Cardiac Rhythm Management Devices Market – Insights
Cardiac rhythm management (CRM) devices are used for performing various functions such as bradycardia pacing, cardiac resynchronization for heart failure, monitoring for arrhythmias, defibrillation, and anti-tachycardia pacing for tachyarrhythmia. Pacemakers (PMs), implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices are some of these devices. The symptoms of congestive heart failure can be improved by using treatments such as cardiac resynchronization therapy. The symptoms could be improved by improving the timing of heart contractions, thereby increasing the amount of blood pumped into the body.
The global cardiac rhythm management devices market size was valued at US$ 19.05 billion in 2018 and is expected to witness a CAGR of 7.5% over the forecast period (2018 – 2026).
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The rising incidence of cardiac disorders globally is expected to drive the cardiac rhythm management devices market growth
The rising 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. For instance, according to WHO report, in 2015, cardiovascular diseases were the major cause of death, which accounted for 17.7 million deaths, worldwide.
By using advanced technologies in cardiac pacemakers such as pacemakers with improved battery life and MRI safe-pacemakers, the progression of persistent atrial fibrillation (AF) in patients suffering from bradycardia can be delayed. The increasing demand for such advancements is expected to result in rising demand for cardiac rhythm management devices, thereby boosting the market growth. For instance, in February 2017, Abbott received approval from the U.S. Food and Drug Administration (FDA) for its MR-conditional labeling for Assurity MRI pacemaker and the Tendril MRI pacing lead.
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Moreover, the market growth is expected to be driven by integration of remote technology in cardiac rhythm management devices. One of the remote technologies include remote follow-up. Through this technology, data can be periodically downloaded from the device, either through patient interaction with a transmitter system or automatically with no patient participation. The clinicians can perform periodic routine patient check-ups remotely by using this technology.
Cardiac Rhythm Management Devices Market Restraints
The adoption of implantable pacemakers are expected to reduce due to infections caused in cardiac patients who are implanted with these pacemakers. This is expected to restrain growth of the cardiac rhythm management devices market. Various manufacturers in the industry are claiming risks associated with their products. For instance, according to the Medtronic, some of the risks of using an ICD implant includes infection at the surgical site and/or sensitivity to the device material, failure in delivering therapy when required, and receiving extra therapy when it is not required. Moreover, after receiving an ICD, patient will have limitations with respect to electromagnetic and magnetic radiation, and gas or electric-powered appliances.
Cardiac Rhythm Management Devices Market – Regional Insights
The global cardiac rhythm management devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the market over the forecast period, owing to increasing prevalence of cardiovascular diseases in the region. According to the American Heart Association (AHA), 2017, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease or the after-effects of stroke. Moreover, as per AHA report, the direct and indirect costs of cardiovascular diseases and stroke are estimated to account for US$ 316 billion, including health expenditures and lost productivity.
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Furthermore, Asia Pacific cardiac rhythm management devices market is expected to witness significant growth during the forecast period. This is owing to increasing demand for technologically advanced products for cardiac rhythm management and rising healthcare concern for stroke prevention associated with atrial fibrillation. According to the Japanese Heart Rhythm Society in 2017, the Asian population with atrial fibrillation (AF) is estimated to reach 72 million by 2050, of which 2.9 million might suffer from AF-associated strokes.
Cardiac Rhythm Management Devices Market – Competitive Landscape
Major 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.
Detailed Segmentation:
- Global Cardiac Rhythm Management Devices Market, By Product Type:
- Cardiac Resynchronization Therapy Devices
- Cardiac Resynchronization Therapy Defibrillators (CRT-D)
- Cardiac Resynchronization Therapy Pacemakers (CRT-P)
- Defibrillator
- Implantable Cardioverter Defibrillators (ICDS)
- External Defibrillators
- Pacemakers
- Single Chamber Pacemakers
- Dual Chamber Pacemakers
- Biventricular Pacemakers
- Cardiac Resynchronization Therapy Devices
- Global Cardiac Rhythm Management Devices Market, By End User:
- Hospital
- Home Care Settings
- Ambulatory Care Settings
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