July 22, 2024

The Cardiac Rhythm Management Devices Market is driven by rising prevalence of cardiovascular disorders

Cardiac rhythm management devices are used for monitoring and regulating abnormal heart rhythms or arrhythmias. Some key cardiac rhythm management devices include pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-D). Pacemakers are small implantable devices used to maintain a regular heart rhythm by sending electrical pulses to the heart. ICDs can treat life-threatening arrhythmias by delivering electrical shocks to regulate bnormal heart rhythms. CRT-Ds combine the functions of pacemakers and ICDs and are used to treat heart failure. The growing prevalence of cardiovascular disorders such as cardiac arrhythmias is a major driver of the cardiac rhythm management devices market. Cardiovascular diseases cause over 17 million deaths each year and are the number one global cause of mortality. With an aging global population and increasing risk factors such as obesity and diabetes, the burden of cardiovascular disorders is expected to rise significantly in the coming years.

The global Cardiac Rhythm Management Devices Market size is estimated to be valued at US$ 19.05 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the cardiac rhythm management devices market is the increasing adoption of MRI-conditional pacemakers and ICDs. Traditionally, patients with permanent pacemakers or ICDs were not eligible for MRI scans due to potential risks from the strong magnetic fields. However, emerging MRI-conditional devices allow safe scanning of cardiac device patients. Major players are focusing on developing advanced devices compatible with MRI environment. For instance, in 2022, Medtronic received FDA approval for its Azure CRT-D which can safely conduct full-body MRI scans. Growing demand for non-invasive diagnostic procedures and expanding indications for MRI are expected to further drive uptake of MRI-compatible cardiac devices over the forecast period.

Porter’s Analysis

Threat of new entrants: Moderate threat as capital requirements and established regulations make entry difficult.

Bargaining power of buyers: Moderate as buyers have some bargaining power due to availability of substitutes and differentiated products.

Bargaining power of suppliers: Low to moderate as suppliers have specialized components and technologies.

Threat of new substitutes: Low threat as substitutes like medical devices require high investment and are highly regulated.

Competitive rivalry: High due to established players and differentiated products competing on innovation.

Key Takeaways

The global Cardiac Rhythm Management Devices market is expected to witness high growth.

Regional analysis related content comprises Europe dominates the global Cardiac Rhythm Management Devices market currently. Factors such as widespread awareness about cardiac disorders, supportive reimbursement policies, and availability of advanced healthcare facilities have been aiding the growth of the market in the region. However, Asia Pacific is anticipated to witness the fastest growth during the forecast period. This can be attributed to rising healthcare spending, growing geriatric population susceptible to chronic diseases, and improving healthcare infrastructure in the region.

Key players operating in the Cardiac Rhythm Management Devices market are 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. Innovation is the key focus area for these players to sustain in the competitive market. The players compete on parameters like technology, product portfolios and regional expansion for business growth.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it