Cardiac Rhythm Management (CRM) Devices Market Size, Share, Trends and Industry Analysis Product By (Cardiac Pacemakers, Defibrillators, Cardiac Resynchronization Therapy Devices) By End User (Hospitals & Clinics, Ambulatory Surgery Centers), and Regional Forecast, 2019 - 2032

The global cardiac rhythm management devices market size was stood at USD 13.88 billion in 2018 and is projected to reach USD 27.44 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period (2018-2032). North America dominated the global market with a share of 42.58% in 2018.

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.  

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Global Cardiac Rhythm Management (CRM) Devices Market Snapshot & Highlights

Market Size & Forecast:

• 2018 Market Size: USD 13.88 billion
• 2032 Forecast Market Size: USD 27.44 billion
• CAGR: 5.0% from 2018–2032

Market Share:

• Region: North America dominated the market with a 42.58% share in 2018. This is driven by the high adoption of pacemakers and ICD implants, a gradual shift toward preventive care, and an increasing prevalence of cardiac conditions in the region.
• By Product: Defibrillators held the largest market share in 2018, accounting for an estimated 49.0% of the market. The segment's growth is fueled by the widespread installation of external defibrillators in public places and the high recommendation of implantable cardioverter-defibrillators (ICDs) by physicians for treating irregular heartbeats.

Key Country Highlights:

• Japan: The market is driven by the launch of new and technologically advanced devices. For example, Biotronik launched its Evity cardiac resynchronization therapy pacemaker (CRT-P) in the Japanese market, which is known for its high-performance battery life.
• United States: The market is fueled by the high prevalence of cardiac conditions such as atrial fibrillation, which is expected to affect 12.1 million people in the U.S. by 2030. The market is also supported by government regulations mandating the installation of external defibrillators in public places.
• China: As part of the fastest-growing Asia Pacific market, China is seeing a surge in demand for CRM devices due to a higher prevalence of cardiac conditions, increasing awareness about available products, and a rising per capita income.
• Europe: The market is advanced by a high implant rate of CRM devices, with some Western European countries having an implant rate of more than 1,000 units per million population. The market is also supported by a high prevalence of sudden cardiac arrests.

Key Market Drivers

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.  

CARDIAC RHYTHM MANAGEMENT (CRM) DEVICES MARKET SEGMENTATION ANALYSIS

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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. 

Regional Analysis

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

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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.

Key Market Players

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.

List of Top Cardiac Rhythm Management (CRM) Devices Companies:

• Medtronic
• Boston Scientific Corporation
• Biotronik
• Asahi Kasei Corporation
• Philips Healthcare
• Defibtech, LLC.
• Cardiac Science
• Stryker
• CU Medical System Inc.
• LivaNova Plc
• Abbott
• Microport
• Other prominent players

Report Coverage 

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

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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.

Segmentation

 Key Industry Developments

• In March 2019, Biotronik launched MRI compatible ICD and CRT-D system in Europe market.
• In November 2017, Medtronic got FDA approval for their Azure pacemakers. These newly developed pacemakers are equipped with BlueSync technology which enables device longevity and improved patient monitoring.
• In July 2017, Biotronik launched Evity cardiac resynchronization therapy pacemaker (CRT-P) in Japan market. According to company estimates, it is the highest performing CRT-P with battery life of 10 years.