Implantable Cardiac Rhythm Management Device Market to Set Phenomenal Growth by 2027

Implantable Cardiac Rhythm Management Device Market: Introduction

  • Cardiac rhythm management includes implantable devices which help treat and manage arrhythmia-related diseases such as cardiac arrhythmia, bradycardia, tachycardia, and cardiac synchronization
  • Implantable cardiac rhythm management devices include pacemaker, implantable cardioverter defibrillator (ICD), and cardiac resynchronization therapy (CRT). Pacemaker is a small device placed in abdomen or chest. It is used in case of slower heart rate than normal. Implantable cardioverter defibrillators (ICDs) used if the heart beats way too faster than normal.

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Key Drivers of Global Implantable Cardiac Rhythm Management Device Market

  • Increase in number of patients with cardiac diseases is expected to propel the implantable cardiac rhythm management device market. Cardiovascular diseases were a major cause of deaths in 2018, which accounted for 836,546 deaths in the U.S. That is about 1 in 3 deaths in the U.S. In terms of cardiovascular diseases, coronary heart disease is the most leading cause (43.8%) of deaths in the U.S. According to the World Health Organization (WHO), stroke is the third leading cause of disability, worldwide.
  • Technological advancements, such as leadless pacemaker and MRI-friendliness, are expected to drive the implantable cardiac rhythm management devices market. For instance, in 2017, Abbott received an USFDA approval for Assurity MRI Pacemaker, which eliminates pre- and post-scan pacemaker reprogramming.

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Resynchronization Therapy Product Segment to Witness High Demand

  • Based on product, the global implantable cardiac rhythm management device market can be segmented into pacemaker, implantable cardioverter defibrillator (ICD), and cardiac resynchronization therapy (CRT)
  • The cardiac resynchronization therapy (CRT) segment accounted for the highest share of the implantable cardiac rhythm management device market in 2018. This segment is expected to dominate the implantable cardiac rhythm management device market during the forecast period, owing to rise in demand for CRT products in developed countries and increased awareness about these products.

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Hospitals Segment to Witness Significant Growth

  • In terms of end-user, the global implantable cardiac rhythm management device market can be divided into hospitals, specialty cardiac centers, and others
  • The hospitals segment generated the highest revenue in 2018 and is anticipated to witness growth during the forecast period. This can be attributed to strong product penetration and increase in number of surgical procedures. Furthermore, presence of favorable reimbursement facilities is expected to drive the segment during the forecast period.

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North America to Dominate Global Implantable Cardiac Rhythm Management Device Market

  • In terms of region, the global implantable cardiac rhythm management device market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global implantable cardiac rhythm management device market in 2018 and is expected to maintain its leading position during the forecast period. This dominance of the region can be attributed to increase in incidence of cardiovascular diseases, technological advancement, and rise in geriatric population.
  • The market in Asia Pacific is projected to register highest growth during the forecast period, owing to new product launch from major market players and rise in incidence of cardiac arrhythmia

Key Manufacturers Operating in Global Market

The global implantable cardiac rhythm management device market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Abbott
  • Medtronic plc
  • Biotronik
  • Koninklijke Philips N.V.
  • Boston Scientific Corporation
  • SCHILLER
  • Physio-Control, Inc.
  • ZOLL Medical Corporation

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