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Global Cardiac Rhythm Management Devices Market

Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report By Type of Device (Cardiac Rhythm Pacemakers, Cardiac Resynchronization Therapy, Implantable Cardioverter Defibrillators, Implantable Loop Recorder), Region, And Segment Forecasts, 2023-2031.

Report ID : 1106 | Published : 2023-07-05 | Pages: 190 | Format: PDF/EXCEL

The Cardiac Rhythm Management Devices Market Size is valued at 18112.5 Million in 2022 and is predicted to reach 27171.9 Million by the year 2031 at a 4.7 % CAGR during the forecast period for 2023-2031.

Cardiac Rhythm Management Devices Market

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.

Market Segmentation

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.

Competitive Landscape

Some of The Key Players in The Cardiac Rhythm Management Devices Market:

  • Biotronik, Inc.
  • Boston Scientific Corporation
  • Abbot
  • Medtronic plc.
  • Qinming Medical
  • MicroPort CRM
  • Medico S.p.A.
  • Pacetronix
  • Vitatron
  • Other Prominent Players

The Cardiac Rhythm Management Devices Market Report Scope

Report Attribute

Specifications

Market Size Value In 2022

USD 18112.5 Million

Revenue Forecast In 2031

USD 27171.9 Million

Growth Rate CAGR

CAGR of 4.7 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Million, Volume (Unit), and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type of Device

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

Biotronik, Inc., Boston Scientific Corporation, St Jude Medical, MicroPort CRM, Medtronic plc., Pacetronix, Vitatron, Abbot Vascular, and Others

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

  • Biotronik, Inc.
  • Boston Scientific Corporation
  • Abbot Vascular
  • Medtronic plc.
  • Qinming Medical
  • MicroPort CRM
  • Medico S.p.A.
  • Pacetronix
  • Vitatron
  • Other Prominent Player in Pipeline

Global Cardiac Rhythm Management (CRM) Devices Market Segmentation

Global Cardiac Rhythm Management (CRM) Devices Market Outlook (Value (US$ Mn) & Volume By Type of Device

  • Cardiac Rhythm Pacemakers
    • Single Chamber Pacemakers
    • Dual Chamber Pacemakers
  • Cardiac Resynchronization Therapy
    • Cardiac Resynchronization Therapy – Pacemakers
    • Cardiac Resynchronization Therapy – Defibrillators
  • Implantable Cardioverter Defibrillators
    • Transvenous implantable cardioverter defibrillators (T-ICDs)
    • Subcutaneous implantable cardioverter defibrillators (S-ICDs)
  • Implantable Loop Recorder

Cardiac Rhythm Management Devices Market

Global Cardiac Rhythm Management (CRM) Devices Market Outlook (Value (US$ Mn) & Volume By Region

  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • North America
    • U.S.
    • Canada
  • Asia Pacific
    • India
    • China
    • Japan
    • South Korea
    • Australia & New Zealand
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

 

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Cardiac Rhythm Management Devices Market Size?

The Cardiac Rhythm Management Devices Market is expected to grow at a 4.7 % CAGR during the forecast period for 2023-2031.

Biotronik, Inc., Boston Scientific Corporation, St Jude Medical, MicroPort CRM, Medtronic plc., Pacetronix, Vitatron, Abbot Vascular, and Others

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