Cardiac Rhythm Management Devices Market, By Product (Pacemakers, Defibrillators, and Cardiac Resynchronization Therapy Devices), By Application (Congestive heart failure, Arrhythmias, Bradycardia, Tachycardia, and Others), By End users (Hospitals, Cardiac care centers, Ambulatory surgical centers, Other), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024

Code : CMI2364

Pages :155

Formats :

Excel and PDF

Industry : Medical Devices

Cardiac Rhythm Management Devices Market Size and Trends

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.

Cardiac Rhythm Management Devices Market key Factors

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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.

Cardiac Rhythm Management Devices Market Concentration By Players

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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.