Cardiac Rhythm Management Devices Market - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
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Cardiac Rhythm Management (CRM) devices include pacemakers (PMs), implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices. These devices perform various functions, including bradycardia pacing, cardiac resynchronization for heart failure, monitoring for arrhythmias, defibrillation, and anti-tachycardia pacing for tachyarrhythmia. Products such as cardiac resynchronization therapy can improve congestive heart failure symptoms by improving the timing of the heart’s contractions, resulting in pumping more blood to the body.
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The global cardiac rhythm management devices market size was valued at US$ 19.05 billion in 2017, and is expected to witness a CAGR of 7.5% over the forecast period (2018 – 2026).
Market Dynamics
Increasing incidences of heart failure and arrhythmia have fuelled rapid advancements in cardiac rhythm management (CRM) technologies eventually increasing the demand for CRM devices. According to the study published in 2016, by the Journal of the Formosan Medical Association, around 72 million people are estimated to suffer from atrial fibrillation in Asia by 2050, which is expected to be more than double the combined numbers of patients from the U.S. and Europe.
However, factors such as chances of infections associated with installation of pacemakers in cardiac patients can hamper the cardiac rhythm management devices market growth. Pacemaker surgery can also led to various complications such as bleeding, bruising or swelling at the of area of pacemaker implantation leading to blood vessel or nerve damage, which in turn can reduce adoption of cardiac implants in patients.
Rising incidences of cardiac disorders worldwide is expected to drive the cardiac rhythm management devices market revenue
Rise in incidence of cardiovascular diseases such as cardiac arrhythmia, ischemic heart disease, and hypertension is expected to fuel growth of the cardiac rhythm management devices market. According to WHO report, in 2015, cardiovascular diseases was the leading cause of deaths accounting for 17.7 million deaths, worldwide.
Furthermore, technological advancements in cardiac rhythm management devices is the major growth rendering factor for the industry. For instance, adoption of advanced technologies in cardiac pacemakers such as pacemakers with improved battery life and MRI safe-pacemakers, delay the progression of persistent atrial fibrillation (AF) in patients suffering from bradycardia. These advancements are gaining significant traction and are expected to fuel the demand for cardiac rhythm management devices. For instance, in February 2017, Abbott received the Food and Drug Administration (FDA) approval for its MR-conditional labeling for Assurity MRI pacemaker and the Tendril MRI pacing lead.
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Cardiac Rhythm Management Devices Market - Competitive Landscape
Key players operating in the global cardiac rhythm management devices market include Medtronic plc. Abbott Laboratories, Abiomed, Boston Scientific Corporation, Biotronik Se Co Kg, Koninklijke Philips N.V., LivaNova Plc, Cardiac Science Corporation, Schiller Ag, and Zoll Medical Corporation.
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