Cardiac Rhythm Management Devices Market size was over USD 18 Billion in 2023 and is poised to exceed USD 40 Billion by the end of 2036, growing at over 7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of cardiac rhythm management devices is estimated at USD 19 Billion.
The need for efficient treatment alternatives has increased due to the rising prevalence of cardiovascular disorders, including atrial fibrillation, cardiac arrhythmias, and heart failure. It was observed by National Library of Medicine, that 10,951,403 fatalities due to CVD (heart disease, 16.9% stroke) happened between 2010 and 2022. The aging population, which is more prone to heart-related conditions, has also aided in the cardiac rhythm management devices market growth. The development of the market has also been significantly aided by technological developments. The accuracy and effectiveness of these devices have increased owing to advancements in wireless communication, smart algorithms, and device downsizing. The treatment of cardiac rhythm abnormalities has also been completely transformed by the advent of pacemakers, cardiac resynchronization therapy (CRT) devices, and implantable cardioverter-defibrillators (ICDs).
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7% |
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Base Year Market Size (2023) |
USD 18 Billion |
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Forecast Year Market Size (2036) |
USD 40 Billion |
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Regional Scope |
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Product Type (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy Devices)
Pacemakers segment is poised to dominate over 38% cardiac rhythm management devices market share by 2036. The segment growth can be attributed to widely adopted technology in the landscape. Pacemakers are a well-known and extensively used technology. In 2022, the segment of pacemakers accounted for around USD 5 billion in revenue. They have a lengthy history of treating a variety of cardiac rhythm abnormalities and have shown to be quite successful in enhancing patient outcomes.
Pacemakers ensure that the heart beats at a regular and suitable rhythm by providing dependable and ongoing monitoring of the electrical signals in the heart. Because bradycardia is becoming more common, people are becoming older, and pacemaker technology is improving, there is always a significant demand for these devices. There are more than 1 million pacemakers installed worldwide each year.
End-use (Hospitals, Cardiac care centers, Ambulatory Surgical Centers, Others)
By 2036, hospitals segment is estimated to account for around 4% cardiac rhythm management devices market share. Hospitals offer complete cardiac care, which includes post-operative care, diagnostics, and therapy. They ensure a comprehensive approach to patient management by having departments and healthcare specialists dedicated to the management of cardiac rhythms.
This category boasts cutting-edge facilities, such as intensive care units, operating rooms, and cardiac catheterization labs, all outfitted with the tools required to carry out intricate heart surgeries and procedures. Skilled cardiologists and electrophysiologists with a focus on diagnosing and treating heart rhythm abnormalities are drawn to hospitals. These experts are vital to the process of choosing, implanting, and keeping an eye on cardiac rhythm control devices.
Application (Congestive heart failure, Arrhythmias, Bradycardia, Tachycardia, Others)
Arrhythmias segment is anticipated to garner majority market share. This is mostly related to the rising global prevalence of heart attacks and recurrent arrhythmia rates brought on by conditions like sedentary lifestyle problems. For instance, according to the Centers for Disease Prevention and Control (CDC), 12.1 million Americans are estimated to have atrial fibrillation (AFib) by 2030. Furthermore, AFib was listed as the underlying cause of death in 26,535 of the 183,321 deaths that occurred in 2019 according to death certificates.
Our in-depth analysis of the cardiac rhythm management devices market includes the following segments:
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Product Type |
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Application |
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End-use |
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North America Market Statistics
North America in cardiac rhythm management devices market is estimated to dominate over 36% revenue share by 2036. The region's market growth is also estimated due to well-developed healthcare infrastructure. The availability of highly qualified healthcare experts and state-of-the-art diagnostic and treatment facilities has led to a notable adoption of advanced cardiovascular devices in the region. The United States is the world's largest market for pacemakers, accounting for about 50% of all sales. North America's dominance in the market is also attributed to the existence of significant market players and continuous technological advances.
According to statistics from the Centers for Disease Prevention and Control (CDC), in 2020, cardiac disease was the primary cause of death in the United States, with approximately 697,000 deaths. Moreover, cardiac diseases impose a heavy disease burden in the country, costing around $USD 229 billion every year from 2017 to 2018. Therefore, the substantial disease burden, high prevalence, and mortality rate are projected to drive market growth in the region.
The rising incidence of cardiovascular illnesses, the high frequency of CVD risk factors such as diabetes, hypertension, and others, and the growing use of minimally invasive procedures are the main factors propelling the market's expansion in Canada. The most common illnesses in the nation are cardiovascular ones. For instance, according to data released by the Heart and Stroke Foundation Canada in February 2022, 750,000 Canadians suffer from heart failure, and 100,000 new cases of this fatal illness are reported to the organization every year.
According to the same source, one in three Canadians have experienced heart failure, either directly or via a close relative or friend. The demand for cardiovascular diagnostics is therefore increased by the increasing prevalence of cardiovascular disorders in the nation, which is anticipated to drive the market for cardiac rhythm management devices throughout the forecast period.
APAC Market Analysis
The APAC region will also encounter huge growth for the cardiac rhythm management devices market during the forecast period growing at a CAGR of 5% as of 2022, and will hold the second position owing to swift expansion of the area can be ascribed to a rise in healthcare expenditures, enhancements in healthcare facilities, and growing consciousness about cardiovascular ailments.
The Asia Pacific region, accounting for over 20 % of global healthcare spending by 2030, will be the fastest growing area in health expenditure. Due to their vast patient populations, growing geriatric populations, and rising rates of cardiac rhythm disorders, countries like China, India, and Japan are seeing considerable market expansion.
To boost domestic manufacturing of medical devices, the Chinese government launched the Volume-based Procurement (VBP) act in 2020. According to the January 2022 article "Volume-based procurement is shaking up high-value medical devices market in China," high-value medical supplies have been subject to VBP in China, starting with coronary stents.
fight the rising price of premium medical supplies. Therefore, it is anticipated that the Chinese government's initiative will present opportunities for the stent segment. This is anticipated to fuel the cardiac rhythm management devices market expansion.
The increasing research & development activities, along with the launch of new devices and initiatives by various organizations, are estimated to boost market growth in Korea. For instance, in February 2021, Seoul National University Hospital implanted a wireless pacemaker in arrhythmia patients in Korea, showcasing the potential for segment growth over the forecast period.
In March 2022, Rampart IC signed an exclusive distribution agreement with Japan Lifeline (JLL), securing distribution to the Japanese market. This partnership is expected to increase the adoption of cardiovascular devices in Japan, driving market growth for cardiac rhythm management devices.
The cardiac rhythm management devices market is dominated by key market players who are gaining traction in the market by adopting several strategies including merger and acquisitions.
Author Credits: Radhika Pawar
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