Reports And Data

Cardiac Rhythm Management (CRM) Devices Market Size – USD 22.22 Billion in 2022, CAGR of 6%, Increasing usage of implantable cardiac devices

NEW YORK, NY, UNITED STATES, March 28, 2023 /EINPresswire.com/ -- The prevalence of heart-related illnesses is on the upswing, as the number of elderly individuals in society increases, and the adoption of cutting-edge medical equipment is a crucial factor in driving revenue growth in the market.

The global Cardiac Rhythm Management (CRM) Devices market size was USD 22.22 Billion in 2022 and is expected to register a revenue CAGR of 6% over the forecast period, according to the latest report by Reports and Data.

The growing incidence of cardiovascular disorders like heart failure and arrhythmia is fueling the demand for devices that can control cardiac rhythm. As per the World Health Organization, cardiovascular diseases are responsible for the majority of deaths globally, with a contribution of over 31%. This has led to a rise in the requirement for cardiac rhythm management systems that can ensure the heart rate is regulated and the normal rhythm is maintained.

The rise in the number of geriatric population is a significant driver of revenue growth in the market for cardiac rhythm management devices. Due to the increased risk of developing cardiovascular diseases with age, there is a growing demand for these devices. Additionally, older adults are more susceptible to heart failure and arrhythmias, which further increases the need for cardiac rhythm management devices.

The cardiac rhythm control equipment market is experiencing revenue growth due to technological advancements in the field. These advancements have resulted in more accurate and effective monitoring and treatment of arrhythmias, which is driving the demand for such devices. Additionally, the adoption of remote monitoring systems that enable real-time patient monitoring is contributing to the market's growth.

The market's revenue growth is being driven by the rising adoption of implanted cardiac devices such as pacemakers, Implantable Cardioverter-defibrillators (ICDs), and Cardiac Resynchronization Therapy (CRT) devices. These devices are more beneficial compared to medication-based therapy as they assist in maintaining the normal rhythm of the heart.

The growth in revenue of the cardiac rhythm management devices market is also attributed to the availability of attractive reimbursement schemes. This is because both governments and private insurance companies are providing financial support for these devices, which makes them more affordable and readily available to patients.

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Some of the prominent players profiled in the global CRM devices market include Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, LivaNova PLC, Medtronic plc, MicroPort Scientific Corporation, Osypka Medical GmbH, Sorin Group, St. Jude Medical, Inc., and ZOLL Medical Corporation

Some Key Highlights from the Report

• During the forecast period, the largest revenue share is expected to come from the pacemakers segment. Pacemakers are electrical devices that assist individuals with heart disorders, such as bradycardia, atrial fibrillation, and heart block, in controlling their heartbeat. These devices consist of a generator containing the battery and electrical circuitry, as well as leads implanted in the heart to sense and transmit electrical impulses. The anticipated significant expansion of the pacemaker market is attributed to the increasing prevalence of cardiovascular disorders and the growing elderly population. Due to their portability, ease of use, and longer battery life, the demand for pacemakers is expected to rise. Major competitors in the pacemaker industry are investing in research and development to introduce more innovative devices to the market that can provide benefits to patients. The pacemaker market is highly competitive.
• The largest revenue share is expected to come from the North American market over the projection period, mainly due to the high incidence of cardiovascular disease, which causes a significant number of deaths each year in the United States alone. This has resulted in an increased demand for effective cardiac rhythm regulation in the region. Additionally, factors such as the growing use of telemedicine and Remote Patient Monitoring (RPM) services, as well as the presence of many significant market competitors in the region, are contributing to the growth of the CRM market's revenue. The rise in popularity of mobile health applications is also projected to boost revenue growth in the North American CRM market.
• On July 7, 2020, Abbott declared that the Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices have been authorized by the FDA. These devices use Abbott's HeartLogic Heart Failure Diagnosis technology to aid healthcare professionals in detecting individuals who are vulnerable to heart failure. By detecting early signs of heart failure, the devices can help clinicians take early preventive measures, thereby reducing the risk of hospitalization.
• On November 7, 2022, Boston Scientific Company introduced the LUX-Dx Insertable Cardiac Monitor (ICM), which is the longest-lasting ICM available, lasting up to 4.5 years. The purpose of the LUX-Dx ICM is to detect and diagnose arrhythmias like atrial fibrillation in people who experience unexplained syncope, palpitations, and other symptoms.

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For the purpose of this report, Reports and Data has segmented the global cardiac rhythm management devices market on the basis of Product Outlook, and Regional Outlook:

Product Outlook (Revenue, USD Billion; 2022 - 2032)

Pacemakers
Implantable
External
Defibrillators
S-ICD
T-ICD
Implantable Cardioverter Defibrillators (ICD)
External Defibrillators
Manual External Defibrillators
Automatic External Defibrillators
Wearable External Defibrillators
Cardiac Resynchronization Therapy (CRT)
CRT-Defibrillator
CRT-Pacemakers

Regional Outlook (Revenue, USD Billion; 2022-2032)

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

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Key Advantages of Cardiac Rhythm Management (CRM) Devices Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Cardiac Rhythm Management (CRM) Devices industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Cardiac Rhythm Management (CRM) Devices market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Nikhil Morankar
Reports and Data
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