Dublin, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The "Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report by Products (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT-D, CRT-P)), by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global cardiac rhythm management devices market size is anticipated to reach USD 31.9 billion by 2030. The market is expected to expand at a lucrative CAGR of 6.5% from 2022 to 2030.
The key factors driving the market include growth in the adoption of cardiac rhythm management (CRM) devices owing to the increasing prevalence of cardiovascular disorders. According to the Centers for Disease Control and Prevention (CDC), as of September 2021, approximately 659,000 Americans die suffering from heart disease every year.
The market was negatively impacted during the COVID-19 pandemic, as elective procedures, including the non-essential cardiovascular procedures, were postponed or canceled during the pandemic.
Major players in the market such as Medtronic; Abbott; and Boston Scientific Corporation, incurred huge losses in their cardiac rhythm management business segments globally. This resulted in negative growth of the market in 2020. The rising demand for handling sudden cardiac arrests is leading to innovation in all types of cardiac rhythm management devices.
Innovation with regards to implantable devices includes products, such as subcutaneous and transvenous devices, that aim to increase the comfort level of patients. Swedish Transport Agency ran a program under the test phase, which aimed to deliver AEDs using a drone. This may reduce the delivery time of an AED, increasing the chances of survival with faster treatment.
Therefore, the market is anticipated to grow because of technological advancements and product innovations. Revolutionary technological signs of progress are rapidly transforming the market. These expansions are producing lucrative potentials. An increase in R&D expenditure and new product launches by leading firms further fueled the growth.
For instance, in October 2020, Abbott launched its new ICD and CRT-D in India, hence expanding its product portfolio in the country. The company had also received CE Mark approval for its Gallant ICD and CRT-D devices in February 2020. Such factors boost market growth. Key market players account for a significant share of the market owing to their extensive product offerings.
Cardiac Rhythm Management Devices Market Report Highlights
- The market was valued at USD 18.1 million in 2021 and is expected to expand at a CAGR of 6.5% during the forecast period
- By product, defibrillators dominated the market with a share of over 43.6% in 2021 due to their high adoption globally
- The ICD segment was the largest in defibrillators as of 2021, accounting for more than 60% of the revenue share, owing to its better patient outcome
- In the external defibrillator segment, the automatic external defibrillator segment held the highest revenue share owing to associated benefits, including pacing, i.e., delivering pulses of the current to stimulate heart contraction as well as cardioversion, converting arrhythmia or tachycardia to a normal heartbeat
- In 2021, North America held the dominant share of the market owing to the rising prevalence of cardiovascular diseases and high adoption of CRM devices
- Asia Pacific region is expected to show lucrative growth over the forecast period owing to the presence of emerging countries such as China and India
Key Topics Covered:
Chapter 1 Research Methodology & Scope
Chapter 2 Executive Summary
2.1 Market Outlook
2.1.1 Cardiac rhythm management devices Market Outlook, 2017-2030 (USD Million)
2.2 Segment Outlook
Chapter 3 Cardiac Rhythm Management Devices Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Analysis
3.1.2 Ancillary Market Analysis
3.2 Penetration & Growth Prospect Mapping
3.3 Regulatory Framework
3.3.1 List of Regulatory Bodies
3.4 Cardiac rhythm management devices: Market Dynamics
3.4.1 Market Driver Analysis
3.4.2 Market Restraint Analysis
3.4.3 Market Opportunity Analysis
3.4.4 Market Challenge Analysis
3.5 Cardiac rhythm management devices Market Analysis Tools: Porter's
3.5.1 Supplier Power
3.5.2 Buyer Power
3.5.3 Threat of Substitutes
3.5.4 Threat of New Entrants
3.5.5 Competitive Rivalry
3.6 SWOT By PEST Analysis
3.7 Major Deals & Strategic Alliances Analysis
3.8 Disease Prevalence Analysis
Chapter 4 Cardiac Rhythm Management Devices Market: Competitive Analysis
4.1 Market Participation Categorization
4.2 Public Companies
4.2.1 Company Market Position Analysis
4.2.2 Competitive Dashboard Analysis
4.3 Detailed List of Market Players
Chapter 5 Impact of COVID-19
5.1 COVID-19 Impact Analysis
5.2 Impact on Market Players
5.3 Opportunity Analysis
Chapter 6 Cardiac Rhythm Management Devices Market: Product Estimates & Trend Analysis
6.1 Definition and Scope
6.2 Product Type Market Share Analysis, 2021 & 2030
6.3 Global CRM Devices Market, by Product, 2017 to 2030
6.4 Market Size & Forecasts and Trend Analysis, 2017 to 2030
6.4.1 Pacemaker
6.4.1.1 Pacemaker, 2017-2030 (USD Million)
6.4.1.2 Implantable Pacemaker
6.4.1.3 External Pacemaker
6.4.2 Defibrillators
6.4.2.1 Defibrillators, 2017-2030 (USD Million)
6.4.2.2 ICDs
6.4.2.2.1 ICDs, 2017-2030 (USD Million)
6.4.2.2.2 S-ICDs
6.4.2.2.3 T-ICD
6.4.2.3 External Defibrillators
6.4.2.3.1 External Defibrillators, 2017-2030 (USD Million)
6.4.2.3.2 Manual External Defibrillators
6.4.2.3.3 Automatic External Defibrillators (AED)
6.4.2.3.4 Wearable Cardioverter Defibrillators (WCD)
6.4.3 CRT
6.4.3.1 CRT, 2017-2030 (USD Million)
6.4.3.2 CRT pacemaker
6.4.3.3 CRT-Defibrillators
Chapter 7 Cardiac Rhythm Management Devices Market: Regional Estimates & Trend Analysis, by Product
7.1 Definition & Scope
7.2 Regional Market Snapshot
7.3 Market Size, & Forecasts, Volume and Trend Analysis, 2021 to 2030
Chapter 8 Company Profiles
8.1 Company Overview
8.2 Financial Performance
8.3 Product Benchmarking
8.4 Strategic Initiatives
- LivaNova Plc
- Physio-Control, Inc. (Stryker)
- Schiller
- Medtronic
- Abbott
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- Zoll Medical Corporation
- BIOTRONIK
- Progetti Srl
For more information about this report visit https://www.researchandmarkets.com/r/uia72q
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