CARDIAC RHYTHM MANAGEMENT DEVICES MARKET ANALYSIS

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.