Cardiac Rhythm Management Devices Market (By Product: Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT); By End-User: Hospitals & Clinics, Ambulatory Surgery Centers, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027

The global cardiac rhythm management devices market is expected to grow at a CAGR of around 7.5% from 2020 to 2027 and expected to reach the market value of around US$ 25.5 Bn by 2027.

Pacemakers, implantable cardioverter-defibrillators (ICDs), cardiac resynchronization therapy defibrillators (CRT-Ds), and cardiac resynchronization therapy pacemakers are all examples of cardiac rhythm management (CRM) devices (CRT-PsThey are used to treat cardiac conditions caused by problems with the heart's electrical conduction system, which can result in serious, often fatal arrhythmias. CRM devices are implanted in patients to help restore and maintain the electrical function of the heart, and for many patients, they can mean the difference between life and death.

Market Drivers

Rising prevalence of cardiovascular disorders raise the demand for global cardiac rhythm management devices market

According to World Health Organization (WHO) statistics, cardiovascular diseases (CVDs) are the leading cause of death worldwide, claiming an estimated 17.9 million lives each year. According to the European Heart Network, cardiovascular disease (CVD) kills 3.9 million people in Europe each year, with over 1.8 million dying in the European Union (EU). CVD is responsible for 45 percent of all deaths in Europe and 37 percent of all deaths in the European Union. In 2015, there were just fewer than 11.3 million new cases of CVD in Europe, with the EU accounting for 6.1 million new cases. In 2015, more than 85 million people in Europe had CVD, and nearly 49 million people in the EU had CVD.

Ambulatory and home services for cardiac monitoring have gained huge prominence in the global market for cardiac rhythm management devices market

According to the American College of Cardiology Foundation, remote health care, virtual care, mobile health, and e-health are activities made possible by ambulatory devices for continuous and remote monitoring. In such systems, three components are required: 1) a wearable sensor, 2) a network and communication interface, and 3) remote cloud analytics for managing large amounts of data. Wearable ambulatory sensors frequently include an accelerometer, which detects movement, as well as other modalities such as a ballistocardiogram, which measures heart rate and blood ejection. Furthermore, a cuffless blood pressure monitoring device based on a smartphone detects variable-amplitude blood volume variations on the finger to produce a blood pressure measurement with high precision. A variety of devices calculate cardiorespiratory fitness and even psychological stress. Since 2016, smartphone technology has seen widespread adoption, with nearly two-thirds of the US population owning one. According to surveys, Americans, particularly the young, are open to health care options enabled by wearable devices, and up to 78 percent of respondents appear willing to provide their physicians with health data from wearable devices. For example, Apple's watch has a sensitivity and specificity of 87 percent and 97 percent for detecting silent atria fibrillation, respectively.

Segmental Analysis

The global cardiac rhythm management devices market is segmented based on product and end-user. Based on product, the market is segmented as pacemakers, defibrillators, and cardiac resynchronization therapy (CRT). Pacemakers are further classified into implantable and external. Defibrillators are further bifurcated as Implantable cardioverter defibrillators (ICD) and external defibrillators. Furthermore, cardiac resynchronization therapy (CRT) is segregated as CRT-defibrillator and CRT-pacemakers. By end-users, the market is segmented as hospitals & clinics, ambulatory surgery centers, and others.

The defibrillator segment is expected to have a reasonable market share during the forecast period. The dominance is due to increased adoption of subcutaneous implantable defibrillators (S-ICD) and transvenous implantable cardioverter defibrillators (T-ICD) in major regional markets such as the United States, European countries, China, and India. The use of defibrillators is growing due to their effectiveness in treating cardiac arrest. The researchers conducted a survey in 2018 that included 49,555 cardiac arrests that occurred outside of hospitals in the United States and Canada. AED (Automated external defibrillator) use by a bystander saved the lives of approximately 18.8% of these people. Cardiac arrest patients who received a shock from a publicly available AED had 66.5% more chances of survival and discharge than those who did not, accounting for 66.5% versus 43 percent. According to USHC surveys, bystanders using a defibrillator save approximately 1,700 lives in the United States each year. This indicates that the global use of defibrillators has increased significantly in recent years.

Regional Overview

North America is predicted to record a reasonable market share for the global cardiac rhythm management devices market

Because of the developed healthcare infrastructure, government initiatives, and rising incidence of arrhythmias necessitating more cardiac implants, North America is expected to have the largest market share for cardiac rhythm management. According to a 2017 CDC report, atria fibrillation is responsible for more than 75,000 hospitalizations. It is also stated that a large proportion of the American population suffers from atria fibrillation. As a result, it is expected to rise even further during the forecast period. In the coming years, the United States will account for a sizable share of the North American cardiac rhythm management device market. The increasing number of Food and Drug Administration (FDA) approvals for arrhythmia monitoring management devices, as well as the presence of a large number of medical device manufacturers involved in cardiac rhythm management device research and development, will drive market growth. Furthermore, the growing geriatric population suffering from cardiac dysfunction is a major consideration.

Asia Pacific is projected to record the fastest growing CAGR for the global cardiac rhythm management devices market

Asia-Pacific is another region with high potential for this market, owing to rising government healthcare spending, an increase in the prevalence of cardiac disorders, and rising per capita income in South Asian countries. During the forecast period, the India market is expected to grow at a significant rate by registering a CAGR. The rising prevalence of cardiovascular diseases, arrhythmias, and sudden cardiac deaths in the country are expected to drive market growth in the coming years.

Competitive Landscape

The prominent players of the global cardiac rhythm management devices market involve Physio-Control, Inc. (Stryker), Schiller, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., Zoll Medical Corporation, Biotronik, and among others

Market Segmentation

Market By Product

Pacemakers

• Implantable
• External

Defibrillators

• Implantable Cardioverter Defibrillators (ICD)
• External Defibrillator
• Cardiac Resynchronization Therapy (CRT)

Cardiac Resynchronization Therapy (CRT)

• CRT-Defibrillator
• CRT-Pacemakers

Market By End-User

Hospitals & Clinics
Ambulatory Surgery Centers
Others

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa