Cardiac Rhythm Management (CRM) devices include pacemakers (PMs), implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices. These devices perform various functions, including bradycardia pacing, cardiac resynchronization for heart failure, monitoring for arrhythmias, defibrillation, and anti-tachycardia pacing for tachyarrhythmia. Products such as cardiac resynchronization therapy can improve congestive heart failure symptoms by improving the timing of the heart’s contractions, resulting in pumping more blood to the body.
The global cardiac rhythm management devices market size was valued at US$ 19.05 billion in 2017, and is expected to witness a CAGR of 7.5% over the forecast period (2018 – 2026).
Global Cardiac Rhythm Management Devices Market Revenue (US$ Bn) Analysis, By Product Type, 2017
Source: Coherent Market Insights Analysis (2018)
Rising incidences of cardiac disorders worldwide is expected to drive the cardiac rhythm management devices market revenue
Rise in incidence of cardiovascular diseases such as cardiac arrhythmia, ischemic heart disease, and hypertension is expected to fuel growth of the cardiac rhythm management devices market. According to WHO report, in 2015, cardiovascular diseases was the leading cause of deaths accounting for 17.7 million deaths, worldwide.
Furthermore, technological advancements in cardiac rhythm management devices is the major growth rendering factor for the industry. For instance, adoption of advanced technologies in cardiac pacemakers such as pacemakers with improved battery life and MRI safe-pacemakers, delay the progression of persistent atrial fibrillation (AF) in patients suffering from bradycardia. These advancements are gaining significant traction and are expected to fuel the demand for cardiac rhythm management devices. For instance, in February 2017, Abbott received the Food and Drug Administration (FDA) approval for its MR-conditional labeling for Assurity MRI pacemaker and the Tendril MRI pacing lead.
Moreover, introduction of remote technology in cardiac rhythm management devices is anticipated to drive market growth. Remote technology includes remote follow-up, in which data can be periodically downloaded from the device, either through patient interaction with a transmitter system or automatically with no patient participation. The technology allows clinicians to perform periodic routine patient check-ups remotely.
Cardiac Rhythm Management Devices Market Restraints
Despite tremendous rise in cardiac rhythm disorders worldwide, implantable pacemakers associated infections in cardiac patients can deter patients from using the products, negatively impacting growth of the cardiac rhythm management devices market. Many manufacturers in the industry are claiming risks associated with their products. For instance, according to the Medtronic, risks associated with an ICD implant include, infection at the surgical site and/or sensitivity to the device material, failure to deliver therapy when it is needed, and receiving extra therapy when it is not needed. Moreover, after receiving an ICD, patient will have limitations with respect to electromagnetic and magnetic radiation, and gas or electric-powered appliances.
Cardiac Rhythm Management Devices Market - Regional Insights
On the basis of region, the global cardiac rhythm management devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in global cardiac rhythm management devices market during the forecast period, due to increasing prevalence of cardiovascular diseases in the region. According to the American Heart Association (AHA), 2017, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease or the after-effects of stroke. AHA report also stated that direct and indirect costs of cardiovascular diseases and stroke are estimated to account for US$ 316 billion, including health expenditures and lost productivity.
Asia Pacific cardiac rhythm management devices market is expected to witness lucrative growth during the forecast years, owing to high demand for technological advanced products for cardiac rhythm management coupled with rising healthcare concern for stroke prevention associated with atrial fibrillation. According to the Japanese Heart Rhythm Society in 2017, the Asian population with atrial fibrillation (AF) is estimated to reach 72 million by 2050, of which 2.9 million may suffer from AF-associated strokes.
Global Cardiac Rhythm Management Devices Market Share (%), By Region, 2017
Source: Coherent Market Insights Analysis (2018)
Cardiac Rhythm Management Devices Market - Competitive Landscape
Key players operating in the global cardiac rhythm management devices market include Medtronic plc. Abbott Laboratories, Abiomed, Boston Scientific Corporation, Biotronik Se Co Kg, Koninklijke Philips N.V., LivaNova Plc, Cardiac Science Corporation, Schiller Ag, and Zoll Medical Corporation.
Cardiac rhythm management (CRM) is the treatment of arrhythmias (heart rhythm disorders) or atrial fibrillation (AF). Arrhythmias can cause a range of problems for patients, from palpitations and dizzy spells to sudden cardiac arrest. Cardiac rhythm management devices such as pacemakers, cardiac resynchronization therapy (CRT) devices and implantable cardiac defibrillators (ICDs) continue to evolve rapidly in reliability and lifespan. Most CRM devices are implanted under the skin, with one to three leads threaded down a vein to connect to the heart.
Increasing incidences of heart failure and arrhythmia have fuelled rapid advancements in cardiac rhythm management (CRM) technologies eventually increasing the demand for CRM devices. According to the study published in 2016, by the Journal of the Formosan Medical Association, around 72 million people are estimated to suffer from atrial fibrillation in Asia by 2050, which is expected to be more than double the combined numbers of patients from the U.S. and Europe.
However, factors such as chances of infections associated with installation of pacemakers in cardiac patients can hamper the cardiac rhythm management devices market growth. Pacemaker surgery can also led to various complications such as bleeding, bruising or swelling at the of area of pacemaker implantation leading to blood vessel or nerve damage, which in turn can reduce adoption of cardiac implants in patients.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.