Global Cardiac Rhythm Management Devices Market

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 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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FAQs

Cardiac Rhythm Management Devices Market size was valued at USD 18.80 billion in 2022 and is poised to grow from USD 19.83 billion in 2023 to USD 30.44 billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031)

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.  '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)'

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.   

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.  

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.  

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Global Cardiac Rhythm Management Devices Market

Report ID: SQMIG35A2577

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