The Global Cardiac Rhythm Management Devices Market was valued at USD 17.1 Bn in 2020 and is expected to reach USD 27.6 Bn by 2027, growing at a CAGR of 7.3% during the forecast period.
Cardiac Rhythm Management (CRM) devices are small devices with batteries that are connected to the heart. These devices are used in repairing, restoring, and healing cardiac activity in addition to monitoring and managing cardiac arrhythmia.
Cardiac Rhythm Management Devices Market Dynamics
In recent years, growing awareness about cardiac rhythm management devices due to the availability of improved technologies and increasing life expectancy. Cardiac rhythm management devices are helpful for controlling, monitoring, and rectifying the rhythm of the heart are fueling factors for the growth of the global market. During the forecast period, rising government efforts and the deployment of novel cardiac rhythm management technologies are promoting factors for the growth of the cardiac rhythm management devices industry. Increasing awareness about the effectiveness of using defibrillators among the population boosts the market growth. The government is increasing the expenditure for the development of advanced minimally invasive devices for beneficial applications is considerably the boosting factor for the growth of the cardiac rhythm management devices market. However, the lack of skilled professionals for minimally invasive surgeries for using CRM devices is the major restraining factor for the growth of the cardiac rhythm management devices market.
The Global Cardiac Rhythm Management Devices Market Segmentation:
By Product Type
Company Profiles and Competitive Intelligence
The key players operating in the cardiac rhythm management devices market are:
Based on product type, the defibrillator segment dominates the cardiac rhythm management devices market due to its property to prevent sudden death due to cardiac arrest among the population
In 2020, the implantable cardioverter defibrillators segment dominated the cardiac rhythm management devices market owing to the increased patient population suffering from a high risk of cardiac arrhythmia. Implantable cardioverter defibrillators are placed inside the body to continuously monitor and restore to normal heartbeats that lower the risk of mortality due to cardiac arrhythmia. This factor drives the growth of implantable cardioverter defibrillators in the market.
However, the Cardiac Resynchronization Therapy (CRT) devices segment is projected the fastest growing segment over the forecast period. This is due to various benefits of CRT devices such as the low risk of infections, reduce blood transfusion, and minimized hospital stay after surgery. Further, the CRT devices are bifurcated into cardiac resynchronization therapy pacemakers and cardiac resynchronization therapy defibrillators. Increasing recommendation for cardiac resynchronization therapy pacemakers by healthcare professionals because implantation is performed by minimally invasive technique. This is estimated to drive the demand for Cardiac Resynchronization Therapy (CRT) devices over the forecast period.
Based on end-users, hospitals segment is estimated to hold the largest share in cardiac rhythm management devices market over the forecast period due to the maximum number of surgeries are performed in hospitals
Based on end-users, the global cardiac rhythm management devices market is segmented into cardiac centers, hospitals, clinics, and ambulatory surgery centers. In 2020, the hospitals segment is the largest growing segment due to maximum number of procedures were performed in the hospitals. The hospitals segment is estimated to project the highest growing segment over the forecast period owing to an increasing number of visits of patients for diagnosis, clear reimbursement policies, and rising number of cardiac implantable procedures in hospitals.
The report also provides an in-depth analysis of the global cardiac rhythm management devices market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Cardiac Rhythm Management Devices Market
During the outbreak of COVID-19, the population affected by the coronavirus are suffering from cardiovascular disorders. As per the data published in Circulation Journal 2020, by American Heart Association, 185 countries and more than 3 million people are affected by a novel coronavirus across the globe. The population who suffered from COVID-19 has a high risk of cardiovascular disorders. Therefore, the demand for CRM devices rose due to the outbreak of COVID-19. However, the funding and focus on research and development have been distracted due to this pandemic is the restraining factor for the growth of the targeted industry.
The report also provides an in-depth analysis of key trends in global cardiac rhythm management devices market
|1||Increasing trend of taking preventive care among the patients to avoid cardiac arrest||Positive|
|2||Rising awareness about minimally invasive surgeries among the patient pool||Positive|
The report also provides an in-depth analysis of recent news developments and investments
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2.1 Regulations and Standards
3. Global Cardiac Rhythm Management Devices Market by Product Type