The global cardiac rhythm management devices market size is anticipated to reach USD 31.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 6.5% from 2022 to 2030. The key factors driving the market include growth in the adoption of cardiac rhythm management (CRM) devices owing to the increasing prevalence of cardiovascular disorders.
Key Insights & Findings from the report:
- The market was valued at USD 18.1 million in 2021 and is expected to expand at a CAGR of 6.5% during the forecast period.
- By product, defibrillators dominated the market with a share of over 43.6% in 2021 due to their high adoption globally.
- The ICD segment was the largest in defibrillators as of 2021, accounting for more than 60% of the revenue share, owing to its better patient outcome.
- In the external defibrillator segment, the automatic external defibrillator segment held the highest revenue share owing to associated benefits, including pacing, i.e., delivering pulses of the current to stimulate heart contraction as well as cardioversion, converting arrhythmia or tachycardia to a normal heartbeat.
- In 2021, North America held the dominant share of the market owing to the rising prevalence of cardiovascular diseases and high adoption of CRM devices.
- Asia Pacific region is expected to show lucrative growth over the forecast period owing to the presence of emerging countries such as China and India.
Read 150-page market research report, “Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report By Products (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT-D, CRT-P)), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Cardiac Rhythm Management Devices Market Growth & Trends
According to the Centers for Disease Control and Prevention (CDC), as of September 2021, approximately 659,000 Americans die suffering from heart disease every year. The market was negatively impacted during the COVID-19 pandemic, as elective procedures, including the non-essential cardiovascular procedures, were postponed or cancelled during the pandemic.
Major players in the market such as Medtronic; Abbott; and Boston Scientific Corporation, incurred huge losses in their cardiac rhythm management business segments globally. This resulted in negative growth of the market in 2020. The rising demand for handling sudden cardiac arrests is leading to innovation in all types of cardiac rhythm management devices. Innovation with regards to implantable devices includes products, such as subcutaneous and transvenous devices, that aim to increase the comfort level of patients. Swedish Transport Agency ran a program under the test phase, which aimed to deliver AEDs using a drone. This may reduce the delivery time of an AED, increasing the chances of survival with faster treatment.
Therefore, the market is anticipated to grow because of technological advancements and product innovations. Revolutionary technological signs of progress are rapidly transforming the market. These expansions are producing lucrative potentials. An increase in R&D expenditure and new product launches by leading firms further fuelled the growth. For instance, in October 2020, Abbott launched its new ICD and CRT-D in India, hence expanding its product portfolio in the country. The company had also received CE Mark approval for its Gallant ICD and CRT-D devices in February 2020. Such factors boost market growth. Key market players account for a significant share of the market owing to their extensive product offerings.
Cardiac Rhythm Management Devices Market Segmentation
Grand View Research has segmented the global cardiac rhythm management devices market on the basis of product and region:
CRM Devices Product Outlook (Revenue, USD Million, 2017 – 2030)
- Implantable Cardioverter Defibrillators (ICD)
- External Defibrillator
- Manual External Defibrillator
- Automatic External Defibrillator
- Wearable Cardioverter Defibrillator
- Implantable Cardioverter Defibrillators (ICD)
- Cardiac Resynchronization Therapy (CRT)
CRM Devices Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of the Cardiac Rhythm Management Devices Market
- Physio-Control, Inc. (Stryker)
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Zoll Medical Corporation
- Progetti Srl
- LivaNova Plc
Check out more related studies published by Grand View Research:
- Defibrillators Market – The global defibrillator market size is expected to reach USD 20.6 billion by 2030. The market is expected to expand at a CAGR of 7.0% from 2022 to 2030. The key drivers for this market include supportive regulatory policies, rising incidences of sudden cardiac arrests, product developments, and rising awareness regarding cardiac conditions.
- Cardiac Monitoring And Cardiac Rhythm Management Market – The global cardiac monitoring and cardiac rhythm management market size is expected to reach USD 48.9 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. Increasing incidence of cardiovascular diseases and advancement in medical devices is driving the market.
- Implantable Cardiac Rhythm Management Device Market – The global implantable cardiac rhythm management device market size is expected to reach USD 20.39 billion by 2026 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Increasing prevalence of cardiac disorders and growing geriatric population base are the major factors leading to the growth of this market.