Cardiac Rhythm Management Devices Market Share

North America Market Statistics

North America in cardiac rhythm management devices market is estimated to dominate over 36% revenue share by 2037. 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.