LOS ANGELES, May 13, 2021 (GLOBE NEWSWIRE) -- The Global Cardiac Rhythm Management Devices Market is expected to grow at a CAGR of around 7.5% from 2020 to 2027 and reach the market value of over US$ 25.5 Bn by 2027.
The global cardiac rhythm management devices market is expected to be dominated by North America. This expansion is due to a variety of factors, including well-established healthcare infrastructure, an ageing population, rapid adoption of technologically advanced products (such as long battery life, biocompatible materials or miniaturization, and leadless), and increased regulatory scrutiny. Many companies are currently working on new devices based on existing pacemaker and implantable cardioverter defibrillator (ICD) technologies.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the global cardiac rhythm management devices market during the forecast period. Rising R&D investments by international players such as the China Cardiovascular Association and the American College of Cardiology, who are collaborating to develop ground-breaking cardiac care technologies, are driving growth. Furthermore, developed Asian economies continue to lag behind OECD nations in addressing the various causes of CVDs, including tobacco consumption. However, increased efforts to raise awareness, such as Japan's smoke-free policy for the 2020 Olympic Games, are expected to drive growth.
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Market Dynamics
The rising prevalence of heart failure and arrhythmia has fueled demand for technologically advanced cardiac rhythm management (CRM) devices. The incorporation of photoplethysmography technology into wearables such as fitness trackers and smartwatches can improve the detection and screening of atria fibrillation (AFib). Adoption of cardiac rhythm management devices has increased in recent years as a result of rising life expectancy and the availability of advanced technologies. Furthermore, they are thought to be one of the most expensive health conditions to treat. Cardiac rhythm management devices are used not only to manage and monitor cardiac issues, but also to repair, restore, and heal cardiac activities. These associated advantages are expected to increase adoption over the forecast period.
Favorable reimbursement policies have resulted in increased patient adoption of medical devices in countries such as Canada, the United States, and the United Kingdom, thereby increasing market penetration. Additionally, increased government efforts and the adoption of new cardiac rhythm management technologies are expected to drive growth during the forecast period. However, stringent product approvals and the high cost of some devices are expected to stymie market growth.
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Segmental Analysis
The global cardiac rhythm management devices market is segmented based on product and end-user. Based on product, the market is segmented as pacemakers, defibrillators, and cardiac resynchronization therapy (CRT). Pacemakers are further classified into implantable and external. Defibrillators are further bifurcated as Implantable cardioverter defibrillators (ICD) and external defibrillators. Furthermore, cardiac resynchronization therapy (CRT) is segregated as CRT-defibrillator and CRT-pacemakers. By end-users, the market is segmented as hospitals & clinics, ambulatory surgery centers, and others.
Some of the leading competitors are Physio-Control, Inc. (Stryker), Schiller, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., Zoll Medical Corporation, Biotronik, and among others.
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Some of the key observations regarding the cardiac rhythm management devices industry include:
- In May 2019, Koninklijke Philips N.V. announced a collaboration with Medtronic. Through the agreement, Medtronic will facilitate sales of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures. Philips will bring to market the novel KODEX-EPD cardiac imaging and navigation system with cryoablation specific features to enable electrophysiologists to perform cryoablation procedures with reduced need for X-ray imaging.
- In June 2020, Boston Scientific Corporation announced new product launching namely, "DIRECTSENSE" Technology. The DIRECTSENSE Technology provides data on the impedance around the catheter tip to measure the ability of the tissue to respond to radiofrequency energy before physicians deliver therapy.
- In October 2020, Abbott Laboratories announced new product launching namely, "Cardioverter Defibrillator (ICD) and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices". The devices offer new opportunities for patient engagement and remote monitoring through smartphone connectivity and connected applications. Additional benefits include a patient preferred design, improved battery longevity, and MRI compatibility.
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