Global Cardiac Rhythm Management Market, By Product Type (Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices), End User (Home, Ambulatory Care, Hospitals, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size: Global Cardiac Rhythm Management Market
This past decade has been revolutionary for medical products and devices. Therefore, the cardiac rhythm management devices have been integrated with improved and advanced technologies such as implantable cardioverter defibrillators, and loop recorders. There is an increase in the popularity of cardiac rhythm management devices especially in the developing economies owing to the improving healthcare infrastructure.
Data Bridge Market Research analyses that the cardiac rhythm management market is expected to undergo a CAGR of 8.00% during the forecast period. “Defibrillators” accounts for the largest product type segment in the cardiac rhythm management market owing to the rising adoption of these devices in the developing economies and increasing prevalence of cardiovascular disorders all around the world.
Market Definition
Cardiac rhythm management refers to a medical procedure of implanting such devices on the upper chest that help to monitor the fast and slow cardiac rhythm of an individual by using electrical pulses. Cardiac rhythm management devices are small battery powered medical devices that are connected to the heart resulting in monitoring and regulating the rhythm.
Cardiac Rhythm Management Market Dynamics
Drivers
- The rise in the prevalence of disorders
Surging prevalence of chronic cardiovascular disorders all around the globe is one of the major factors responsible for fostering growth in the demand for cardiac rhythm management. In other words, growing incidence rate of asthma, heart arrests, heart failure, and cardiac arrhythmias is creating lucrative growth opportunities for the cardiac rhythm management market.
- Rising old age population base
Geriatric population base is highly vulnerable and most susceptible population base to developing cardiovascular diseases and disorders. The Indian geriatric population accounts for 10.1% of the total population. This indicate to the fact that with the rising ageing population, the demand for cardiac rhythm management is bound to rise.
- Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for cardiac rhythm management. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative cardiac rhythm management market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several advantages of cardiac rhythm management devices, poor dietary habits, sedentary lifestyles and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities and rising prevalence of obesity all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, rise in the use of ambulatory and home services for cardiac monitoring and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
- On the other hand, high cost associated with the research and development proficiencies, lack of awareness about sudden cardiac arrest (SCA) in the underdeveloped economies, limited infrastructural facilities, high cost of these devices with limited insurance coverage and dearth of skilled medical professionals and researchers are expected to obstruct market growth. Also, lack of favourable reimbursement scenario in the developing economies and availability of low cost treatment alternatives are projected to challenge the market in the forecast period of 2022-2029.
This cardiac rhythm management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cardiac rhythm management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Cardiac Rhythm Management Market
COVID-19 had a largely positive affect on the cardiac rhythm management market. COVID-19 patients experienced raped restlessness due to shortness of breath and oxygen. This created a wide scope of growth for the cardiac rhythm management devices market. However, disruptions in the supply chain created hindrances in the way of transportation and distribution, but the market saw a huge rise in the demand from all over the world. COVID-19 is also projected to have a long term effect on the health of individuals, thereby creating a bright future for the cardiac rhythm management market.
Recent Development
- Abbott received CE Mark approval for its Gallant ICD and CRT-D devices and launched its new ICD and CRT-D in India with an aim to expand in this territory, in October 2020.
Global Cardiac Rhythm Management Market Scope
The cardiac rhythm management market is segmented on the basis of product type, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product type
- Defibrillators
- Pacemakers
- Cardiac Resynchronization Therapy Devices
On the basis of product type, the cardiac rhythm management market is segmented into defibrillators, pacemakers and cardiac resynchronization therapy devices. Defibrillators is further segmented into implantable cardioverter defibrillators (ICDS) and external defibrillators. External defibrillators is further sub-segmented into manual external defibrillators (MEDS) and automated external defibrillators (AEDS). Pacemakers is further segmented into implantable cardiac pacemaker and external cardiac pacemaker. Cardiac resynchronization therapy devices is further segmented into cardiac resynchronization therapy defibrillators (CRT-D) and cardiac resynchronization therapy pacemakers (CRT-P).
End user
- Home
- Ambulatory Care
- Hospitals
- Others
On the basis of end user, the cardiac rhythm management market is segregated into home, ambulatory care, hospitals and others.
Cardiac Rhythm Management Market Regional Analysis/Insights
The cardiac rhythm management market is analysed and market size insights and trends are provided by country, product type, and end user as referenced above.
The countries covered in the cardiac rhythm management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the cardiac rhythm management market because of the strong base of healthcare facilities and rising prevalence of cardiovascular diseases.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, presence of emerging countries such as China and India and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The cardiac rhythm management market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for cardiac rhythm management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the cardiac rhythm management market. The data is available for historic period 2010-2020.
Competitive Landscape and Cardiac Rhythm Management Market Share Analysis
The cardiac rhythm management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cardiac rhythm management market.
Some of the major players operating in the cardiac rhythm management market are Medtronic, Abbott, Boston Scientific Corporation, General Electric, Koninklijke Philips N.V., BIOTRONIK SE & Co KG, ZOLL Medical Corporation, Cardiac Science Corporation, LivaNova PLC, Hill-Rom Services Inc., SCHILLER Americas, ACS Diagnostics., Welch Allyn, Cook, Röchling SE & Co. KG, Stryker, Neovasc Inc., Integer Holdings Corporation, 3M and Mentice among others.
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