Demand for Cardiac Rhythm Management Devices Market Size to Hit USD 24071.19 Million Globally, by 2028 at 6.3% CAGR | CRM Devices Industry Trends, Share, Analysis & Forecast Report by Facts & Factors – Press Release

NEW YORK, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Cardiac Rhythm Management Devices Market Size, Share, Growth Analysis Report By Product (Electrocardiogram (ECG) Devices, Implantable Loop Recorders (ILR), Cardiac Output Monitoring (COM) Devices, Event Monitors, Pacemakers, Cardiac Resynchronization Therapy (CRT) Devices, Defibrillator, External Defibrillator, Ventricular Assist Devices (VADs)), By End-User (Hospitals & Clinics, Home Settings, Ambulatory Surgical Centers (ASCs)), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Cardiac Rhythm Management Devices Market size & share in terms of revenue was valued at USD 17,274.6 million in 2021 and it is expected to surpass around USD 24,071.19 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 6.3% during the forecast period 2022 to 2028.”

What are Cardiac Rhythm Management Devices? How big is the Cardiac Rhythm Management Devices Industry?

Market Overview:

Cardiac rhythm management devices help patients with heart rate and rhythm problems maintain normal cardiac rhythm. These devices are critical in the treatment of major cardiac illnesses such as heart failure, atrial fibrillation, atrial flutter, signs of a recent heart attack, coronary ischemia, lack of oxygen delivery to cardiac muscles, pharmacological effects, and specific genetic mistakes, among others. Factors driving the market include an increase in the frequency of cardiac illnesses, technological improvements, patient awareness, and an increase in the number of unmet medical requirements in developing and underdeveloped countries.

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Global Cardiac Rhythm Management Devices Market Dynamics

The global cardiac rhythm management devices market is expected to grow as the prevalence of various cardiovascular illnesses, such as arrhythmia and atrial fibrillation, rises. In addition, various technical breakthroughs in the market are also expected to drive market expansion. Favourable reimbursement policies have resulted in increased patient uptake of medical devices in nations such as Canada, the United States, and the United Kingdom, hence expanding market penetration.

Additionally, increased government efforts and the implementation of new CRM technologies are likely to drive growth over the forecast period. CRM device adoption has increased in recent years as a result of rising life expectancy and the availability of improved technologies. A surge in R&D spending and new product launches by top companies pushed the expansion even further. Cardiovascular disorders are usually referred to as the “silent pandemic” due to their gradual onset of symptoms. Furthermore, they are thought to be one of the most expensive health diseases to treat. CRM devices are utilized not only to manage and monitor cardiac abnormalities, but also to repair, restore, and mend cardiac activity. These associated advantages are projected to increase adoption over the projection period. However, the exorbitant cost of these gadgets, along with limited insurance coverage, is limiting market expansion.

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Cardiac Rhythm Management Devices Market: COVID-19 Impact Analysis

The COVID-19 pandemic has had an influence on numerous businesses, including the cardiac rhythm management (CRM) device market. Due to the postponement of cardiovascular treatments, market participants have suffered significant losses in their cardiac rhythm management segments. The drop was most noticeable in the ICD, CRT-D, and pacemaker segments.  

However, the COVID outbreak has increased the preference for remote monitoring of individuals with cardiovascular problems. This change was made in order to limit the risk of infection caused by the frequent hospital and clinic visits. Several firms have introduced services for remote cardiac patient monitoring. Several start-ups have also launched products that can be used to monitor cardiovascular patients.

Cardiac Rhythm Management Devices Market: Segmentation Analysis

In terms of Product, in the forecast period, the defibrillators segment dominated the CRM devices market, accounting for a major share of total revenue. The dominance is the consequence of increased acceptance, particularly of the Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD), across important regional markets such as the United States, Europe, China, and India. Implantable Cardioverter Defibrillators (ICD) and external defibrillators are the two types of defibrillators. The external defibrillator segment is expected to grow at the quickest pace during the forecast period, owing to the increasing acceptance of these defibrillators, particularly in public settings.

In terms of End Users, hospitals held the greatest proportion of the cardiac monitoring & heart rhythm management devices market. The expanding prevalence of CVD, the increasing number of patient visits to hospitals for diagnosis, the increasing number of cardiac implant surgeries, and the availability of funding for these treatments in developed markets all contribute to this segment’s size.

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Competitive Landscape

The report contains qualitative and quantitative research on the global Cardiac Rhythm Management Devices Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.

Some of the main competitors dominating the global Cardiac Rhythm Management Devices market include – 

• Abiomed, Inc.
• Berlin Heart GmbH
• Biotronik SE & Co. KG
• Bosten Scientific Corporation
• Cardic Science Corporation
• General Electric Company (GE)
• Hill-Rom Holdings, Inc.
• Jarvik Heart,Inc.
• Koninklijke Philips N.V.
• LivaNova PLC
• Medtronic plc
• Nihon Kohden Corporation
• ReliantHeart Inc.
• SCHILLER AG
• St. Jude Medical, Inc.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Cardiac Rhythm Management Devices market is likely to expand at a CAGR of around 6.3% during the forecast period (2022-2028).
• In terms of revenue, the Cardiac Rhythm Management Devices market size was valued at around US$ 17,274.6 million in 2021 and is- projected to reach US$ 24,071.19 million by 2028.
• Based on Product, the cardiac resynchronization treatment (CRT) market is expected to grow quickly over the projected period.
• On the basis of End Users, hospitals accounted for the largest share of the cardiac monitoring and heart rhythm management equipment market.
• On the basis of region, the North America is predicted to dominate the cardiac rhythm management devices market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Cardiac Rhythm Management Devices industry?
• What are the main driving factors propelling the Cardiac Rhythm Management Devices Market forward?
• What are the leading companies in the Cardiac Rhythm Management Devices Industry?
• What segments does the Cardiac Rhythm Management Devices Market cover?
• How can I receive a free copy of the Cardiac Rhythm Management Devices Market sample report and company profiles?

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Regional Dominance:

North America dominated the CRM device market in the forecast period. This is due to a number of variables, including well-established healthcare infrastructure, an aging population, quick acceptance of technologically advanced products (such as long battery life, biocompatible materials or downsizing, and leadless), and more regulatory approvals. Many businesses are now working on novel devices based on existing pacemaker and implantable cardioverter-defibrillator (ICD) technology. Furthermore, the increasing frequency of cardiovascular disorders is driving demand for CRM devices in the region, which is supporting market growth.

The global cardiac rhythm management devices market is segmented as follows:

By Product

• Electrocardiogram (ECG) Devices
• Implantable Loop Recorders (ILR)
• Cardiac Output Monitoring (COM) Devices
• Event Monitors
• Pacemakers
• Cardiac Resynchronization Therapy (CRT) Devices
• Defibrillator
• External Defibrillator
• Ventricular Assist Devices (VADs)

By End-User

• Hospitals & Clinics
• Home Settings
• Ambulatory Surgical Centers (ASCs)

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Report Scope

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by By Product, End-User, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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