Cardiac rhythm management (or electrophysiology) is an essential arena of cardiovascular disease (CVDs) therapy which offers accurate diagnosis and treatment for various cardiac disorders. The cardiac rhythm management (CRM) devices has proven with significant performance in cardiac rhythm problems such as bradycardia and tachycardia, which are affecting the heart’s electrical system. Cardiac failure and its related disorders have posed severe mortality as well as morbidity concern across the globe, and thus this scenario offers a substantial opportunity for the cardiac rhythm management (CRM) devices market. Cardiac rhythm disorders are generally managed with various cardiac rhythm management devices, including biventricular pacemakers, implantable defibrillators, and invasive electrophysiologic procedures. Rising demand and increasing growth potential for cardiac rhythm management are highly imposed by increasing incidences and prevalence of cardiac diseases. Moreover, evolving technology has driven the market to undergo heavy research and innovation in the offered products to the customers. Research and development activity has been observed as a key business strategy to position the individual manufacturer differentiated in the market.
The key risk factors for cardiac disorders generally include a rise in cholesterol levels in the blood, hypertension, an unhealthy lifestyle, and excessive smoking. Rising epidemiology for cardiac disease has resulted in rising demand for cardiovascular therapeutic devices such as cardiac rhythm management (CRM) devices. Across the globe, various government bodies and organizations implement numerous initiatives to spread awareness about current trends and offerings in the market to judge their medical decisions, increase public awareness of the cardiac disorder, and enhance the people’s quality of life suffering from heart disorder.
Based on product type, the cardiac rhythm management devices market is segmented into Pacemakers, Implantable Cardioverter Defibrillator (ICDs), and Cardiac Resynchronization Therapy (CRT) devices. Pacemakers, Implantable Cardioverter Defibrillator (ICDs), and Cardiac Resynchronization Therapy (CRT) devices are used to treat and correct the cardiac disorders like arrhythmias and other related diseases. Cardiac rhythm management (CRM) is considered a standard therapy option in most countries. Implantable Cardioverter Defibrillator (ICDs) segment dominates the cardiac rhythm management (CRM) devices market with a significant market share, followed by its pacemaker and Cardiac Resynchronization Therapy (CRT) devices also makes a considerable market share. Moreover, current development in Cardiac Resynchronization Therapy (CRT) devices has further product expansion by variation in product offerings such as CRT Defibrillator (CRT-D) and CRT Pacemaker (CRT-P).
The global cardiac rhythm management (CRM) devices market is anticipated to propel at a substantial CAGR during the forecast period 2019 -2028. Due to the high geographic incidence and prevalence of cardiac disorders and high healthcare expenditure, U.S. dominates the market, followed by European countries. Whereas, Asia Pacific, due to its large population and improving healthcare facilities, has recorded with the sharp increase in the demand for cardiac rhythm management (CRM) devices market. The market saturation in the US and European countries have forced the market players to explore opportunities in emerging markets such as India, Japan, China, Japan, and Brazil. The larger patient pool and improving healthcare structure in developing countries have led to substantial opportunities for market growth during the forecast period 2019 – 2028. However, intense pricing pressure and limited healthcare resources is anticipated to retard market growth in developing countries.
Biotronik, Inc., Boston Scientific Corporation, St Jude Medical, and Medtronic plc., and Abbot Vascular are the major players operating in the market.
