The global cardiac rhythm management devices market size is expected to touch USD 35.22 billion by 2026 growing at a CAGR of 7.5% from 2019 to 2026, according to a new study published by Polaris Market Research. The report ‘Cardiac Rhythm Management Devices Market Share, Size, Trends & Industry Analysis By Product (Pacemakers, Cardiac Resynchronization Therapy (CRT), and Defibrillators), By Regions: Segment Forecast 2019-2026’ provides a comprehensive analysis of present market insights and future market trends.
Cardiac rhythm management devices have witnessed evolution of pacemakers, cardiac resynchronization therapy, implantable cardioveter defibrillators and loop recorders over the last decade. The growth drivers for the market include favorable legislative policies followed by Government in developed and developing countries. Additional market drivers include rising incidence of cardiovascular diseases (CVD’s), cohesive reimbursement climate and technological advancements that boost market growth
CRM devices are the universal solution for patients suffering from arrhythmias. Latest findings in Cardiac Resynchronization therapy devices are anticipated to drive this market. Furthermore, implantable cardioverter-defibrillators have opened up more vistas of operations since their integration with pacemakers. This increases the product life for pacemakers. Cardioverter- defibrillators having found immense applications are certain to expand market growth.
Sudden Cardiac Arrest (SCA) is also debilitating human population that explains high growth of external defibrillators. Government initiatives are working in the direction of making economies more cardio-friendly. This works positively for external debrifillators to experience surging market growth.
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As per Government data available More than 6.0 million people have fallen prey to cardiac disorders. Of these, 0.8 million are victims of atrioventricular blockage that ends in cardiac failure. This proves an outgo of USD 20-60 billion annually. Hence to prevent this, CRM devices are being put to effective use to prevent surgical costs from inflating and also prevents readmission charges, thus impacting market growth.
North America took credit of nearly 35% overall market for CRM Devices in 2016. This was particularly due to supportive legislative policies, lenient reimbursement schemes and increase in cardiovascular diseases. Asia Pacific was seen as fast growing market for CRM devices with a CAGR of 9%. This was largely made possible due to accessibility of CRM devices.
The key players operating in Cardiac Rhythm Management Devices Implantation include St, Jude Medical, BIOTRONIK, Inc., Medtronic and Boston Scientific Corporation and ZOLL Medical Corporation among others.
Polaris Market Research has segmented the global cardiac rhythm management (CRM) market on the basis of product and Region:
CRM Devices Product Outlook (Revenue USD Millions 2015-2026)
CRM Devices Regional Outlook (Revenue USD Millions 2015-2026)