Global Cardiac Rhythm Management Devices Market Insights Forecasts to 2030

• The Cardiac Rhythm Management Devices Market Size was valued at USD 18.5 Billion in 2021.
• The Market is Growing at a CAGR of 6.1% from 2021 to 2030
• The Worldwide Cardiac Rhythm Management Devices Market is expected to reach USD 30.7 Billion by 2030
• Asia Pacific is expected to grow the fastest during the forecast period

The Global Cardiac Rhythm Management Devices Market is expected to reach USD 30.7 Billion by 2030, at a CAGR of 6.1% during the forecast period 2021 to 2030.

Patients who are suffering from heart rate as well as rhythm problems can maintain a normal heart rate with the help of cardiac rhythm management devices. Various cardiac disorders like atrial fibrillation, heart failure, recent heart attack warning symptoms, atrial flutter, pharmacological side effects, coronary ischemia, lack of oxygen supply to cardiac muscles, and genetic issues need to this device. Each monitor is different from other  and they are integrated with sensors which record your EKG. Some of the models use adhesive patches for adhering to the skin of your chest.

Impact of COVID 19 on Cardiac Rhythm Management Devices Market

The COVID 19 pandemic has resulted into the severe disruption the medical devices industry across the world which has impacted the cardiac rhythm management devices market. An article published by Taruan Dalia et al., in the Indian Heart Journal states that the presence of congestive heart failure (CHF) in patients suffering from COVID 19 infection have resulted into increased mortality rates and worse outcomes. Furthermore, the increasing risk of acute  cardiac inury as well as cardiac arrhythmia among severe COVID 19 patients are using these devices. Hence, the COVID 19 pandemic has reported to worsen the health of patients having underlying cardiac injury.

Key Market Drivers

Increasing use of pacemakers to drive the market growth

The rise in the use of ventricular devices, pacemakers, electrocardiograms (ECGs), and implantable cardioverter defibrillators among the geriatric people is resulting into heart failure. Thus, it is highly impacting the Cardiac Rhythm Management Devices Market. As the use of advanced medical device in emerging countries is still low, it will significantly propel the market growth.

Strategic initiatives taken by the government is driving the market growth

The key market players have collaborated with government hospitals to acquire data related to the innovative heart monitoring as well as heart rhythm management technologies which is contributing towards the market growth. In underdeveloped and developing countries, the key manufacturers have introduced technologically advanced devices. For instance, Boston Scientific Corporation tried to obtain regulatory certification for its S-ICD system to sell it in Asia and Middle East and Africa. Furthermore, companies have started to partner with government authorities to offer creative and advanced cardiac solutions. In fact, government and private sector authorities of developing and underdeveloped countries have worked to come up with reimbursement methods to treat heart problems.

Key Challenges

Difference in customer behaviour is impeding the market growth

The adoption of cardiac rhythm management devices is based on the behaviour and the preferences of the customers which is hampering the overall growth of the market. Having said that, the impact caused due to this reason is going to decrease within coming years as government hospitals have collaborated with market players to increase the awareness of this treatment.

Market Segmentation

Product Insights

Defibrillators segment accounted the largest market share over the forecast period.

On the basis of product, the global cardiac rhythm devices management is segmented into pacemakers, defibrillators, cardiac resynchronization therapy. Among these, the defibrillators segment is dominating the market with the largest market share over the forecast period. The growth is attributed to the increasing adoption such as Subcutaneous Implantable Defibrillator (S-ICD) and Transveneous Cardioverter Defibrillator (T-ICD) in markets like the U.S., China, Europe, and India. Defibrillators is further sub-segmented into external defibrillators and implantable cardioveter defibrillators (ICD).

When it comes to pacemakers segment, the implantable segment holds the largest revenue share over the forecast period. The implantable pacemakers has transformed to be one of the most popular treatment for sinus dysfunction and conduction issues.

Type Insights

ECG Devices segment is dominating the market over the forecast period.

On the basis of type, the global cardiac rhythm devices management is segmented into ECG Devices, Implantable Loop recorders, Cardiac output monitoring, Event monitors, Mobile cardiac telemetry, and Smart ECG monitors. Among these, ECG Devices segment is dominating the market over the forecast period. The growth is attributed to the technological advancements like installation of advanced algorithm and workflow improvement features like simplified operations, touchscreens, improved connectivity, and portability with cardiac information systems.

Regional Analysis

North America is dominating the market with the largest market share over the forecast period.

North America is anticipated to dominate the market with the largest market share over the forecast period owing to the developed healthcare infrastructure, increasing burden of cardiovascular diseases, and initiatives taken by the government. As per the American Heart Association data as on January 2021, by the year 2035, nearly 45% of the US population is expected to suffer from cardiac ailments owing to certain factors like high smoking, high obesity, and unhealthy lifestyles which result into heart attacks. Centers for Disease Control and Prevention (CDC) states that COVID 19 patients who are having cardiac issues are likely to become ill. Asia Pacific, on the other hand, is witnessing the fastest market growth over the forecast period owing to the increasing adoption of cardiac management devices. Apart from this, the increasing investment in research and development activities to develop advanced technologies for cardiac health.

Recent Market Developments

• In February 2021, Royal Philips has purchased BioTelemetry, Inc., a major American supplier of remote cardiac diagnostic and monitoring.

List of Key Companies

• Spacelabs Healthcare
• Zoll Medical Corporation
• Medtronic
• Welch Allyn
• Abbott Laboratories
• Asahi Kasei Corporation
• MicroPort Scientific Corporation
• Hill-Rom Holdings
• Boston Scientific

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Cardiac Rhythm Management Devices Market based on the below-mentioned segments:

Cardiac Rhythm Management Devices Market, Product Analysis

• Pacemakers
• Defibrillators
• Cardiac resynchronization therapy

Cardiac Rhythm Management Devices Market, Type Analysis

• ECG Devices
• Implantable Loop recorders
• Cardiac output monitoring
• Event monitors
• Mobile cardiac telemetry
• Smart ECG monitors

Cardiac Rhythm Management Devices Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa