues in relation to training the workforce on software, lack of IT infrastructure has led to limitation in market growth.
COVID-19 impact on the market
The recent virus spread across the globe at a disturbing pace tainting millions and bringing about a fall of worldwide efficiency bringing monetary movement close to a halt. The medical services portion was severely hit, due to dial back in non-crisis methodology and clinical consideration administrations. The cardiac rhythm management devices witnessed a down fall by 6.12% between the year 2019-2020. Leading market players such as Medtronic, Abbott, and Boston Scientific Corporation experienced a fall in revenue due to logistic slowdown. Key partners such as Boston Scientific Corporation, Abbott, and Medtronic experienced a decline of 10% and 12% in their cardiac rhythm and heart failure segment in 2020. However, with relaxed lockdown restrictions and resumption of nonelective surgeries, the market growth is expected to accelerate in the forecasted years.
Cardiac Rhythm Management Devices Market: Segmentation Analysis
Based on the Product
Pacemakers
o Implantable
o External
Defibrillators
o S-ICD
o T-ICD
Among all types, the Defibrillators segment dominated the CRM devices market by holding the largest share in terms of revenue in the global market. The Defibrillators segment held a share of 43.6% IN 2021. The dominance is attributable to rising adoption of Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD) in major regional markets such as US, U.K., China and India. The External Defibrillator segment is anticipated to observe higher rate of 9.3% through the projected period owing to the rise in adoption of defibrillators.
Based on End-user
Hospitals and Clinics
Ambulatory Surgery Centers and Others
Source: WMR
Cardiac Rhythm Management Devices Market: Regional Segmentation Analysis
Based on the geographical view, the market occupies regions as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. In terms of regions, North America is holding the leading position by USD 5.91 million in 2022. The leading spot is attributable to higher adoption of pacemakers and ICD implants. This is due to gradual shift of patients preference to advanced preventive care and increase in prevalence of cardiac condition. Moreover, governments contribution towards implementation of external defibrillators in community areas is expected to result in rise in adoption of the same. This factor will boost the market growth. In Europe, prevalence higher cases of cardiac arrests are predicted to drive the market development. In Asia Pacific growing awareness of the CRM is anticipated to accelerate the market.
Cardiac Rhythm Management Devices Market: Competitive Landscape
Medtronic, is one of the leading market players in the global implantable cardioverter defibrillator market. Along with this, Medtronic is also a considerable share holder of global pacemaker market and is expected to hold a leading position throughout the forecasted period owing to its wide series of product offerings and strong customer base. Following Medtronic, Boston Scientific Corporation also holds a significant share in terms of revenue in the global market.
Some of the other prominent players are: Abbott Laboratories, ACS Diagnostics, Alivecor, Inc., Asahi Kasei Corporation, Bexen Cardio, Biotelemetry, Biotronik, Boston Scientific Corporation, BPL Medical Technologies, BTL, GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Lepu Medical Technology, Medtronic Plc, Metrax Gmbh, Microport Scientific Corporation, Narang Medical Limited, Nihon Kohden Corporation, Osypka AG, Schiller AG, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and others.
Report Scope:
Forecast Years: 2023-2033
Historical Years: 2020-2021
Cardiac Rhythm Management Devices Market 2022: USD 18,100 million
Cardiac Rhythm Management Devices Market 2033: USD 31,900 million
Cardiac Rhythm Management Devices Market CAGR: 6.5%
Key Segments: Product and Region
Key Regions & Countries: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Key Players: Abbott Laboratories, ACS Diagnostics, Alivecor, Inc., Asahi Kasei Corporation, Bexen Cardio, Biotelemetry, Biotronik, Boston Scientific Corporation, BPL Medical Technologies, BTL, GE Healthcare, Hill-Rom Holdings, Inc., Koninklijke Philips N.V., Lepu Medical Technology, Medtronic Plc, Metrax Gmbh, Microport Scientific Corporation, Narang Medical Limited, Nihon Kohden Corporation, Osypka AG, Schiller AG, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. and others.
1. Global Cardiac Rhythm Management Devices Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. CARDIAC RHYTHM MANAGEMENT DEVICES Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Scope and Market Estimation
1.4.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. CARDIAC RHYTHM MANAGEMENT DEVICES Market Segmentation
1.5.1. Product of Global CARDIAC RHYTHM MANAGEMENT DEVICES Market
1.5.2. End User of Global CARDIAC RHYTHM MANAGEMENT DEVICES Market
1.5.3. Key Regions of Global CARDIAC RHYTHM MANAGEMENT DEVICES Market
2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market - Executive Summary
2.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Summary & Snapshot
2.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By Product (US$ Million)
2.3. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By End User (US$ Million)
2.4. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By Geography (US$ Million)
2.5. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Outlook & Future Opportunities
3. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Trends, Outlook, and Factors Analysis
3.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing prevalence of cardiovascular disorders
3.2.1.2. A rise in the use of ambulatory and home services for cardiac monitoring
3.2.1.3. Favorable reimbursement policies
3.2.2. Restraints
3.2.2.1. The high cost of these devices with limited insurance coverage
3.2.3. Opportunities
3.2.3.1. Various technological advancements related to the market
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of CARDIAC RHYTHM MANAGEMENT DEVICES Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of CARDIAC RHYTHM MANAGEMENT DEVICES Market
3.9.1. By Product
3.9.2. By End User
3.9.3. By Regions
4. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, 2020 2021 (US$ Million)
4.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By Product, 2020 to 2021 (US$ Million)
4.3. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By End User, 2020 to 2021 (US$ Million)
4.4. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market, By Region, 2020 to 2021 (US$ Million)
5. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Estimates & Forecast Trend Analysis, by Product
5.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, by Product, 2022 & 2033
5.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Size (US$ Million) Estimates and Forecasts, by Product, 2022 to 2033
5.2.1. Pacemakers
5.2.1.1. Implantable
5.2.1.2. External
5.2.2. Defibrillators
5.2.2.1. Implantable Cardioverter Defibrillators (ICD)
5.2.2.2. S-ICD
5.2.2.3. T-ICD
5.2.3. External Defibrillator
5.2.3.1. Manual External Defibrillator
5.2.3.2. Automatic External Defibrillator
5.2.3.3. Wearable Cardioverter Defibrillator
5.2.4. Cardiac Resynchronization Therapy (CRT)
5.2.4.1. CRT-Defibrillator
5.2.4.2. CRT-Pacemakers
6. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Estimates & Forecast Trend Analysis, by End User
6.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, by End User, 2022 & 2033
6.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market (US$ Million) Estimates and Forecasts, by End User, 2022 to 2033
6.2.1. Hospitals & Clinics
6.2.2. Ambulatory Surgery Centers and Others
7. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Analysis and Forecast, by Region
7.1. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global CARDIAC RHYTHM MANAGEMENT DEVICES Market (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Forecast Trend Analysis
8.1. North America CARDIAC RHYTHM MANAGEMENT DEVICES Market Assessments & Key Findings
8.2. North America CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America CARDIAC RHYTHM MANAGEMENT DEVICES Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
8.3.1. By Product
8.3.2. By End User
8.3.3. By Major Country
8.3.3.1. The U.S.
8.3.3.2. Canada
9. Europe CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Forecast Trend Analysis
9.1. Europe CARDIAC RHYTHM MANAGEMENT DEVICES Market Assessments & Key Findings
9.2. Europe CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe CARDIAC RHYTHM MANAGEMENT DEVICES Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Product
9.3.2. By End User
9.3.3. By Major Country
9.3.3.1. Germany
9.3.3.2. The U.K.
9.3.3.3. France
9.3.3.4. Italy
9.3.3.5. Spain
9.3.3.6. Rest of Europe (includes all other European countries)
10. Asia Pacific CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific CARDIAC RHYTHM MANAGEMENT DEVICES Market Assessments & Key Findings
10.2. Asia Pacific CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific CARDIAC RHYTHM MANAGEMENT DEVICES Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Product
10.3.2. By End User
10.3.3. By Major Country
10.3.3.1. China
10.3.3.2. Japan
10.3.3.3. India
10.3.3.4. ASEAN
10.3.3.5. South Korea
10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa CARDIAC RHYTHM MANAGEMENT DEVICES Market Assessments & Key Findings
11.2. Middle East & Africa CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa CARDIAC RHYTHM MANAGEMENT DEVICES Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Product
11.3.2. By End User
11.3.3. By Major Country
11.3.3.1. GCC
11.3.3.2. South Africa
11.3.3.3. Egypt
11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America CARDIAC RHYTHM MANAGEMENT DEVICES Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America CARDIAC RHYTHM MANAGEMENT DEVICES Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America CARDIAC RHYTHM MANAGEMENT DEVICES Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Product
12.3.2. By End User
12.3.3. By Major Country
12.3.3.1. Brazil
12.3.3.2. Mexico
12.3.3.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Market Revenue Share Analysis (%), by Major Players (2021)
13.2. Market Competition Matrix, by Leading Players
13.3. List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. Abbott Laboratories
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. ACS Diagnostics
14.3. Alivecor, Inc.
14.4. Asahi Kasei Corporation
14.5. Bexen Cardio
14.6. Biotelemetry
14.7. Biotronik
14.8. Boston Scientific Corporation
14.9. BPL Medical Technologies
14.10. BTL
14.11. GE Healthcare
14.12. Hill-Rom Holdings, Inc.
14.13. Koninklijke Philips N.V.
14.14. Lepu Medical Technology
14.15. Medtronic Plc
14.16. Metrax Gmbh
14.17. Microport Scientific Corporation
14.18. Narang Medical Limited
14.19. Nihon Kohden Corporation
14.20. Osypka AG
14.21. Schiller AG
14.22. Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
14.23. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts