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Cardiac Rhythm Management Devices Market

Global Cardiac Rhythm Management Devices Market Share, Size, Analysis, Growth, Forecast: By Product Type: Pacemakers, Defibrillators, External Defibrillator, Cardiac Resynchronization Therapy (CRT), Others; By Applications: Bradycardia, Tachycardia, Heart Failure, Others; By End User; Regional Analysis; Competitive Landscape; 2024-2032

Global Cardiac Rhythm Management Devices Market Outlook

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.

 

Global Cardiac Rhythm Management Devices Market

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North America to be a Significant Regional Market for Cardiac Rhythm Management Devices

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.

 

Defibrillators are Expected to hold the Largest Market in Product Type

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.

 

Market Segmentations

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.

 

Global Cardiac Rhythm Management Devices Market by Segments

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By product, the market includes:

  • Defibrillators
    • Implantable Cardioverter Defibrillators (ICDS)
    • External Defibrillators (ED)
  • Pacemakers
    • Single Chamber Cardiac Pacemaker
    • Dual Chamber Cardiac Pacemaker
  • Cardiac Resynchronization Therapy (CRT) Devices
    • Cardiac Resynchronization Therapy Defibrillators (CRT-D)
    • Cardiac Resynchronization Therapy Pacemakers (CRT-P)

The significant applications of the market are:

  • Bradycardia
  • Tachycardia
  • Heart Failure
  • Others

The end-users of the market are:

  • Hospitals and Clinics
  • Ambulatory Surgery Centres
  • Homecare Settings

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.

 

Global Cardiac Rhythm Management Devices Market by Region

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Growing Prevalence of Cardiovascular Diseases Augmenting the Market Growth

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.

 

Key Players in the Global Cardiac Rhythm Management Devices Market

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:

  • Physio-Control, Inc.
  • Schiller Americas, Inc.
  • Medtronic
  • Abbott
  • Boston Scientific Corporation
  • BIOTRONIK SE & Co. KG
  • GE Healthcare
  • Asahi Kasei Corporation
  • MicroPort Scientific Corporation
  • NIHON KOHDEN CORPORATION
  • BPL Medical Technologies
  • Lepu Medical Technology
  • Pacetronix
  • Osypka Medical
  • AliveCor, Inc.

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.

 

Key Highlights of the Report

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:

  • Product Type
  • Applications
  • End User
  • Region
Breakup by Product Type
  • Pacemakers
  • Defibrillators
  • External Defibrillators (ED)
  • Cardiac Resynchronization Therapy (CRT) Devices
  • Others
Breakup by Applications
  • Bradycardia
  • Tachycardia
  • Heart Failure
  • Others
Breakup by End User
  • Hospital
  • Home Care Settings
  • Ambulatory Care Settings
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • Physio-Control, Inc.
  • Schiller Americas, Inc.
  • Medtronic
  • Abbott
  • Boston Scientific Corporation
  • BIOTRONIK SE & Co. KG
  • GE Healthcare
  • Asahi Kasei Corporation
  • MicroPort Scientific Corporation
  • NIHON KOHDEN CORPORATION
  • BPL Medical Technologies
  • Lepu Medical Technology
  • Pacetronix
  • Osypka Medical
  • AliveCor, Inc.

 

*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.

Key Questions Answered in the Report

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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