USD 17.82 billion
Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis, By Product(Pacemakers [Implantable, External], Defibrillators [Implantable Cardioverter Defibrillators (ICD) (S-ICD, T-ICD)), By End User(Hospitals & Clinics, Ambulatory Surgery Centers, Others), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35A2577 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
59
|Figures:
75
Cardiac Rhythm Management Devices Market Insights
Cardiac Rhythm Management Devices Market size was valued at USD 19.83 Billion in 2023 and is poised to grow from USD 20.92 Billion in 2024 to USD 32.11 Billion by 2032, growing at a CAGR of 5.5% during the forecast period (2025-2032).
The surging prevalence of cardiovascular disorders and growing number of cardiac disease treatment procedures being performed around the world are slated to drive up the sales of cardiac rhythm management devices in the future. Advancements in cardiac rhythm management technologies owing to rising spending on cardiac research and development around the world are also expected to bolster the cardiac rhythm management devices market outlook going forward. The rising popularity of remote monitoring and growing adoption of telehealth and telemedicine practices around the world are also expected to benefit the demand for cardiac rhythm management devices in the long run. Increasing healthcare expenditure around the world and rising emphasis on healthcare infrastructure development in emerging countries will also present new opportunities for cardiac rhythm management devices companies through 2031. Growing preference for minimally invasive cardiac procedures is also expected to promote the adoption of cardiac rhythm management devices going forward. On the contrary, battery limitations, need for replacement, risk of device malfunction or failure, and limited awareness in emerging countries are some constraints that impede cardiac rhythm management devices market development potential across the study period.
US Cardiac Rhythm Management Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Pacemakers
Fastest Growth
Pacemakers
Growth Rate
5.5% CAGR
Global Cardiac Rhythm Management Devices Market ($ Bn)
Country Share for North America Region (%)
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Cardiac Rhythm Management Devices Market Segmental Analysis
Global Cardiac Rhythm Management Devices Market is segmented by Product, End User, and region. Based on Product, the market is segmented into Pacemakers, and Defibrillators. Based on End User, the market is segmented into Hospitals & Clinics, Ambulatory Surgery Centers, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Cardiac Rhythm Management Devices Market Analysis by Product
Defibrillators are projected to account for a prominent chunk of the global cardiac rhythm management devices market share in the future. The pivotal role of defibrillators in helping improve the mortality rate of patients suffering from cardiac arrests is projected to help it account for a dominant share going forward. Advancements in defibrillator technologies and growing use of implantable defibrillators are also expected to offer new opportunities for cardiac rhythm management device companies in the long run. Cardioverter-defibrillators (ICDs) and wearable external defibrillators are expected to gain massive popularity in the future and thereby help generate new business through this segment as well.
Meanwhile, the demand for cardiac resynchronization therapy (CRT) is slated to increase at a robust pace over the coming years. High efficacy of CRT in reducing symptoms and improving heart function are projected to be key factors allowing this segment to offer lucrative opportunities in the global cardiac rhythm management devices industry. Adoption of CRT can also help in reducing hospital stays and risk of infections for patients thereby making this a highly attractive treatment alternative for multiple patients suffering with cardiovascular diseases. Rising preference for minimally invasive cardiac treatments is also expected to benefit the demand for cardiac resynchronization therapy in the long run.
Cardiac Rhythm Management Devices Market Analysis by End User
Hospitals & clinics are estimated to bring the most revenue for all cardiac rhythm management devices providers in the future. Growing number of cardiac procedures and surgeries being performed in hospitals and clinics around the world are forecasted to help this segment maintain its high cardiac rhythm management devices market share throughout the forecast period. Expansion of application scope of cardiac rhythm management devices for treatment of various cardiovascular conditions in hospitals is also estimated to help the dominance of this segment going forward. Rising investments in the development of hospitals and growing availability of novel treatments will also uplift the sales of cardiac rhythm management devices via this segment in the long run.
Meanwhile, the demand for cardiac rhythm management devices in ambulatory surgical centers is slated to rise at a notable pace in the future. Rising popularity of minimally invasive cardiac surgeries and high preference of patients to have short medical stays are helping generate new opportunities for cardiac rhythm management devices companies via this segment. Short wait times and lower costs of procedures as compared to hospitals and clinics are also expected to help this segment bolster cardiac rhythm management devices industry development in the future. High demand for personalized care is also expected to offer new opportunities via this segment.
Global Cardiac Rhythm Management Devices Market By Type
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Cardiac Rhythm Management Devices Market Regional Insights
North America is expected to spearhead the global demand for cardiac rhythm management devices across the study period. Growing number of cardiovascular procedures, presence of key cardiac rhythm management device companies, and high healthcare expenditure allow this region to hold sway over others. Moreover, the presence of developed healthcare infrastructure and the availability of favorable reimbursement policies are helping the United States remain the most lucrative market in North America. Canada is also estimated to witness high demand for cardiac rhythm management device in this region going forward. Increasing approval of novel cardiac rhythm management devices and quick adoption of the same also contribute to the high share of North America.
Rapidly increasing geriatric population and growing investments in healthcare infrastructure development are helping the Asia Pacific region become the fastest-growing market for cardiac rhythm management device providers in the future. India, China, and Japan are slated to be at the forefront of the cardiac rhythm management device demand outlook in the Asia Pacific region through 2031. Rising healthcare expenditure and growing awareness regarding different cardiovascular disorders are also projected to create new opportunities for cardiac rhythm management device companies operating in this region. Adoption of poor lifestyles and eating habits coupled with high tobacco consumption have resulted in a major spike in cardiovascular diseases in the Asia Pacific.
Global Cardiac Rhythm Management Devices Market By Geography
- Largest
- Fastest
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Cardiac Rhythm Management Devices Market Dynamics
Cardiac Rhythm Management Devices Market Drivers
High Demand for Minimally Invasive Cardiac Procedures
- Preference for minimally invasive cardiac procedures among patients has increased rapidly and this trend aligns with cardiac rhythm management devices as well. Easy implantation of cardiac rhythm management devices using minimally invasive procedures is projected to favor the demand for cardiac rhythm management devices in the long run.
Rising Occurrence of Cardiovascular Diseases
- The number of people suffering from cardiovascular disorders has gone up significantly in recent years and this trend is expected to keep on supplementing the sales of cardiac rhythm management devices. High use of pacemakers, defibrillators, and cardiac resynchronization therapy devices to correct heart rhythm is slated promote cardiac rhythm management devices market growth.
Restraints
Risks Associated with Device Malfunctions
- Cardiac rhythm management devices are vulnerable to failures and malfunctions just like any other device is. These malfunctions could result in patient hesitancy and stricter regulatory scrutiny, which is expected to slow down the sales of cardiac rhythm management devices in the future and cause loss of trust in cardiac rhythm management technologies.
Battery Limitations and Need for Replacement
- Although cardiac rhythm management devices have come a long way in terms of battery life, they still require a replacement from 5 to 10 years after initial implantation. This resulted in necessary repetition of surgical procedures from time to time and hesitancy of patients to commit with the same is expected to impede growth in the global cardiac rhythm management devices industry.
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Cardiac Rhythm Management Devices Market Competitive Landscape
Cardiac rhythm management device companies should focus on developing affordable products to maximize their sales in developing countries. Currently, countries with developed healthcare infrastructure provide lucrative business scope for new as well as established cardiac rhythm management device providers. Collaborations, new product launches, mergers, and new product approvals are slated to be key strategies for cardiac rhythm management devices market players in the long run.
Cardiac Rhythm Management Devices Market Top Player’s Company Profiles
- Physio-Control, Inc. (Stryker) (US)
- BIOTRONIK (Germany)
- Schiller (Switzerland)
- Medtronic (US)
- Abbott (US)
- Koninklijke Philips N.V. (Netherlands)
- Zoll Medical Corporation (US)
- Boston Scientific Corporation (US)
- Progetti Srl (Italy)
- LivaNova Plc (UK)
- Impella (ABIOMED, US)
- AngioDynamics, Inc. (US)
- MicroPort Scientific Corporation (China)
- Edwards Lifesciences Corporation (US)
- Getinge AB (Sweden)
- Synchrony Medical (US)
- Osypka AG (Germany)
- Inspire Medical Systems, Inc. (US)
- AtriCure, Inc. (US)
- Apex Medical (Taiwan)
- Biotronik SE & Co. KG (Germany)
- VivaSonic Inc. (US)
Cardiac Rhythm Management Devices Market Recent Developments
- In April 2024, MicroPort® CRM, a leading provider of cardiac rhythm management devices announced the launch of a new portfolio of cardiac rhythm management devices. Implantable Cardiac Defibrillators (ICDs) and Cardiac Resynchronization Therapy and Defibrillation devices (CRT-Ds) with Bluetooth connectivity were launched in Europe.
- In January 2024, Medtronic, a renowned healthcare device provider teamed up with Cardiac Design Labs to develop and launch a new cardiac rhythm monitoring technology. Medtronic intended to expand its presence in the Indian market through this move as demand for cardiac rhythm management devices increases in the country.
- In October 2023, Medtronic received an approval from the United States Food and Drug Administration (FDA) for its new extravascular defibrillator offering. Aurora EV-ICD™ MRI SureScan™ (Extravascular Implantable Cardioverter-Defibrillator) is designed to treat abnormal heart rhythms and sudden cardiac arrest issues.
Cardiac Rhythm Management Devices Key Market Trends
- Use for Heart Failure Patients: Cardiac rhythm management devices are being used to manage heart failure patients as they are capable of monitoring physiological parameters such as fluid buildup, which can indicate heart failure worsening in patients. This can help medical professionals keep track of cardiac health of patients and provide proper care at the right time to avoid complete heart failure and loss of lives.
- Miniaturization of Devices: Cardiac rhythm management device manufacturers are projected to focus on developing small and less intrusive offerings to enhance patient comfort and capitalize on the rising popularity of minimally invasive surgeries. Miniaturization of cardiac rhythm management devices also helps medical professionals reduce the risk of infection among patients and improve patient care and compliance in the long run.
Cardiac Rhythm Management Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high incidence of cardiovascular disorders around the world and rising demand for minimally invasive cardiac surgeries are slated to bolster sales of cardiac rhythm management devices in the future. However, the need for replacement and risks of malfunction and failure are forecasted to be key constraints for cardiac rhythm management device demand outlook going forward. Rising cases of cardiac arrests and high healthcare spending potential allows North America to account for a dominant share of the global cardiac rhythm management devices industry. Miniaturization of cardiac rhythm management devices is a key cardiac rhythm management devices market trend that almost all companies are expected to focus on to stay relevant in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 18.80 billion |
| Market size value in 2031 | USD 30.44 billion |
| Growth Rate | 5.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cardiac Rhythm Management Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cardiac Rhythm Management Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cardiac Rhythm Management Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cardiac Rhythm Management Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cardiac Rhythm Management Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cardiac Rhythm Management Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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