What is the global market size of Cardiac Rhythm Management Devices Market?

Cardiac Rhythm Management Devices Market size was valued at USD 17.82 billion in 2021 and is poised to grow from USD 18.8 billion in 2022 to USD 30.44 billion by 2030, at a CAGR of 5.5% during the forecast period (2023-2030).

Who are the key vendors in the Global Cardiac Rhythm Management Devices Market?

The global Cardiac Rhythm Management Devices market is highly competitive and characterized by the presence of several key players. Details about each competitor are included in the competitive landscape for cardiac rhythm management devices. The company's financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details that are included. The information above only relates to the firms' market focus on cardiac rhythm management devices. 'Physio-Control, Inc. (U.S.)', 'Schiller Americas, Inc. (Switzerland)', 'Medtronic (Ireland)', 'Abbott (U.S.)', 'Boston Scientific Corporation (U.S.)', 'BIOTRONIK SE & Co. KG (Germany)', 'General electric (U.S.)', 'Asahi Kasei Corporation (Japan)', 'MicroPort Scientific Corporation (China)', 'NIHON KOHDEN CORPORATION (Japan)', 'BPL Medical Technologies (India)', 'Lepu Medical Technology(Beijing) Co.,Ltd (China)', 'Pacetronix (U.S.)', 'Osypka Medical (Germany)', 'AliveCor, Inc (U.S.)', 'Stryker (U.S.)', 'Koninklijke Philips N.V. (Netherlands)', 'LivaNova Plc (U.K.)', 'Progetti Srl (Italy)', 'Zoll Medical Corporation (US)'

What is the key driver of Global Cardiac Rhythm Management Devices Market?

Since physical inactivity is the second biggest cause of death in the US, public health is seriously at risk. Morbidity and the formation of chronic diseases like diabetes and heart conditions are brought on by inactivity. According to the WHO, a sedentary lifestyle or a lack of exercise results in roughly 2 million deaths per year. Additionally, studies show that both in industrialized and developing countries, between 60 and 85% of individuals lead sedentary lives. Additionally, it is projected that this will increase demand over the forecast period.

What is the key market trend for Global Cardiac Rhythm Management Devices Market?

Shift Focus on Personalized Medicine: The market is shifting towards personalized medicine, with a focus on tailoring treatment strategies based on individual patient characteristics. Advanced devices with adaptive algorithms and machine learning capabilities are being developed to provide personalized therapy and optimize patient outcomes.

Which region accounted for the largest share in Cardiac Rhythm Management Devices Market?

North America holds a dominant position in the Global Cardiac Rhythm Management Devices Market. This can be attributed to several factors, including a well-established healthcare infrastructure, high healthcare expenditure, and a large patient population. The region has witnessed significant adoption of advanced cardiac rhythm management devices due to the availability of skilled healthcare professionals and advanced diagnostic and treatment facilities. Furthermore, the presence of key market players and ongoing technological advancements contribute to North America's dominance in the market. The region's strong focus on research and development activities, along with favorable reimbursement policies, further supports market growth.

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 2024-2031

Report ID: SQMIG35A2577 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 59 | Figures: 75

Cardiac Rhythm Management Devices Market News

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 Market Report Snapshots

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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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Cardiac Rhythm Management Devices Market News

Cardiac Rhythm Management Devices Market Report Snapshots

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What is the global market size of Cardiac Rhythm Management Devices Market?

Who are the key vendors in the Cardiac Rhythm Management Devices Market?

What is the key driver of Cardiac Rhythm Management Devices Market?

What is the key market trend for Cardiac Rhythm Management Devices Market?

Which region accounted for the largest share in Cardiac Rhythm Management Devices Market?

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