Cardiac Rhythm Management Devices Market will grow at highest pace owing to rising prevlance of card

Author : saya bonde | Published On : 02 May 2024

Cardiac rhythm management devices are implantable electronic devices that monitor and regulate abnormal heart rhythms. These devices are used to treat arrhythmias or irregular heartbeats. Some key cardiac rhythm management devices include pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy defibrillators (CRT-Ds). Pacemakers are small implantable devices that deliver electrical pulses or signals to regulate abnormal heart rhythms. ICDs help control life-threatening arrhythmias that can cause sudden cardiac arrest. CRT-Ds are special ICDs that also provide cardiac resynchronization therapy by coordinating the contractions of both ventricles of the heart for more effective pumping of blood. These devices are crucial in treating various heart conditions such as bradycardia, tachycardia, and heart failure. The increasing prevalence of cardiovascular diseases worldwide due to sedentary lifestyles and poor diet is a major factor driving the demand for cardiac rhythm management devices.

The Global Cardiac Rhythm Management Devices Market is estimated to be valued at US$ 19.05 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Cardiac Rhythm Management Devices are Medtronic plc. Abbott Laboratories, Abiomed, Boston Scientific Corporation, Biotronik Se Co Kg, Koninklijke Philips N.V., LivaNova Plc, Cardiac Science Corporation, Schiller Ag, and Zoll Medical Corporation. The rising geriatric population and the associated risk of developing cardiac diseases are fueling the demand for cardiac rhythm management devices globally. Technological advancements in these devices such as miniaturization, improved battery lives, and remote monitoring capabilities are further contributing to market growth.

Market Trends

Some of the key trends in the cardiac rhythm management devices market include remote monitoring capabilities and device integration. Many leading players are focusing on developing advanced devices that can be remotely monitored by physicians to provide timely treatment interventions. There is also a growing trend of integrating cardiac rhythm management devices with implantable physiologic sensors to continuously monitor vital patient metrics. Another area attracting significant R&D investments is subcutaneous ICDs that do not require leads inside the heart.

Market Opportunities

The emerging markets of Asia Pacific and Latin America offer lucrative opportunities for players in the cardiac rhythm management devices market due to increasing healthcare expenditures and rising awareness about cardiac diseases treatment. Furthermore, the development of affordable devices specifically for developing regions can help increase access to cardiac therapy. Integration of cardiac rhythm management devices with artificial intelligence presents another opportunity to gain real-time insights into patient health and automate therapy delivery.

Impact of COVID-19 on Cardiac Rhythm Management Devices Market Growth

The outbreak of COVID-19 pandemic has negatively impacted the growth of cardiac rhythm management devices market globally. During the initial lockdown phases imposed by governments worldwide, the demand and sales of these devices declined sharply as the focus shifted to managing the pandemic. Procedures like implantations and replacement of devices were postponed or restricted to emergency cases as healthcare systems were overburdened. Manufacturing and supply chain disruptions affected the production and availability of crucial devices. However, as lockdowns eased, the demand started recovering with resumption of elective surgeries and procedures. Still, postponement of non-urgent procedures and replacement of devices continued to hinder growth in 2020 and 2021. Going forward, as more people get vaccinated and healthcare systems recover from pandemic pressures, the adoption of newer and advanced cardiac monitoring devices is expected to boost market growth. Companies are also innovating advanced remote monitoring solutions to overcome barriers caused by pandemic. But future outbreaks and emergence of new virus variants remains a challenge.

In terms of geographical concentration, North America holds the major share of cardiac rhythm management devices market in terms of value, followed by Europe. This is attributed to growing prevalence of heart diseases, developed healthcare infrastructure, favorable reimbursements and presence of key industry players in these regions. However, Asia Pacific region is poised to be the fastest growing market during the forecast period. Factors such as rising geriatric population, increasing healthcare spending, growing incidences of chronic heart conditions and improving access to advanced treatments are fueling the demand rapidly in Asia Pacific countries like China and India. Countries in Latin America and Middle East & Africa are also projected for strong growth.