>
>
Cardiac Rhythm Management Devices Market - By Product (Pacemakers, Defibrillators, External Defibrillator, Cardiac Resynchronization Therapy Devices), By Application, End-use & Forecast, 2023 – 2032
Report ID: GMI3933
|
Published Date: October 2023
|
Report Format: PDF
Download free sample
Get a free sample of Cardiac Rhythm Management Devices Market
Get a free sample of Cardiac Rhythm Management Devices Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2022
Companies covered: 20
Tables & Figures: 645
Countries covered: 21
Pages: 350
Download Free Sample
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.
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.
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.
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 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.
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:
Cardiac Rhythm Management Devices Industry News:
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:
Click here to Buy Section of this Report
By Product, 2018 - 2032 (USD Million)
By Application, 2018 - 2032 (USD Million)
By End-use, 2018 - 2032 (USD Million)
The above information is provided for the following regions and countries: