CARDIAC RHYTHM MANAGEMENT DEVICES MARKET ANALYSIS
Global cardiac rhythm management devices market is estimated to be valued at USD 17.51 Bn in 2024 and is expected to reach USD 23.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4% from 2024 to 2031. The market growth is driven by rising global prevalence of cardiac arrhythmias and growing geriatric population worldwide who are more prone to developing such conditions.
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Global cardiac rhythm management devices market growth is driven by factors such as increasing focus on preventive healthcare and growing adoption of technologically advanced devices for treatment. However, risks associated with implantation of cardiac devices and pricing pressures can hamper the market growth.
Increasing incidence of cardiovascular diseases
Rising prevalence of cardiovascular diseases can drive the market growth. According to the World Health Organization, cardiovascular diseases currently account for over 17 million deaths annually, with low- and middle-income countries disproportionately impacted. Rising burden of cardiovascular diseases can be attributed to both genetic predisposing factors as well as lifestyle and environmental risk factors prevalent in modern societies. Changes in dietary patterns along with reduced physical activity contribute to increased incidence of obesity, diabetes and unhealthy cholesterol levels, all of which are known risk multipliers for developing cardiovascular conditions. Moreover, growing geriatric population can also drive the market growth as age is a significant risk factor of the disease due to deteriorating functionality of organs with time.
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Growing awareness and better diagnosis
With greater knowledge regarding symptoms and risk factors of heart diseases, more people are becoming aware of underlying conditions in the early stages. Advancement in diagnostic technologies has enabled identification of cardiac arrhythmias and irregular heartbeats. Wearable medical devices and mobile ECG ,Electrocardiogram, recorders makes cardiac screening more convenient and accessible. Physicians can more accurately diagnose previously unknown cases of abnormal heart rhythms, valve defects or heart failures even in asymptomatic individuals. This has resulted in more patients being directed to specialized cardiac rhythm management procedures and therapies. Growing middle-class population in developing nations now has more access to sophisticated healthcare technologies and interventions. Improved medical insurance coverage has also removed financial barriers for many people, allowing for timely management according to recommended clinical guidelines.
Key Takeaways from Analyst:
Global cardiac rhythm management devices market growth is driven by rising geriatric population and subsequent increase in prevalence of cardiovascular diseases worldwide. Growing preference for minimally invasive endoscopic surgeries along with technological advancements in cardiac devices can also drive the market growth. However, high costs of cardiac devices especially implantable loop recorders and implantable cardioverter defibrillators can hamper their widespread adoption in low and middle income nations.
North America dominates the market due to robust healthcare infrastructure and stringent reimbursement policies. However, Asia Pacific is likely to emerge as the most lucrative region due to improving access to healthcare services and rapidly expanding medical tourism industry in the region. Within Asia Pacific, China and India will be high growth markets due to their huge patient pools and increasing healthcare spending.
Manufacturers are investing in development of MRI compatible pacemakers and defibrillators that will enable patients to undergo multiple scans without explanting devices. This will enhance patient outcomes and comfort levels. Integration of technologies like artificial intelligence and IoT can help develop smart, miniaturized cardiac devices for remote monitoring and prompt diagnosis of arrhythmias. This can boost post sales services.
Market Challenges: Risks and complications associated with implantable devices
Risks and complications associated with implantable cardiac rhythm management devices can hamper the market growth. Patients who receive implantable cardiac devices like pacemakers and defibrillators are at lifelong risk of device-related complications. Some of the common risks include device failures, infection at the implant site, device recalls due to technical issues, electrical or mechanical malfunctions. This poses serious health risks to patients. Device failures can occur any time due to battery depletion, lead fractures or insulations breaks in the wires connecting devices to the heart. When such failures happen, patients require urgent medical attention and sometimes device replacement surgery. This subjects patients to additional health risks and financial burden. Manufacturing defects or technical issues may also lead to device recalls, which impacts thousands of patients. For example, in 2020, Medtronic recalled several defibrillator and pacemaker models affecting over 4,00,000 patients worldwide due to potential electrical conduction issues. Addressing product quality issues and replacing devices involves massive costs for manufacturers. Surgical implantation of cardiac devices also carries risks of infection of the heart or implant site, which can potentially be life-threatening. According to the Centers for Disease Control and Prevention (CDC), in theU.S., , the incidence of device infection ranges from 1.1% to 26% with an average of 3.2% depending on various patient risk factors. Treatment of device infections requires intravenous antibiotics for weeks or months and sometimes complete device and lead removal.
Market Opportunities: Remote monitoring services
Remote monitoring services can offer growth opportunities for global cardiac rhythm management devices market. With advanced technologies like Bluetooth and wireless connectivity, remote monitoring allows continuous surveillance of patients' heart conditions from outside the hospital setting. This offers huge benefits for patients as well as the healthcare system. Remote monitoring allows early detection of any abnormality or deterioration in patients' heart conditions. This helps intervening promptly and preventing emergency situations. It ensures patients experience less hospital visits and stay comfortable at home while getting periodic reviews of their cardiac issues. This improves their quality of life significantly. For healthcare providers, remote monitoring helps manage large patient loads efficiently with limited resources. It reduces burden on hospitals with less readmissions. According to the data from World Bank, healthcare spending averaged nearly 10% of GDP for many countries during 2020–2022. Remote monitoring can play a key role in curbing rising costs by offering cost-effective long-term care. The COVID-19 pandemic reinforced the need for telehealth and remote patient monitoring on a global scale. As per WHO, over 90% of countries reported disruptions to non-COVID essential health services during 2020-2021. With social distancing norms, remote monitoring proved vital in continuing care for chronic disease patients. The pandemic has accelerated digital adoption among both providers and patients.
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By Product - Rising prevalence of cardiac disorders boosts demand for pacemakers
In terms of product, pacemakers segment is expected to contribute the highest market share of 40% in 2024, owing to rising prevalence of cardiac disorders globally. Pacemakers help to regulate abnormal heart rhythms and provide relief to patients suffering from conditions like bradycardia. Growing geriatric population prone to arrhythmias can boost demand for pacemaker. Advancements in pacemaker technology allowing for smaller, longer-lasting devices implanted via minimally invasive methods makes them an attractive option for young patients. Battery longevity has significantly improved, reducing the need for frequent replacements. The availability of innovative MRI-compatible pacemakers allowing scans has expanded use cases of pacemakers. Manufacturers are expanding their product portfolios with Bluetooth-enabled pacemakers for remote monitoring.
By Application -Congestive heart failure remains primary application area
In terms of application, congestive heart failure segment is expected to contribute t the highest market share of 36% in 2024, owing to its high prevalence. Congestive heart failure occurs when the heart muscle does not pump blood as well as it should, failing to meet the body's need for oxygen-rich blood. Its symptoms include fatigue, shortness of breath, and swelling all over the body. Cardiac rhythm devices effectively treat congestive heart failure by regulating abnormal heart rhythms, thus, allowing for improved blood flow. Ventricular therapies synchronized with heart contractions aid in the effective pumping of blood. Aging global population at a higher risk of developing congestive heart failure can boost demand for such devices.
By End User - Hospitals maintain dominance in cardiac device implantation
In terms of end user, hospitals segment is expected to contribute the highest market share of 35% in 2024, due to large volume of cardiac device implant procedures performed in hospitals. Most implant surgeries requiring advanced infrastructure and equipment are conducted in hospitals, where cardiac electrophysiologists and surgeons specialized in device therapy are available. For procedures like device implantation, device programming and follow-ups, patients prefer the advanced facilities and staff assistance offered in hospitals. The availability of inpatient services and potential case volumes allow hospitals to provide devices at competitive prices. Governments and insurance companies also prefer the regulated environment in hospitals for device implantation.
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North America dominates the global cardiac rhythm management devices market with an estimated market share of 41.3% in 2024, due to highly developed healthcare infrastructure, rising prevalence of cardiovascular diseases, and growing per capita healthcare expenditure. Presence of leading global players in the region coupled with high adoption of technologically advanced devices drives the market growth. Furthermore, favorable reimbursement policies for implantable devices and rising awareness about available treatment options also drives the market growth.
Asia Pacific is expected to be the fastest growing market for cardiac rhythm management devices. Rapidly improving healthcare infrastructure, increasing healthcare spending, and expanding private insurance coverage drives the market growth in the Asia Pacific region. Moreover, growing geriatric population suffering from heart conditions and improving economic conditions attracts leading global players to focus on developing markets within Asia Pacific. Countries like China, Japan and India offer immense opportunities due to their huge population bases and growing medical tourism industries. Rising standards of living and increasing disposable incomes have also boosts demand for quality healthcare and premium products in the Asia Pacific region. The region is witnessing growing exports of advanced devices from developed markets like the U.S. and Japan while domestic manufacturers are gaining momentum to cater to domestic needs. Favorable regulations and initiatives by governments aiming to reduce heart disease burden can drive the Asia Pacific market growth during the forecast period.
Cardiac Rhythm Management Devices Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 17.51 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 4% | 2031 Value Projection: | US$ 23.10 Bn |
| Geographies covered: |
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| Companies covered: |
Abbott Laboratories, Abiomed, Biotronik SE & Co. KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova PLC, Medtronic PLC, Schiller AG, Physio-Control, Inc., Progetti Srl, Zoll Medical Corporation, Cardiac Science, Defibtech, LLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, St. Jude Medical, Inc., and CU Medical Systems Inc. |
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*Definition: Global cardiac rhythm management devices market comprises medical devices used for diagnosis and treatment of arrhythmias or abnormalities in the heart's rhythm. The major products under this market include pacemakers, implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy (CRT) devices, and other related devices. These implanted devices help regulate abnormal heart rhythms through electrical impulses and correct arrhythmias. The global cardiac rhythm management devices market has been growing steadily due to the rising prevalence of cardiovascular diseases and aging population worldwide.
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About Author
Manisha Vibhute is a consultant with over 5 years of experience in market research and consulting. With a strong understanding of market dynamics, Manisha assists clients in developing effective market access strategies. She helps medical device companies navigate pricing, reimbursement, and regulatory pathways to ensure successful product launches.
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