Technological advancements in CRM devices are driving the global CRM devices market growth. Fortune Business Insights in a report, titled “Cardiac Rhythm Management (CRM) Devices Market: Global Market Analysis, Insights and Forecast, 2019-2026” projects the global market to register a CAGR of 4.4% between 2019 and 2026.
In 2019, the global market was worth US$ 13,883.7 Mn and is anticipated to be worth US$ 19,938.3.1 Mn by 2026. The rising prevalence of cardiovascular disorders across the world is the chief factor responsible for positively impacting the growth of the market.
“Medtronic Tops Among Other Companies Owing to its Robust Product Portfolio”
Physio Control, Cardiac Science, Medtronic, Stryker, CU Medical Systems Inc., Defibtech, LLC., Abbott, Boston Scientific Corporation, MicroPort, BIOTRONIK, and LivaNova PLC are some of the leading players operating in the cardiac rhythm management devices market. Among these companies, Medtronic is leading the global implantable cardioverter defibrillator market and accounts for a major share in the global pacemaker market.
The wide array of product offerings and their availability are factors responsible for the company’s leading position. These factors, together with the company’s strong customer base, will help the company to emerge dominant during the forecast period. Medtronic together with Boston Scientific Corporation currently holds over half of the share in the global market.
“Defibrillators Register Strong Growth Than Other Products”
Among different products, the market will witness strong demand for defibrillators in the global market during the forecast period. In 2018, they covered a share of 49.0% in the CRM devices market share. These are generally used to treat out-of-hospital cardiac arrests and arrhythmia. Under defibrillators, implantable cardioverter defibrillator (ICD) are preferred over external defibrillators.
Moreover, physicians also recommend this type of defibrillator as they have the ability to effectively deliver electric shocks for the restoration of a heartbeat. On the other hand, the installation of the external defibrillator is increasing in developed and developing nations with the growing incidence of out-of-hospital cardiac arrests. Governments in some countries have passed a mandate to install external defibrillators at public places. The objective is to have easy access to cardiac patients.
“North America Dominates Owing to Favorable Healthcare Reimbursement Policies”
From a geographical standpoint, North America is anticipated to dominate the cardiac rhythm management devices market in the forecast years. Well-established healthcare infrastructure and favourable healthcare reimbursement policies are contributing to the growth of the market. The market in this region was valued at US$ 5,914.1 Mn in the year 2018. Cardiac patients have shifted their focus to preventive care.
This rising shift is fueling demand for cardiac rhythm management devices. In addition to this, governments have made strict guidelines to install external defibrillators, especially in public places. Against this backdrop, the demand for cardiac rhythm management devices is increasing, which will in due course, drive the CRM devices market growth.
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The market in Asia Pacific is expected to grow considerably during the forecast years. This is mainly attributable to the rising penetration of health insurance across developing countries.
“Increasing Awareness About Cardiac Management Devices Propels Growth in the Market”
“Several developing economies are witnessing massive demand for implantable cardiac rhythm devices owing to the rising awareness about different products among the population,” said a lead analyst at Fortune Business Insights. “This, coupled with rising disposable income, act as potential growth enablers in the market,” he added.
As per a study conducted by the European Cardiac Society, it was found that certain Western European countries registered an implantation rate of over 1000 units per million populations. The increasing adoption of implants especially in emerged countries represents a rising preference of cardiac rhythm management devices amongst the population.
CRM Devices Market Segmentations:
By End User
• Hospitals & Clinics
• Ambulatory Surgery Centers and Others
• North America (the USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Rest of the World