Devices for Global Cardiac Rhythm Management The market was valued at USD 13.88 billion in 2018 and is anticipated to grow by 4.4% annually to reach USD 19.93 billion by 2026. (2019-2026). In this market, North America is anticipated to have the largest market share.
Arrhythmia, bradycardia, tachycardia, and unexpected cardiac arrests are all conditions that are commonly treated with cardiac rhythm management (CRM) devices. The adoption of cardiac management devices has significantly increased over the past ten years as a result of the rising prevalence of cardiac rhythm disorders.
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Key points Covered In the Cardiac Rhythm Management (CRM) Devices Market
The cardiac rhythm management (CRM) devices market is expected to grow significantly in the coming years, driven by an ageing population and an increasing incidence of cardiovascular diseases.
The market is segmented into different types of devices, including pacemakers, defibrillators, and implantable cardiac monitors. Each of these devices has unique features and is used for specific indications.
The pacemaker segment is expected to dominate the CRM devices market due to the increasing prevalence of bradycardia (slow heart rate) and the growing demand for minimally invasive procedures.
The CRM devices market is also expected to benefit from the development of new technologies, such as leadless pacemakers and wireless monitoring systems. These devices are more convenient for patients and offer improved outcomes.
However, the high cost of CRM devices and the need for frequent replacement and maintenance may limit the growth of the market. It is important for manufacturers to develop cost-effective devices and reimbursement policies to increase accessibility for patients.
Defibrillators Register Strong Growth Than Other Products
Among different products, the market will witness strong demand for defibrillators in the global market during the forecast period. In 2018, they covered a share of 49.0% of the global cardiac rhythm management devices market. These are generally used to treat out-of-hospital cardiac arrests and arrhythmia. Under defibrillators, implantable cardioverter defibrillators (ICD) are preferred over external defibrillators. Moreover, physicians also recommend this type of defibrillator as they have the ability to effectively deliver electric shocks for the restoration of a heartbeat.
On the other hand, the installation of the external defibrillator is increasing in developed and developing nations with the growing incidence of out-of-hospital cardiac arrests. Governments in some countries have passed a mandate to install external defibrillators in public places. The objective is to have easy access to cardiac patients.
North America Dominates Owing to Favorable Healthcare Reimbursement Policies
From a geographical standpoint, North America is anticipated to dominate the global cardiac rhythm management devices market in the forecast years. Well-established healthcare infrastructure and favourable healthcare reimbursement policies are contributing to the growth of the market. The market in this region was valued at US$ 5,914.1 Mn in the year 2018. Cardiac patients have shifted their focus to preventive care. This rising shift is fueling demand for cardiac rhythm management devices.
In addition to this, governments have made strict guidelines to install external defibrillators, especially in public places. Against this backdrop, the demand for cardiac rhythm management devices is increasing, which will in due course, drive the market. The market in Asia Pacific is expected to grow considerably during the forecast years. This is mainly attributable to the rising penetration of health insurance across developing countries.
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Increasing Awareness About Cardiac Management Devices Propels Growth in the Market
“Several developing economies are witnessing massive demand for implantable cardiac rhythm devices owing to the rising awareness about different products among the population,” said a lead analyst at Fortune Business Insights. “This, coupled with rising disposable income, act as potential growth enablers in the market,” he added. As per a study conducted by the European Cardiac Society, it was found that certain Western European countries registered an implantation rate of over 1000 units per million populations. The increasing adoption of implants especially in emerging countries represents a rising preference of cardiac rhythm management devices amongst the population.
The rapid adoption of a sedentary lifestyle among the population can lead to an increasing number of cardiac arrests, which in turn, is another factor driving the market.
Among end-users, the demand for cardiac monitoring devices is likely to increase across hospitals, clinics, ambulatory surgery centres and others.
Key Companies Mentioned
Medtronic
Boston Scientific Corporation
Biotronik
Asahi Kasei Corporation
Philips Healthcare
Defibtech, LLC.
Cardiac Science
Stryker
CU Medical System Inc.
LivaNova Plc
Abbott
Microport
Other prominent players