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The global cardiac rhythm management devices market size reached a value of about USD 17.38 billion in 2023. The market is further expected to grow at a CAGR of about 5.0% during the forecast period of 2024-2032 to reach a value of around USD 27.04 billion by 2032, driven by the rapid technological advancements.
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North America dominates the market for cardiac rhythm management (CRM) devices and holds one of the largest revenue shares owing to various factors, including well-established healthcare infrastructure, rising elderly population, increased adoption of technologically advanced products, and rising regulatory approvals. Many companies are currently working on new pacemaker and implantable cardioverter defibrillator (ICD) devices, based on existing pacemakers. The rising frequency of cardiovascular disorders in the region is driving the demand for CRM devices, which is driving the market growth.
A defibrillator is a medical device that sends an electric pulse or shock to the heart to restore a regular heartbeat. This device is used to treat cardiac problems, such as arrhythmia, an irregular heartbeat, or a heartbeat that is too rapid or too slow. Due to its effectiveness in treating cardiac arrest, the use of a defibrillator is on the rise. Implantable cardioverter defibrillators (ICDS) are recommended by physicians to treat irregular heartbeat, while external defibrillators are widely being installed in developed and emerging nations to deal with the increasing prevalence of out-of-hospital cardiac arrests.
Cardiac rhythm management is a branch of electrophysiology that deals with how the heart works. The usage of cardiac rhythm management devices, such as cardiac resynchronization therapy, pacemakers, implantable cardioverter defibrillators, and loop recorders, has evolved during the last decade. Arrhythmia, bradycardia, tachycardia, and sudden cardiac arrests all are treated with cardiac rhythm management devices.
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By product, the market includes:
The significant applications of the market are:
The end-users of the market are:
The regional markets for the cardiac rhythm management devices industry can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
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The surging volume of patients suffering from cardiac disorders and heart failure across the globe, rising investment in the development of advanced technological devices, changing lifestyle of the people, increasing usage of home care and ambulatory services for cardiac monitoring are some of the significant factors that will propel the growth of the market for cardiac rhythm management devices in the forecast period of 2020-2027. Increasing applications in developing economies and a growing number of research activities to the next level will further boost various opportunities that will lead to the growth of the cardiac rhythm management devices industry in the forecast period.
Favourable reimbursement policies have led to higher adoption of medical devices by patients in countries like Canada, the United States, and the United Kingdom, thereby increasing market penetration. Furthermore, increased government efforts and the implementation of new CRM technology are expected to promote growth over the forecast period. For example, regulations governing the use of external defibrillators in public locations.
The report gives a detailed analysis of the following key players in the global cardiac rhythm management devices industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Applications |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Supplier Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Cardiac Rhythm Management Devices Market Overview
3.1 Global Cardiac Rhythm Management Devices Market Historical Value (2017-2023)
3.2 Global Cardiac Rhythm Management Devices Market Forecast Value (2024-2032)
4 Global Cardiac Rhythm Management Devices Market Landscape
4.1 Global Cardiac Rhythm Management Devices Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Cardiac Rhythm Management Devices Product Landscape
4.2.1 Analysis by Product Type
4.2.2 Analysis by Technology
4.2.3 Analysis by Applications
4.2.4 Analysis by End User
5 Global Cardiac Rhythm Management Devices Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Cardiac Rhythm Management Devices Market Segmentation
6.1 Global Cardiac Rhythm Management Devices Market by Product Type
6.1.1 Market Overview
6.1.2 Pacemakers
6.1.2.1 Implantable
6.1.2.2 External
6.1.3 Defibrillators
6.1.3.1 Implantable Cardioverter Defibrillators (ICD)
6.1.3.1.1 S-ICD
6.1.3.1.2 T-ICD
6.1.4 External Defibrillator
6.1.4.1 Manual External Defibrillator
6.1.4.2 Automatic External Defibrillator
6.1.4.3 Wearable Cardioverter Defibrillator
6.1.5 Cardiac Resynchronization Therapy (CRT)
6.1.5.1 CRT-Defibrillator
6.1.5.2 CRT-Pacemakers
6.1.6 Others
6.2 Global Cardiac Rhythm Management Devices Market by Applications
6.2.1 Market Overview
6.2.2 Bradycardia
6.2.3 Tachycardia
6.2.4 Heart Failure
6.2.5 Others
6.3 Global Cardiac Rhythm Management Devices Market by End User
6.3.1 Market Overview
6.3.2 Hospital
6.3.3 Home Care Settings
6.3.4 Ambulatory Care Settings
6.3.5 Others
6.4 Global Cardiac Rhythm Management Devices Market by Region
6.4.1 Market Overview
6.4.2 North America
6.4.3 Europe
6.4.4 Asia Pacific
6.4.5 Latin America
6.4.6 Middle East and Africa
7 North America Cardiac Rhythm Management Devices Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Cardiac Rhythm Management Devices Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Cardiac Rhythm Management Devices Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Cardiac Rhythm Management Devices Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Cardiac Rhythm Management Devices Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 Physio-Control, Inc.
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 Schiller Americas, Inc.
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Medtronic
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 Abbott
17.4.1 Financial Analysis
17.4.2 Product Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Boston Scientific Corporation
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 BIOTRONIK SE & Co. KG
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 GE Healthcare
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 Asahi Kasei Corporation
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 MicroPort Scientific Corporation
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 NIHON KOHDEN CORPORATION
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
17.11 BPL Medical Technologies
17.11.1 Financial Analysis
17.11.2 Product Portfolio
17.11.3 Demographic Reach and Achievements
17.11.4 Mergers and Acquisitions
17.11.5 Certifications
17.12 Lepu Medical Technology
17.12.1 Financial Analysis
17.12.2 Product Portfolio
17.12.3 Demographic Reach and Achievements
17.12.4 Mergers and Acquisitions
17.12.5 Certifications
17.13 Pacetronix
17.13.1 Financial Analysis
17.13.2 Product Portfolio
17.13.3 Demographic Reach and Achievements
17.13.4 Mergers and Acquisitions
17.13.5 Certifications
17.14 Osypka Medical
17.14.1 Financial Analysis
17.14.2 Product Portfolio
17.14.3 Demographic Reach and Achievements
17.14.4 Mergers and Acquisitions
17.14.5 Certifications
17.15 AliveCor, Inc.
17.15.1 Financial Analysis
17.15.2 Product Portfolio
17.15.3 Demographic Reach and Achievements
17.15.4 Mergers and Acquisitions
17.15.5 Certifications
18 Global Cardiac Rhythm Management Devices Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
In 2023, the global cardiac rhythm management devices market attained a value of nearly USD 17.38 billion.
The market is projected to grow at a CAGR of 5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 27.04 billion by 2032.
The major drivers of the market include the well-established healthcare infrastructure, increasing elderly population, changing lifestyle, increasing usage of home care and ambulatory services, increasing applications in developing economies, growing number of research activities, and favourable reimbursement policies.
The surging volume of patients suffering from cardiac disorders and rising investment in the development of advanced technological devices are the key industry trends propelling the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Based on product, the market is segmented into defibrillators, pacemakers, and cardiac resynchronisation therapy (CRT) devices. Defibrillators are further divided into implantable cardioverter defibrillators (ICDS) and external defibrillators (ED) while pacemakers are sub-divided into single chamber cardiac pacemaker and dual chamber cardiac pacemaker. Cardiac resynchronisation therapy (CRT) devices are sub-divided into cardiac resynchronisation therapy defibrillators (CRT-D) and cardiac resynchronization therapy pacemakers (CRT-P).
The significant applications of the market are bradycardia, tachycardia, and heart failure, among others.
The end-users of the market are hospitals and clinics, ambulatory surgery centres, and homecare settings.
The major players in the industry are Boston Scientific Corporation (BSC), BIOTRONIK SE & Co KG, Medtronic Plc, Stryker Corporation, and MicroPort Scientific Corporation, among others.
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