(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Global Cardiac Rhythm Management Devices Market: Insights, Trends, Opportunities, and Recent DevelopmentsNew York, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Overview
The Global Cardiac Rhythm Management Devices market is projected to reach USD 17.3 billion in 2024 which is further anticipated to reach USD 31.0 billion by 2033 at a CAGR of 6.5%.
The Global Cardiac Rhythm Management (CRM) Devices Market is growing due to the increasing cases of cardiovascular diseases, increasing development in technologies, and the increasing elderly population. Pacemakers and ICDs, together with cardiac resynchronization therapy devices, are used for monitoring and maintaining abnormal rhythms and decreasing the risk of sudden cardiac death.
The growth is attributed to the fact that; the need for preventive healthcare increases, technological advancement in the functionality of the device, and enhanced health literacy among patients. Besides, other related developments include policies on reimbursement, the rising expenditure on healthcare across the globe, and higher uses across worldwide hospitals and ambulatory surgical centers.
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The US Cardiac Rhythm Management Devices Market
The US Cardiac Rhythm Management Devices Market with an estimated value of USD 6.0 billion in 2024 is projected to increase at a compound annual growth rate of 6.1% until reaching USD 10.2 billion by 2033.
The US CRM devices market is growing due to the rising prevalence of cardiac arrhythmias and heart failure that stem from changed diets and increased age. Technological advancements that were apparent included the incorporation of remote monitoring features, the development of devices of reduced size, and the development of MRI-compatible pacemakers.
The advancements in both artificial intelligence integration and real-time data are enhancing the quality of patient care, and thus increasing the demand. Also, there is a favorable regulation environment and activities on reimbursement policies in the market. The rising incidence of chronic heart diseases and a growing awareness of the need to diagnose the disorder early also support the use of CRM devices in the United States.
Important Insights
Global Market Value: This market is expected to reach USD 31.0 billion by 2033, from USD 17.3 billion in 2024. The U.S. Market Value: The U.S. market is estimated at USD 6.0 billion in 2024, growing to USD 10.2 billion by 2033 at a 6.1% CAGR. By Product Segment: Cardiac defibrillators are projected to dominate the market, contributing 45.9% market share in 2024. By Application Segment: Congestive heart failure (CHF) is expected to lead, holding 29.1% of the market share in 2024. Regional Insights: North America is expected to dominate this market with an estimated 41.23% market share in 2024. Key Players: Key market players include Medtronic, Boston Scientific Corporation, Biotronik, Asahi Kasei Corporation, and Philips Healthcare. Global Growth Rate: The global market is forecasted to grow at a 6.5% CAGR during the projected period.
Latest Trends
Technological Advancements: Technological advancements including wireless pacemakers, leadless devices, and AI-based predictive algorithms are also improving CRM device value and patient well-being. Increasing Remote Monitoring: Among various features of telemedicine, enabling real-time monitoring of the status of health of CRM devices will lead to a decrease in the number of clinic visits and an increase in the observance of possible complications. Integration of AI: AI here is playing a vital role in CRM devices that are being used in the case of individualized patient management involving the detection of early arrhythmias and interactive algorithms that may help clinicians initiate better treatments that could eventually improve the condition.
Cardiac Rhythm Management Devices Market: Competitive Landscape
The market for CRM devices is a highly competitive one, with Medtronic, Abbott, and Boston Scientific being some of the key players in the global market. To maintain a competitive edge, these companies exhibit market development through the introduction of better technologies including leadless pacemakers and defibrillators with remote monitoring systems.
It is normal to find strategic partnerships, mergers, and acquisitions because companies aim to improve their market position and broaden their product offerings. To some extent, independent smaller players and newcomers also drive technological advancement hence competition. The industry is highly innovative, enhancing the efficacy of devices and the effectiveness in providing solutions to the healthcare needs of patients, to sustain a competitive position in the evolving healthcare services market.
Some of the prominent market players:
Medtronic Boston Scientific Corporation Biotronik Asahi Kasei Corporation Philips Healthcare Defibtech, LLC. Cardiac Science Stryker CU Medical System Inc. LivaNova Plc Abbott Microport Other Key Players
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Cardiac Rhythm Management Devices Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 17.3 Bn |
| Forecast Value (2033) | USD 31.0 Bn |
| CAGR (2024-2033) | 6.5% |
| The US Market Size (2024) | USD 6.0 Bn |
| North America Revenue Share (2024) | 41.23% |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Product, By Application, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
Defibrillators are anticipated to dominate the product segment in the CRM devices market as they hold 45.9% of the market share in 2024. Defibrillators remain the most significant segment in the category of CRM devices since they remain an essential tool for preventing sudden cardiac arrest, which is a leading cause of death around the world.
These include ICD and external defibrillators, which deliver immediate therapeutic measures to overcome abnormal heart rhythms. Increasing knowledge about SCA together with improvements in the technology in the use of wearable cardioverter defibrillators and automatic external defibrillators (AEDs) has broadened their applicability in both healthcare facilities and the lay public. The growing incidence of cardiovascular diseases and the need for superior life-supporting devices has boosted the defibrillators market.
Global Cardiac Rhythm Management Devices Market Segmentation
By Product
Defibrillators Implantable Cardioverter Defibrillators (ICD) Single-chamber ICDs (S-ICD) Dual-chamber ICDs (T-ICD) Biventricular ICDs
External Defibrillator Manual External Defibrillator Automatic External Defibrillator Semi-Automated External Defibrillator Fully Automated External Defibrillator Wearable Cardioverter Defibrillator
Pacemakers Implantable Pacemakers Single-Chamber Pacemakers Dual-Chamber Pacemakers Biventricular Pacemakers (for CRT)
External Pacemakers Temporary Pacemakers Transcutaneous Pacemakers
Cardiac Resynchronization Therapy (CRT) Cardiac Resynchronization Therapy Devices- Defibrillator Cardiac Resynchronization Therapy Devices- Pacemakers
By Application
Congestive Heart Failure (CHF) Arrhythmias Atrial Fibrillation (AFib) Ventricular Fibrillation (VF) Atrial Flutter Ventricular Tachycardia (VT)
Bradycardia Tachycardia Sudden Cardiac Arrest Other Cardiovascular Disorders
By End-user
Hospitals General Hospitals Specialized Cardiac Hospitals
Cardiac Care Centers Ambulatory surgical centers Other End User
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Growth Drivers
Rising Prevalence of Cardiovascular Diseases: The global use of CRM devices is being driven by growing instances of arrhythmias, heart failure, and other cardiovascular disorders. Aging Population: The increasing population of geriatric patients, who aggravate their condition with heart disorders that require pacemakers and defibrillators, supports the market. Favorable Reimbursement Policies: Enhanced payment mechanisms of CRM procedures and devices from different parts of the world are motivating healthcare service providers to embrace these technologies.
Restraints
High Device Costs: The primary factor that still hinders the penetration of CRM devices, especially in the low-income zones is the high cost of these devices including implantation costs. Stringent Regulatory Approval Processes: Strict processes required to receive approval through relevant authorities such as in Europe and the U.S. can slow down the development and introduction of CRM devices on the market. Risk of Device-Related Complications : The problems arising from risks such as device failure; infection; lead displacement; and issues about the adoption of the devices because of their limitations and patient compliance are some of the potential trends with CRM.
Growth Opportunities
Expansion in Emerging Markets: The Asia-Pacific and Latin American developing countries are the biggest growth prospects given improving health facilities and a growing burden of CVDs. Wearable and Miniaturized Devices: There is a need for increased adoption of CRM devices that are more portable and unobtrusive since patients prefer to be comfortable while managing their conditions. Integration of Digital Health Technologies: The integration of CRM devices with EHM applications, such as telecare and telemedicine, is opening up possibilities for individualized therapy and predictive disease management.
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Regional Analysis
North America is anticipated to dominate the CRM devices market with 41.23% of the market share in 2024. North America comprises significantly high CRM device demand due to the enhanced healthcare system, higher prevalence of cardiovascular diseases, and more aware patients.
The countries that can benefit from the market include, The U.S., due to favorable reimbursement policies, increasing healthcare costs, and a strong regulatory framework that encourages new product development.
Many technological aspects incorporated in the CRM devices, particularly wireless monitoring and AI are prevalent in the region. Also, the dominance of important market players including Medtronic and Abbott, and the increase in the number of people aged in North America create substantial growth prospects for this market market in the region.
By Region
North America
Europe
Germany The U.K. France Italy Russia Spain Benelux Nordic Rest of Europe
Asia-Pacific
China Japan South Korea India ANZ ASEAN Rest of Asia-Pacific
Latin America
Brazil Mexico Argentina Colombia Rest of Latin America
Middle East & Africa
Saudi Arabia UAE South Africa Israel Egypt Rest of MEA
Recent Developments in the Cardiac Rhythm Management Devices Market
September 2024: Medtronic introduced a leadless pacemaker with remote monitoring, enabling continuous heart rhythm tracking for enhanced patient safety. August 2024: Boston Scientific received FDA approval for its wireless ICD, providing precise, less invasive cardiac arrhythmia treatment. July 2024: Abbott launched an upgraded CRT-D system with enhanced heart synchronization and advanced remote monitoring for heart failure patients. June 2024: Biotronik expanded its portfolio with a wearable cardioverter defibrillator for high-risk sudden cardiac arrest patients. May 2024: Medtronic unveiled ICDs with smart algorithms to detect and prevent arrhythmias before they escalate into severe conditions. April 2024: Abbott partnered with healthcare institutions to accelerate the development of advanced CRT devices for better heart failure patient outcomes.
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