Cardiac Rhythm Management Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Cardiac Rhythm Management Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

The Cardiac Rhythm Management Devices Market By Product Type (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT) Devices), End-User (Hospitals, Cardiac Centers, and others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing cases of heart rhythm disorders and innovations in product development

The global cardiac rhythm management devices market is estimated to grow at a CAGR of 5.64% during the forecast period from 2024 to 2030. The demand for cardiac rhythm management devices is primarily being boosted by the increasing patient population suffering from various heart rhythm disorders such as arrhythmia and atrial fibrillation among others, as the surge in several associated risk factors such as smoking, diabetes, old age, and others, and innovation in product development among others, thereby contributing to the overall growth of the cardiac rhythm management devices market during the forecast period from 2024-2030.

Cardiac Rhythm Management Devices Market Dynamics:

According to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020. As per the same source, North Africa, the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of coronary (ischemic) heart disease in the world in 2020.

As per the data provided by British Heart Foundation 2022, worldwide around 550 million which stands for 1 in 14 people were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men. As per the same source, in 2019, in North America, cardiovascular diseases affected 4,103,135 people, 1,089,947 people were diagnosed with coronary artery disease, and 498,551 suffered from stroke; In Asia, there were 32,376,834 people diagnosed with cardiovascular diseases, from which 12,543,833 individuals were affected by coronary artery disease, and 8,111,044 population was suffered from a stroke.

The source mentioned above further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the commonest and prevalent cardiovascular conditions worldwide in 2019.

The increasing number of risk factors such as obesity, hypertension, diabetes, smoking, old age, alcohol consumption, unhealthy lifestyle, atherosclerosis, and others causing the development of cardiovascular diseases in one or another way are further driving the market growth for cardiac rhythm management devices.

According to the data provided by the WHO (2023), in 2020, about one billion people across the world were over the age of 60. The elderly population aged 60 and above is expected to double in number representing about 2.1 billion people by 2050. Also, people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million.

The data published by the International Diabetes Federation 2021 stated that around 537 million adults aged between 20 and 79 years were suffering from diabetes in 2021.

However, complications associated with various cardiac rhythm disorders and the stringent regulatory approval process may restrict the growth of the overall cardiac rhythm management devices market.

Cardiac Rhythm Management Devices Market Segment Analysis:

Cardiac Rhythm Management Devices Market by Product Type (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT) Devices), End-User (Hospitals, Cardiac Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the cardiac rhythm management devices market, the pacemaker category is expected to amass a significant revenue share in the year 2023. This can be ascribed to the advantages and applications associated with pacemakers for the effective treatment of heart rhythm disorders.

A pacemaker implanted in the chest alleviates the symptoms of a sluggish, irregular heartbeat by restoring normal heart rates. It can typically eliminate the symptoms of bradycardia by regulating the heart's rhythm. With pacemakers, people tend to have greater energy and experience less shortness of breath.

People who have a slow or irregular heartbeat for an extended period, or who have witnessed cardiac failure, will require a pacemaker.

The pacemaker uses electrical pulses to keep the heart pumping regularly and not too slowly.

Pacemaker enhances the quality of life and for certain people, the device could save their lives. People who have had surgery feel immediate relief.

Pacemakers can be configured to control a wide range of heartbeat problems. They can assist in beating only the top heart chambers, the bottom chambers, or both. Some pacemakers can be set to stimulate both the left and right ventricles of the heart at the same time.

These devices deliver their needed therapy without maintenance for long periods. Only in rare cases do wiring or battery issues need to be rectified.

Also, some of the most recent pacemaker versions have addressed the magnetic issues that have previously plagued this device.

Therefore, owing to the above-mentioned factors, the pacemakers category is expected to register significant growth, thereby driving the growth of the overall cardiac rhythm management devices market during the forecast period.

North America is expected to dominate the overall Cardiac Rhythm Management Devices Market:

Among all the regions, North America is estimated to account for the largest share of the cardiac rhythm management devices market in the year 2023. Owing to the significance of key growth factors such as the rising prevalence of various heart rhythm disorders, rise in several risk factors such as smoking, diabetes, and others, high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for cardiac rhythm management devices is expected to witness prosperity in the region during the forecast period 2022-2028.

The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020.

Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent—the damage is done, but the person is not aware of it.

The increasing approvals by the US FDA will also impact the market of cardiac rhythm management devices in the upcoming years. For instance, in April 2022, Abbott announced that the US Food and Drug Administration (FDA) approved the Aveir™ single-chamber (VR) leadless pacemaker for the treatment of patients in the US with slow heart rhythms.

Thus, the above-mentioned factors are likely to propel the growth of the cardiac rhythm management devices market in the region during the forecast period from 2024-2030.

Cardiac Rhythm Management Devices Market Key Players:

Some of the key market players operating in the cardiac rhythm management devices market include Abbott, Medtronic, Boston Scientific Corporation, Koninklijke Philips N.V, Zoll Medical Corporation, Microport Scientific Corporation, LivaNova PLC, Stryker, Nihon Kohden Corporation, Biotronik, Inc., Shree Pacetronix Ltd., OSCOR Inc., Lepu Medical Technology Co. Ltd., BPL Medical Technologies, CU Medical Systems, Inc., SCHILLER AG, Bexen Cardio, Progetti S.r.l., Vitatron, Kestra Medical Technologies, Inc., and others.

Recent Developmental Activities in the Cardiac Rhythm Management Devices Market:

In July 2023, Abbott announced that the US Food and Drug Administration (FDA) has approved the AVEIR™ dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms.

In January 2023, Medtronic plc, a global leader in healthcare technology, received US Food and Drug Administration (FDA) approval for the Aurora EV-ICD™ MRI SureScan™ (Extravascular Implantable Cardioverter-Defibrillator) and Epsila EV™ MRI SureScan™ defibrillation lead to treat dangerously fast heart rhythms that can lead to sudden cardiac arrest (SCA).

In July 2020, Abbott announced that the US Food and Drug Administration (FDA) has approved the company's next-generation Gallant™ implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices.

Key Takeaways from the Cardiac Rhythm Management Devices Market Report Study

Market size analysis for current cardiac rhythm management devices market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global cardiac rhythm management devices market.

Various opportunities available for the other competitors in the cardiac rhythm management devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current cardiac rhythm management devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for cardiac rhythm management devices market growth in the coming future?

Target Audience who can be benefited from this Cardiac Rhythm Management Devices Market Report Study

Cardiac Rhythm Management Devices product providers

Research organizations and consulting companies

Cardiac Rhythm Management Devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in cardiac rhythm management devices

Various End-users who want to know more about the cardiac rhythm management devices market and the latest technological developments in the cardiac rhythm management devices market.

Frequently Asked Questions for the Cardiac Rhythm Management Devices Market:

1. What is meant by transcranial magnetic stimulation (TMS)?

Cardiac rhythm management devices are small, battery-powered devices that are implanted in the body and linked to the heart. They aid with the monitoring and regulation of your heart rhythm. Pacemakers and implantable cardioverter defibrillators are the two most frequent types of cardiac rhythm management devices.

2. What is the market for global cardiac rhythm management devices?

The global cardiac rhythm management devices market is estimated to grow at a CAGR of 5.64% during the forecast period from 2024 to 2030.

3. What are the drivers for the global cardiac rhythm management devices market?

The demand for cardiac rhythm management devices is primarily being boosted by the increasing patient population suffering from various heart rhythm disorders such as Alzheimer's Disease and Parkinson's disease among others, as the surge in several risk factors such as smoking, diabetes, and other associated with causing various cardiovascular diseases (CVDs), rising awareness regarding heart health, and others, thereby contributing to the overall growth of the cardiac rhythm management devices market during the forecast period from 2024-2030.

4. Who are the key players operating in the global cardiac rhythm management devices market?

Some of the key market players operating in the cardiac rhythm management devices market include Abbott, Medtronic, Boston Scientific Corporation, Koninklijke Philips N.V, Zoll Medical Corporation, Microport Scientific Corporation, LivaNova PLC, Stryker, Nihon Kohden Corporation, Biotronik, Inc., Shree Pacetronix Ltd., OSCOR Inc., Lepu Medical Technology Co. Ltd., BPL Medical Technologies, CU Medical Systems, Inc., SCHILLER AG, Bexen Cardio, Progetti S.r.l., Vitatron, Kestra Medical Technologies, Inc., and others.

5. Which region has the highest share in the cardiac rhythm management devices market?

North America is expected to dominate the overall cardiac rhythm management devices market during the forecast period from 2024-2030. Owing to factors such as the rising prevalence of cardiovascular disorders, surge in risk factors such as smoking, old age, and others, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new products, and high awareness among others, the North America cardiac rhythm management devices market is expected to growth in coming years.