"Designing Growth Strategies is in our DNA"
Global Cardiac Rhythm Management Devices Market size stood at USD 13.88 Bn in 2018 and is projected to reach USD 19.93 Bn by 2026, exhibiting a CAGR of 4.4% in the forecast period (2019-2026).
Cardiac rhythm management (CRM) devices are extensively used to treat arrhythmia, bradycardia, tachycardia, and sudden cardiac arrests. Since the prevalence of cardiac rhythm conditions is increasing, the adoption of cardiac management devices has been increased significantly during the past decade. Additionally, emerging nations are witnessing a huge demand for these devices due to a higher prevalence of cardiac conditions, increasing awareness about products amongst the population, and increasing per capita income. According to the European Cardiac Society, in 2017, certain countries in Western Europe were having implant rate of more than 1000 units/million population. This higher rate of implants in developed nations represents higher adoption and patient preference for cardiac rhythm management devices.
Request a Free sample to learn more about this report.
Defibrillator segmented is projected to drive global market
Defibrillators are generally used to treat arrhythmia and out-of-hospital cardiac arrests. Implantable cardioverter defibrillator (ICD) is highly recommended by physicians to treat irregular heartbeat, also it delivers electric shocks with the aim to restore the heartbeat. External defibrillators are widely being installed in developed as well as emerging nations in order to deal with the increasing prevalence of out-of-hospital cardiac arrests. Moreover, in certain countries, it is mandatory to install external defibrillators at public places with the aim to offer easy access to the cardiac patient. Defibrillators accounted for an estimated 49.0% of the share in this market in 2018.
To know how our report can help streamline your business, Speak to Analyst
In terms of products, the global cardiac rhythm management devices market is categorized into cardiac pacemakers, defibrillators, and cardiac resynchronization therapy (CRT) devices. Cardiac pacemakers are further categorized into single chamber pacemakers and dual chamber pacemakers. Defibrillators are further categorized into external defibrillators and implantable defibrillators. Cardiac resynchronization therapy devices are categorized into CRT-P and CRT-D. On the basis of end users, this market is categorized into clinics& hospitals and ASCs (Ambulatory Surgery Centers) & others.
Higher Adoption of Cardiac Rhythm Management Devices to Cope up with Higher Prevalence of Cardiac Conditions Enables Market to Hold Considerable Share in North America
North America Cardiac Rhythm Management Devices Market Size, 2018
To get more information on the regional analysis of this market, Request a Free sample
North America generated a revenue of USD 5.91 Bn in 2018 and is expected to dominate the cardiac rhythm management devices market share throughout the forecast period. Higher adoption of pacemakers and ICD implants owing to the gradual shift of patient preference towards preventive care and increasing prevalence of cardiac conditions is expected to drive the market in North America. Moreover, strict implementation of government regulations with respect to installations of external defibrillators in public places is projected to result in increased adoption of external defibrillators, which will eventually boost the market. In Europe, higher prevalence of sudden cardiac arrests is expected to drive the market in Europe during the forecast period. In Asia Pacific, increasing awareness about thesecrm devices is projected to increase the adoption of cardiac management devices market, which will eventually accelerate the market in the Asia Pacific.
Medtronic and Boston Scientific Corporation to Account for More Than Half of the Market Share in Terms of Revenue
Medtronic is a leading player in the global implantable cardioverter defibrillator market. Combined with this, Medtronic also holds a considerable share of the global pacemaker market. Medtronic is anticipated to retain its leading position in the forecast duration owing to its wide range of product offerings, availability of products across the globe and strong customer base. This company, together with Boston Scientific Corporation, currently holds over half of the market share in terms of revenue. Other players operating in the global market are Cardiac Science, Physio Control, Stryker, Defibtech, LLC., CU Medical Systems Inc., Abbott, Boston Scientific Corporation, LivaNova PLC, MicroPort, BIOTRONIK, and others.
Cardiac rhythm management devices are widely used to treat heart disease and heart rhythm disorders across the globe. Implantable cardioverter defibrillators and pacemakers play a major role in managing heart rhythm. Combined with this, these devices perform other important functions such as bradycardia pacing, defibrillation, and anti-tachycardia pacing. Dramatically increasing prevalence of cardiac conditions and proven efficiency of these devices to treat such conditions is anticipated to offer huge potential for growth of the global market by 2026.
The cardiac rhythm management devices market report provides qualitative and quantitative insights on the industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by product, by the end user, and by region. On the basis of the product, the CRM devices market is segmented into cardiac pacemakers, defibrillators, and cardiac resynchronization devices. Cardiac pacemakers are further segmented into single chamber pacemakers and dual chamber pacemakers. Defibrillators are further segmented into external defibrillators and implantable defibrillators. Cardiac resynchronization therapy devices are categorized into CRT-P and CRT-D. Various end users covered under the report are hospitals & clinics and ambulatory surgery centers and others. Geographically, the market is segmented into four major regions, which are North America, Europe, Asia Pacific, and the rest of the World. The regions are further categorized into countries.
An Infographic Representation of Cardiac Rhythm Management (CRM) Devices Market
To get information on various segments, share your queries with us
Along with this, the report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of sudden cardiac arrests in key countries, technological advancements in cardiac rhythm management devices, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, new products launches, reimbursement scenario, and key industry trends.
By End User
Fortune Business Insights says that the market was valued at US$ 13,883.7 Mn in 2018 and is projected to reach US$ 19,938.3 Mn by 2026.
In 2018, the market was valued at US$ 13,883.7 Mn.
Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2019-2026)
Defibrillator segment is expected to be the leading segment in this market during the forecast period.
Increasing prevalence of cardiac sudden arrests is the key driving factor of the market.
Medtronic and Boston Scientific Corporation are the leading market players in the global market.
North America is expected to hold the highest market share in this market.
Increasing demand for wearable technology in defibrillators is one of the trends in this market.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry