Cardiac Rhythm Management Devices Market - By Product (Pacemakers, Defibrillators, External Defibrillator, Cardiac Resynchronization Therapy Devices), By Application, End-use & Forecast, 2023 – 2032

Cardiac Rhythm Management Devices Market Size

Cardiac Rhythm Management Devices Market size was valued at around USD 19.7 billion in 2022 and is estimated to reach over USD 36.2 billion by 2032. The rising incidence rate of recurrent arrhythmias, growing geriatric population base coupled with rising prevalence of obesity, and increasing advancements in product technology are some of the prime variables driving the market growth.
 

Moreover, the worldwide prevalence of atrial fibrillation has increased by 33% during the last 20 years, placing a huge burden across the globe. As a result, the adoption of cardiac rhythm management devices among the healthcare providers have experienced a substantial surge, that is poised to drive the market progress.
 

Cardiac rhythm management devices are specialized medical devices designed to monitor, control, and regulate the electrical activity of the heart to ensure it beats at an appropriate rhythm. These devices are used to manage various heart rhythm disorders. These devices are implanted either temporarily or permanently in patients to address and stabilize irregular heart rhythms, improving heart function and overall quality of life.
 

The high cost of these devices for patients not covered by insurance in the U.S. and patients in other parts of the world along with the cost of implantation procedures will be one of the major factors impeding the cardiac rhythm management devices market expansion. The cardiac rhythm management device costs around USD 1,000 – 10,000 or more depending on the type of device, the location, and the length of stay. Additionally, the cost of maintenance and remote monitoring services contributes to the overall financial burden of these devices. Despite their efficacy, the affordability and reimbursement policies surrounding cardiac rhythm management devices remain pertinent issues for both healthcare providers and patients, thereby declining the demand and growth of the business.
 

COVID-19 Impact

The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in the number of hospitalizations. The subsequent travel restrictions and supply chain challenges led to substantial disruptions in availability & access to a wide range of healthcare services. The COVID-19 pandemic also had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel. However, despite the obstacles presented by the pandemic, the implantation of cardiac rhythm management devices remained an indispensable procedure for individuals facing life-threatening heart conditions. Hospitals and healthcare providers made necessary adjustments to ensure the continuity of these crucial procedures while implementing appropriate safety measures.
 

Cardiac Rhythm Management Devices Market Trends

The increasing prevalence of heart failure and other cardiovascular diseases are among the major factors propelling the cardiac rhythm management devices industry growth. Cardiovascular diseases (CVDs) are the leading cause of death globally. According to the World Health Organization, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke.
 

• The increasing incidence & prevalence of cardiovascular conditions, such as congestive heart failure, arrhythmias, bradycardia, and tachycardia is set to drive the business growth. As per Cardiac Failure Review, in 2023, heart failure (HF) is a rapidly growing public health issue with an estimated prevalence of 64 million people globally. Heart failure continues to be linked to elevated mortality and morbidity rates, reduced quality life, and diminished functional capacity. This condition also places a significant burden on the healthcare system, both in terms of patient care and associated costs.
   
• The increasing incidence of cardiac abnormalities is expected to result in higher hospitalization rates and more medical procedures, which, in turn, is anticipated to boost the adoption of cardiac rhythm management devices. Various factors, such as poor dietary habits, decreased physical activity, rising tobacco usage, and excessive alcohol consumption, among others, have contributed to the increased occurrence and fatality rates associated with cardiovascular diseases.
   

Cardiac Rhythm Management Devices Market Analysis

Based on product, the market is segmented into pacemakers, defibrillators, and cardiac resynchronization therapy devices. The pacemakers segment was valued at around USD 5.3 billion in revenue in 2022 and is expected to experience a robust growth trend over the analysis timeline. The increasing adoption of pacemakers can be attributed to several factors, including a growing elderly population with a higher incidence of heart rhythm disorders, continuous advancements in pacemaker technology, heightened awareness among both patients and healthcare providers, and the availability of less invasive implantation procedures among others.
 

• Technological advancements have resulted in the development of smaller and more compact pacemakers, making the implantation process less invasive and reducing patient discomfort. Contemporary pacemakers are programmable, enabling healthcare providers to tailor the device's settings to meet the individual requirements of each patient. This customization ensures precise control over heart rate and rhythm, allowing the device to adapt effectively to changes in the patient's condition over time.
   
• Moreover, modern pacemakers are engineered for durability, providing a relatively long lifespan. Introduction of leadless pacemakers represents a significant technological innovation as they eliminate the need for conventional leads, substantially lowering the potential for complications associated with leads. This advancement enhances patient safety and device reliability.
   
• Furthermore, many pacemakers come equipped with advanced monitoring features. These devices can record and store data on the patient's heart rhythm and pacing activity, allowing healthcare providers to closely track the patient's cardiac condition and make informed adjustments to their treatment plan. Thus, numerous advantages associated with the product will augment the market revenue.
   

Based on application, the cardiac rhythm management devices market is segmented as congestive heart failure, arrhythmias, bradycardia, tachycardia, and others. Arrythmias segment held a significant market share and was valued at USD 2.4 Billion in 2022.  This is primarily attributable to the growing incidence rate of recurrent arrhythmia due to factors such as sedentary lifestyle disorders and increasing incidence of heart attacks across the globe.
 

• For instance, as per the Centers for Disease Prevention and Control (CDC), in 2021, An estimated 12.1 million people in the U.S. will have atrial fibrillation (AFib) by 2030. Moreover, in 2019, AFib was mentioned on 183,321 death certificates and was the underlying cause of death in 26,535 of those deaths.
   
• Thus, the increasing prevalence rate of arrhythmia and related diseases around the world will stimulate the segmental progression during the forecast period.
   

Based on end-use, the cardiac rhythm management devices market is segmented into hospitals, cardiac care centers, ambulatory, surgical centers, and others. The hospitals segment held a significant share in 2022 and is projected to reach more than USD 17.6 billion by the end of 2032. The increased utilization of cardiac rhythm management devices in hospital settings, which offer swift and reliable outcomes, is predicted to drive patient preference for these healthcare facilities.
 

• The availability of a diverse range of cardiac rhythm management devices that ensure precise regulation of cardiac rhythm is poised to boost the adoption of these products within hospital settings. Additionally, the growing number of admissions for cardiac conditions, expanded disease screening initiatives, and the accessibility of board-certified healthcare professionals contribute to the positive growth of this segment.
   
• Moreover, in developed economies with well-established healthcare infrastructure, the escalating burden of cardiovascular diseases is expected to drive higher rates of diagnosis and treatment in hospital settings. This, coupled with the increasing prevalence of cardiovascular diseases and related conditions, is likely to lead to a surge in patient visits to hospitals, consequently driving revenue growth within the hospital segment of the market.
   

The U.S. dominated the North American cardiac rhythm management devices market with a significant market share in 2022 and is anticipated to expand at a notable pace to reach more than USD 16 billion by 2032.

• This notable market share can be attributed to various factors, including the presence of leading industry players, an increasing demand for cardiovascular devices, a rising incidence of cardiovascular conditions, and the growing number of hospital admissions throughout the country, among other key drivers.
   
• For instance, according to the Centers for Disease Prevention and Control (CDC) statistics, in 2020, cardiac disease was the leading cause of mortality in the U.S., accounting for around 697,000 deaths. Further, in the U.S., cardiac diseases have a heavy disease burden, costing approximately USD 229 billion every year from 2017 to 2018. Thus, the significant disease burden, high prevalence, & mortality rate are set to drive market growth in the region.
   

Cardiac Rhythm Management Devices Market Share

The cardiac rhythm management devices industry is consolidated in nature, with companies competing to offer superior cardiac rhythm management devices in this business space. Prominent players such as Medtronic plc, Boston Scientific Corporation, and Abbott hold a significant share in this market. These companies are diligently directing their efforts towards continuous type innovation to gain substantial market share.
 

Some of the eminent market participants operating in the cardiac rhythm management devices industry include:

• BIOTRONIK
• ZOLL Medical Corporation (Asahi Kasei Group)
• Boston Scientific Corporation
• Abbott
• Medtronic
• Liva Nova
• Schiller AG
• Koninklijke Philips N.V.,
• ABIOMED
• Defibtech, LLC
• Shree Pacetronix Ltd.
• Osypka Medical
• MicroPort Scientific Corporation
• Medico S.R.L.
• Vitatron
• Stryker Corporation
• CU Medical Systems Co. Ltd
• Nihon Kohden Corporation
• BPL Medical Technologies Pvt Ltd
• AMI Italia

Cardiac Rhythm Management Devices Industry News:

• In May 2023, Medtronic plc announced U.S. Food and Drug Administration (FDA) approval of its Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemaker. This product approval may help the company to enhance their cardiac rhythm management devices product portfolio and generate increased business revenue.
   
• In February 2020, Abbott announced it has received CE Mark for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices. The devices offer new opportunities for patient engagement and remote monitoring through new smartphone connectivity and connected applications. This approval helped the company increase their market share and revenue generation in the European market.
   

Cardiac rhythm management devices market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD (million) from 2018 to 2032 for the following segments:

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By Product, 2018 - 2032 (USD Million)

• Pacemakers
  • Implantable pacemakers
  • External pacemakers
• Defibrillators
  • Implantable cardioverter defibrillator (ICDs)
    • Transvenous implantable cardioverter defibrillator
      • Single-chamber ICDs
      • Dual-chamber ICDs
  • External Defibrillator
    • Manual external defibrillator
    • Automated external defibrillator
      • Semi-automated external defibrillator
      • Fully automated external defibrillator
    • Wearable cardioverter defibrillator
• Cardiac Resynchronization Therapy Devices
  • Cardiac resynchronization therapy devices- D
  • Cardiac resynchronization therapy devices- P

By Application, 2018 - 2032 (USD Million)

• Congestive heart failure
• Arrhythmias
• Bradycardia
• Tachycardia
• Others

By End-use, 2018 - 2032 (USD Million)

• Hospitals
• Cardiac care centers
• Ambulatory surgical centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA