Coherent Market Insights

Cardiac Rhythm Management Devices Market to Surpass US$ 23.10 Bn by 2031

Cardiac Rhythm Management Devices Market to Surpass US$ 23.10 Bn by 2031 - Coherent Market Insights

Publish In: Aug 08, 2024

Global cardiac rhythm management devices market is estimated to witness high growth, owing to increasing prevalence of cardiovascular diseases and growing geriatric population

Global Cardiac Rhythm Management Devices Market is estimated to be valued at USD 17.51 Bn in 2024, exhibiting a CAGR of 4% over the forecast period (2024-2031). Rising incidence of target diseases such as arrhythmias, congestive heart failure and myocardial infarctions can drive the market growth. Furthermore, increasing preference for minimally invasive endoscopic procedures and growing geriatric population susceptible to developing cardiovascular diseases can also boost demand for cardiac rhythm management devices.

Market Dynamics:

Global cardiac rhythm management devices market growth is driven by factors like increasing prevalence of cardiovascular diseases due to changing lifestyle and growing geriatric population. It is estimated that over 23 million people will die annually from cardiovascular diseases by 2030, as per the World Health Organization.

Technological advancement in cardiac rhythm management devices can also drive the market growth. Major players are focusing on developing innovative devices such as MRI-safe leadless pacemakers and subcutaneous implantable cardioverter defibrillators (S-ICDs) to cater to rising demand and expand their market share.

Increasing geriatric population and rising cardiovascular diseases can drive global cardiac rhythm management devices market growth

 Aging population ( seniors aged 65 years and above) are more prone to develop cardiovascular conditions like arrhythmias, heart failure and coronary artery diseases. As per the World Health Organization (WHO), cardiovascular diseases (CVDs) are the number one cause of death globally, with an estimated 17.9 million deaths each year. Rising geriatric population lead to increase in prevalence of atrial fibrillation, cardiac arrhythmias and heart failure. This growing patient pool will boost demand for cardiac rhythm management devices for diagnostic and therapeutic purposes.

Advancements in cardiac rhythm management technologies boost adoption rates of devices

Major players in the industry are focusing on continuous product innovation to broaden clinical applications and therapeutically target complex arrhythmias. Advancements include development of MRI-compatible pacemakers and implantable cardiac monitors, novel leadless pacemakers, biocompatible materials for improved longevity, miniaturized implantable cardioverter defibrillators (ICDs), improved programming features and remote monitoring solutions. The emergence of cutting-edge technologies facilitates treatment of greater number of patients, thus, driving the global cardiac rhythm management devices market growth.

Stringent regulations delay approvals and increase development costs

Device approval process is very stringent and regulated by authorities like the U.S. FDA to ensure safety and efficacy. Companies need to comply with changing regulatory guidelines, which increases clinical trial timelines and costs significantly. Moreover, getting approvals across international markets poses further challenges. Stringent regulations delay market launch of innovative devices and increase the financial burden on manufacturers, thus, hampering growth prospects for players in the industry.

Declining reimbursement rates hamper revenue generation

Reimbursement scenario varies hugely across global healthcare systems and there is growing downward pressure to lower costs. Many private and public payers are imposing stricter restrictions on cardiac rhythm management device coverage, approval and payment rates. Moreover, there has been increase in out-of-pocket costs borne by patients on cardiac devices and related maintenance cost. Declining reimbursement rates directly impact revenue streams of players in this market.

Remote patient monitoring presents lucrative opportunities

Digital healthcare transformation and self-care practices are reshaping the traditional delivery models. Integration of advanced connectivity capabilities and remote monitoring solutions enables continuous tracking of high-risk cardiac patients from home. This minimizes hospital visits and facilitates quick interventions when needed. The COVID-19 pandemic further validated the clinical and economic value of remote patient monitoring. Increasing compatibility of cardiac rhythm management devices with digital platforms like smartphones can offer market growth opportunities.

Growing demand in emerging markets offers huge untapped potential

The market potential in developing countries is immense due to their rising disposable incomes, growing disease burden and improving access to healthcare facilities. Increasing investments by both public and private players boosts the healthcare infrastructure in emerging nations. Rising medical tourism and weakened regulatory systems also facilitate the growth. Greater awareness levels and accelerated economic development can offer lucrative opportunities for cardiac rhythm device manufacturers in Asia Pacific, Latin America, Middle East and Africa. Penetration rates in these regions are currently very low as compared to developed countries, thus, can drive the market growth.

Link - https://www.coherentmarketinsights.com/market-insight/cardiac-rhythm-management-devices-market-2364

Key Developments

  • In May 2024, Royal Philips presented a new research at the Heart Rhythm Annual Meeting in Boston, U.S., showcasing the benefits of its AI-powered cardiac care solutions. The studies emphasize how mobile cardiac monitoring, like Philips' MCOT wearable ECG sensor, improves early detection of cardiac events, reduces readmissions, and cuts costs compared to implantable loop recorders (ILRs).
  • In October 2023, MicroPort CRM announced the launch of the ULYS Implantable Cardioverter Defibrillator (ICD) and the INVICTA defibrillation lead in Japan. This move aims to enhance their global product portfolio.
  • In October 2023, Boston Scientific introduced its latest innovation, the LUX-Dx II+ insertable cardiac monitor (ICM) system. This advanced system offers extended monitoring capabilities for arrhythmias associated with conditions like atrial fibrillation (AFib), cryptogenic stroke, and syncope.
  • In April 2022, Abbott revealed that the U.S. FDA had approved its Aveir single-chamber (VR) leadless pacemaker. This approval, designed to treat patients with slow heart rhythms in the U.S., marks a significant advancement in patient care by offering new, innovative features for both patients and healthcare providers.

Key Players: Abbott Laboratories, Abiomed, Biotronik SE & Co. KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova PLC, Medtronic PLC, Schiller AG, Physio-Control, Inc., ProgettiSrl, Zoll Medical Corporation, Cardiac Science, Defibtech, LLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, St. Jude Medical, Inc., and CU Medical Systems Inc.

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports


Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail


Logo

Credibility and Certifications

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Credibility and Certifications

27001:2022

Credibility and Certifications

EXISTING CLIENTELE

Created billion dollars of revenue impact on thousands of clients

trusted clients logo
LogoCredibility and Certifications

Trusted Insights, Certified Excellence! Coherent Market Insights is a certified data advisory and business consulting firm recognized by global institutes.

Reliability and Reputation

860519526

Reliability and Reputation
Reliability and Reputation
Reliability and Reputation
ISO 9001:2015

9001:2015

ISO 27001:2022

27001:2022

© 2024 Coherent Market Insights Pvt Ltd. All Rights Reserved.