The global Cardiac Rhythm Management (CRM) Devices Market was valued at USD 17.2 billion in 2017 and is anticipated to grow at a CAGR of 7.6% during the forecast period. Cardiac rhythm management is a procedure of monitoring the heart function through a device. This device is used to deliver therapeutic solutions to people suffering from cardiac disorders such as cardiac arrests, heart failure, or cardiac arrhythmias. Cardiac ailments are the primary reasons causing irregular heartbeat. Generally, high cholesterol level, high alcohol consumption, smoking and obesity causes heart disease. Due to these reasons, approximately 30% of total deaths are caused by cardiovascular diseases globally.
The global cardiac rhythm management market is majorly driven by increasing adoption of technological advanced devices that enhances the chances of prolonged and better life. For instance, the adoption of MRI safe S-ICD manufactured by Boston Scientific Corporation. This device is preferred over the usage of T-ICD as this device is only inserted to a subcutaneous layer of skin and not to heart thus reducing the risk associated to it. Moreover, increasing death cases owing to increasing incidences of heart diseases is another major factor driving the cardiac rhythm management market.
Global Cardiac Rhythm Management (CRM) Devices Market Share, By Deployment, 2017 - 2026
Note: Inside circle depicts data for 2017 & outside circle depicts data for 2026
Increasing rise in life expectancy, growing awareness regarding cardiac disorders, government initiatives, high prevalence of cardiovascular diseases, and technological advancements are other factors anticipated to boost the cardiac rhythm management market. However, inappropriate use of the devices, economic downturn, and reimbursement issues, are some of the factors restraining the global cardiac rhythm management market growth.
The global Cardiac Rhythm Management (CRM) Devices Market is segmented on the basis of product and region. On the basis of product, the market is categorized by Pacemakers, Cardiac Resynchronization Therapy (CRT), and Defibrillators. The pacemakers are further categorized into external pacemakers and implantable pacemakers.
The Cardiac Resynchronization Therapy (CRT) is further bifurcated into CRT-Defibrillators (CRT-D) and CRT-Pacemakers (CRT-P). The Defibrillators segment is further categorized into Implantable Cardioverter Defibrillators (ICDs) and External Defibrillator (ED). The Implantable Cardioverter Defibrillators (ICDs) section covers Transvenous ICD (T-ICD) and Subcutaneous ICD (S-ICD) products. While the External Defibrillator (ED) is further bifurcated into Manual ED, Automated ED (AED) and Wearable Cardioverter Defibrillator.
Global Cardiac Rhythm Management (CRM) Devices Market, By Product, 2017 – 2026
The Cardiac Rhythm Management (CRM) Devices Market report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA regions. North America is segmented into U.S., Canada, and Mexico. Europe is further divided into Germany, UK, France, and Italy. Asia-Pacific covers o China, India, and Japan. North America accounted for the largest share in the global Cardiac Rhythm Management (CRM) Devices Market in 2017 owing to developed healthcare infrastructure, favorable reimbursement schemes, higher healthcare expenditure, and increasing awareness among the population.
The leading players in the Cardiac Rhythm Management (CRM) Devices Market include Abiomed, Inc., Berlin Heart GmbH, Biotronik SE & Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric Company (GE), Hill-Rom Holdings, Inc., Koninklijke Philips N.V., LivaNova PLC, Medtronic plc, SCHILLER AG and Abbott Laboratories among others. The leading players in the market are introducing new innovative products in the market to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.