The latest market report published by Credence Research, Inc. “Cardiac Rhythm Management Devices Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the cardiac rhythm management devices market was valued at US$ 20.88 Bn in 2017, and is expected to reach US$ 38.56 Bn by 2026, expanding at a CAGR of 6.96 % from 2018 to 2026.
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The demand for cardiac rhythm management (CRM) products shows a lucrative growth with ongoing technological advances driving the market. Advances such as extended battery life and MRI-safe devices have created a positive environment for the growth of this market. In addition, allowing the wireless operation of CRM systems and offering self-monitoring solutions have led to the lucrative growth of the demand for CRM devices.
The increasing prevalence of arrhythmias worldwide is the main driver of the CRM industry. According to the Centers for Disease Control and Prevention (CDC) atrial fibrillation, the most common form of arrhythmia in the U.S. is 2.7-6.1 million people in 2015. The increase in the adoption of unhealthful lifestyles has led to an increase in the risk of cardiovascular disease, which, in turn, is driving the growth of this industry.
Reporting of adverse events such as bleeding or infections caused by the implantation of CRM devices can limit the growth of the market. In addition, the possibility of accessing such devices from an unauthorized source could have a negative impact on the development of the market for CRM devices. In September 2017, the FDA recalled around half a million Abbott pacemakers from the market due to its cyber security vulnerabilities. The pacemakers implanted have been updated with a new software that enhances protection.
The global market for CRM devices overcomes the unmet needs of arrhythmia across the globe. This market is dominated by North America, due to its large disposable income, acceptable rebate policies for CRM products and the existence of major manufacturers across the area. According to the study, the National Audit of Cardiac Rhythm Management Devices by heathrhythmalliance.org, the pacemaker implant rate in the United Kingdom. The demand for CRM tools in Europe is on a gradual rise to ensure positive growth.
Market Competition Assessment:
The cardiac rhythm management devices market comprises a vast competitive pool, with players constantly striving for advanced technology. Medtronic Plc. dominates the CRM devices market. Its newest technology of leadless pacemaker: Micra is expected to change the market dynamics in the forecast period. Other players holding strong positions in this market are Abbott Laboratories, Inc., Biotronik, Inc., Boston Scientific Corporation, Integer Holdings Corporation, LivaNova, Plc., Philips Healthcare Informatics, Inc. & ZOLL Medical Corporation.
Key Market Movements:
Rise in adoption of unhealthy lifestyles has increased the risk for cardiovascular diseases thus leading to an increase in demand for CRM devices
Enhancement of existing technologies and the emergence of innovative devices drive the market providing remunerative growth
Stringent regulatory approval processes for CRM devices could restrain the growth of this market