The 2022 global Implantable Cardiac Rhythm Management (ICRM) Devices Market size stood at USD 15.87 Billion, with a projected revenue Compound Annual Growth Rate (CAGR) of 4.2% over the forecast period, as indicated in the most recent report by Reports and Data.
Cardiovascular diseases (CVDs) have emerged as a leading global cause of mortality. According to the World Health Organization (WHO), CVDs are responsible for approximately 31% of all worldwide deaths. This escalating prevalence of CVDs has created a heightened demand for implantable cardiac rhythm control devices. These devices are designed to regulate heart rhythms and prevent irregular heartbeats.
Moreover, the growing elderly population represents another substantial driver of the market’s revenue expansion. As people age, their susceptibility to cardiovascular diseases increases, resulting in a greater need for implantable cardiac rhythm management devices. Given that older individuals are more prone to experiencing arrhythmias, they constitute a pivotal target demographic for these devices.
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Both patients and healthcare practitioners are exhibiting a preference for minimally invasive surgical procedures over traditional open surgeries due to numerous advantages, including quicker recovery times, reduced pain, and fewer complications. Consequently, implantable cardiac rhythm management devices are increasingly being implanted using minimally invasive methods.
Key players in the Implantable Cardiac Rhythm Management (ICRM) Devices Market:
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic Plc
- Biotronik SE & Co. KG
- Koninklijke Philips N.V.
- LivaNova PLC
- Microport Scientific Corporation
- ZOLL Medical Corporation
- Hill-Rom Holdings, Inc.
- Jarvik Heart, Inc.
- SCHILLER AG
Some Key Highlights in the Report:
- In 2022, the pacemaker segment dominated the global market for implantable cardiac rhythm management (ICRM) devices in terms of revenue share. This was primarily due to the rising global incidence of cardiovascular diseases (CVDs), leading to an increased demand for pacemaker installations. Pacemakers are utilized to regulate the heartbeats of individuals with conditions such as bradycardia or other cardiac rhythm irregularities. Their preference over other devices stems from their compact size and ease of implantation, resulting in less invasive and cost-effective procedures. Moreover, advancements like wireless pacemakers and remote monitoring systems are expected to further boost the revenue growth of this segment.
- The hospitals segment is anticipated to be the highest income generator in this market. This is because hospitals serve as the primary facilities for diagnosing and treating CVDs, necessitating the use of implanted cardiac rhythm control devices. Hospitals possess the necessary infrastructure and equipment for performing implantation procedures and providing post-operative care to patients. Additionally, the presence of skilled healthcare professionals and the increasing number of hospital admissions due to CVDs are poised to support revenue growth in this segment.
- North America accounted for the largest share of revenue in the global ICRM devices market in 2022, primarily attributable to the high prevalence of cardiovascular diseases in the region. According to the American Heart Association, CVDs are responsible for nearly 836,546 deaths in the United States annually, with this number expected to rise in the future. Factors such as the growing elderly population, sedentary lifestyles, and unhealthy dietary habits also contribute to revenue growth in this region.
- The European market is projected to experience the most rapid revenue growth rate in the global ICRM devices market during the forecast period. This can be attributed to the increasing prevalence of cardiovascular diseases and the expanding geriatric population in the region. Furthermore, the adoption of advanced technologies and increased healthcare spending are expected to drive market revenue growth in Europe.
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For the purpose of this report, Reports and Data has segmented the global Implantable Cardiac Rhythm Management (ICRM) devices market on the basis of Product Type Outlook, End-use Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Pacemakers
- Implantable Cardioverter Defibrillators (ICDs)
- Cardiac Resynchronization Therapy (CRT) Devices
- Others
End-use Outlook (Revenue, USD Billion; 2022 – 2032)
- Hospitals
- Clinics
- Ambulatory Surgical Centers (ASCs)
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
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