San Francisco, 01 October 2018 – According to a report by Grand View Research, Inc., global cardiac rhythm management devices market is anticipated to value USD 32.4 billion by 2025. Growing requirement for advanced machines to monitor adequate functionality of heart in humans is anticipated to propel demand for cardiac rhythm management devices. Such devices are likely to offer compact design and advanced technologies to manage cardiac rhythm effectively. In addition, these devices can serve as permanent treatment for patients suffering from arrhythmias.
Rising number of geriatric population prone to development of chronic disorders can influence growth of market. Growing cases of heart failure and cardiac disorders even in youngsters attributed to sedentary lifestyle can augment demand for CRM devices. Continual technological development in medical devices to offer better results is likely to spur market growth in the forthcoming years. Increasing sue of CRM devices to prevent surgical costs and reduce readmission rate in hospitals can influence growth of market. Supportive reimbursement scenarios coupled with increase in life expectancy can surge market growth during the forecast period (2014 to 2025).
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To cater to rising demand for advanced CRM devices, most companies are focusing on R&D activities to develop innovative products. For instance, St. Mary’s health care system recently inserted world’s smallest pacemaker into two patients suffering from irregular heart rhythm. Named Micra TPS pacemaker, this device is expected to be as small as vitamin capsule, around nine times smaller than any conventional pacemaker. It can be self-contained within patient’s heart and eliminate any potential medical complications arising from chest incision. It can address Bradycardia, a condition characterized by slow or irregular rhythm of human heart. This device can work without any wire or surgical pocket under skin. It can be delivered easily through catheter and implanted directly into patient’s heart.
The cardiac rhythm management devices market can be segregated on the basis of product and region. Based on product, the market can be categorized into defibrillators, cardiac resynchronization therapy (CRT), and pacemakers. In 2016, defibrillators segment dominated the market and accounted for largest market share. It is likely to grow well during the forecast period too. Rising awareness regarding need for automated external defibrillators (AEDs) can boost product demand. In addition, continual technological developments in implantable devices can also fuel growth of market.
Similarly, pacemakers are likely to hold second largest market share after defibrillators. This segment can be divided further into external pacemakers and implantable pacemakers. Implantable pacemakers accounted for largest market share in 2016 attributed to minimal complications associated with such devices.
Moreover, CRT segment can be segmented further into CRT defibrillator (CRT-D) and CRT Pacemaker (CRT-P). As of 2016, CRT-D segment dominated the market attributed to its ability to report adverse conditions of heart in time and reduce mortality rate.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share equivalent to 35% of overall market share. It is estimated to continue its dominance during the forecast period. Development of healthcare infrastructure and supportive reimbursement policies are likely to fuel growth of market. In addition, growing awareness regarding availability of CRM devices can spur growth of market in this region. Moreover, rising cases of cardiovascular diseases coupled with rise in training programs can also foster market growth in this region.
In Asia Pacific, the market is estimated to grow fast with CAGR of 8.9% during the forecast period. Growing adoption of health insurance in developing countries such as India and China can fuel market growth. In addition, recent introduction of economic reforms in China to promote balanced and open economy can boost global market and create lucrative opportunities for multinational players in the region.
Some of the leading companies offering cardiac rhythm management devices are Boston Scientific Corporation; Medtronic; St. Jude Medical; BIOTRONIK, Inc.; and Schriller AG. Most companies are likely to adopt strategic actions such as mergers & acquisitions, geographical expansion, and development of new and innovative products to gain traction among consumers.
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Grand View Research has segmented the global CRM devices market on the basis of product and region:
CRM Devices Product Outlook (Revenue, USD Million, 2014 – 2025)
- Implantable Pacemakers
- External Pacemakers
- Implantable Cardioverter Defibrillators (ICDs)
- Subcutaneous ICD (S-ICD)
- Transvenous ICD (T-ICD)
- External Defibrillator (ED)
- Manual ED
- Automated ED (AED)
- Wearable Cardioverter Defibrillator
- Implantable Cardioverter Defibrillators (ICDs)
- Cardiac Resynchronization Therapy (CRT)
- CRT-Defibrillators (CRT-D)
- CRT-Pacemakers (CRT-P)
CRM Devices Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
- South Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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