The Global Cardiac Rhythm Management Devices Market is estimated to be valued at US$ 19.05 billion in 2017 and is expected to exhibit a CAGR of 7.5% over the forecast period of 2018-2026, as highlighted in a new report published by Coherent Market Insights.
The Cardiac Rhythm Management Devices market deals with medical devices that are used to treat various cardiovascular diseases such as arrhythmias and heart failure. These devices include pacemakers, defibrillators, and cardiac resynchronization therapy (CRT) devices. These devices help in regulating the heart’s rhythm and ensuring proper functioning of the heart. Pacemakers are used to regulate the heart’s rhythm by sending electrical impulses to the heart. Defibrillators are used to detect and correct irregular heart rhythms, while CRT devices are used to synchronize the contractions of different chambers of the heart.
The Cardiac Rhythm Management Devices market is primarily driven by the increasing prevalence of cardiovascular diseases worldwide. Sedentary lifestyle, unhealthy dietary habits, and rising geriatric population are some of the major factors contributing to the high prevalence of cardiovascular diseases. Technological advancements in cardiac rhythm management devices such as the development of wireless devices and smartphone connectivity have further enhanced their efficiency and ease of use. These advancements are expected to drive the growth of the market over the forecast period. Additionally, government initiatives to raise awareness about cardiovascular diseases and increase access to healthcare facilities are also expected to fuel market growth.
The cardiac rhythm management devices market can be segmented based on product type and end-user. In terms of product type, the market is dominated by implantable cardioverter defibrillators (ICDs) due to their effectiveness in treating life-threatening arrhythmias. ICDs are further categorized into single-chamber ICDs and dual-chamber ICDs, with dual-chamber ICDs holding a significant market share. The dominance of dual-chamber ICDs can be attributed to their ability to provide more accurate detection and therapy delivery compared to single-chamber ICDs.
In terms of end-user, hospitals hold the largest market share due to the availability of skilled healthcare professionals and advanced medical infrastructure. Furthermore, hospitals are equipped to handle complex cardiac cases and have the necessary resources to perform implantation procedures. However, the home healthcare segment is expected to grow at a rapid pace due to the increasing demand for remote patient monitoring and the convenience it offers to patients.
Political: The cardiac rhythm management devices market is influenced by political factors such as government regulations on healthcare policies, reimbursement policies, and approval processes for medical devices.
Economic: Economic factors, such as the healthcare expenditure of a country, GDP growth, and disposable income, play a crucial role in the adoption of cardiac rhythm management devices.
Social: Changing lifestyle patterns, increasing prevalence of cardiovascular diseases, and rising awareness about the benefits of early detection and treatment of heart conditions are driving the demand for cardiac rhythm management devices.
Technological: Advancements in technology, such as the development of miniaturized devices, wireless remote monitoring systems, and incorporation of artificial intelligence, are driving the growth of the cardiac rhythm management devices market.
The Global Cardiac Rhythm Management Devices Market Size is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period. This growth can be attributed to the increasing prevalence of cardiovascular diseases worldwide, coupled with advancements in technology. The North American region is the fastest-growing and dominating region in the market due to the high adoption rate of advanced healthcare technologies and the presence of well-established healthcare infrastructure. Key players operating in the cardiac rhythm management devices market include Medtronic plc, Abbott Laboratories, Abiomed, Boston Scientific Corporation, Biotronik SE & Co KG, Koninklijke Philips N.V., LivaNova Plc, Cardiac Science Corporation, Schiller AG, and Zoll Medical Corporation. These players are constantly investing in research and development activities to introduce innovative products and gain a competitive edge in the market.