Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report By Products (Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT-D, CRT-P)), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global cardiac rhythm management devices market size was valued at USD 18.8 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030. Growing prevalence of various cardiovascular diseases, such as arrhythmia and atrial fibrillation, among others. According to the Centers for Disease Control and Prevention (CDC), around 12.1 million people in the U.S. are expected to suffer from atrial fibrillation (AFib) by 2030. Furthermore, various technological advancements related to the market are also anticipated to fuel market growth.                                    

The COVID-19 pandemic has impacted all industries, including the market for cardiac rhythm management (CRM) devices. Market players have experienced huge losses in their cardiac rhythm management segments due to the postponement of cardiovascular procedures. For instance, Medtronic experienced a 12% decrease in its cardiac rhythm management devices segment in 2020, as compared to 2019. The decline was majorly experienced in ICDs, CRT-Ds, and the pacemakers segment. In 2021, Medtronic is recovering in terms of its annual revenue as well as cardiac rhythm and heart failure segment revenue. The company experienced a rise of 4.16% in its total revenue from 2020 to 2021.

Similar trends are noticed in the financial results of other market players. Hence, the market for cardiac rhythm management devices was negatively influenced due to the pandemic initially. However, it has started to recover in 2021. Physical inactivity is a major public health concern as it is the second most death causative agent in the U.S. Physical inactivity leads to morbidity and development of chronic conditions such as cardiac disorders and diabetes. As per the WHO, physical inactivity or sedentary lifestyle results in around 2 million deaths per year. In addition, it has been estimated that around 60% to 85% of the population in both developed and developing countries leads a sedentary lifestyle. This is further anticipated to increase the demand over the forecast period.

Favorable reimbursement policies have led to higher adoption of medical devices by patients in countries like Canada, the U.S., and the U.K., thereby increasing market penetration. Furthermore, increasing government efforts, and the adoption of new CRM technologies are expected to boost the growth over the forecast period. For instance, regulations regarding the use of external defibrillators in public places. In California, the New Laws of 2018 mandate the placement of Automated External Defibrillator (AED) at various locations including schools and public swimming pools. Owing to the increasing life expectancy and availability of advanced technologies, the adoption of CRM devices has increased in the past few years.

COVID19 CRM devices market impact: 6.12% decline in demand

Heart disease is the major cause of death in recent years. According to World Health Organization (WHO) estimates, each year cardiovascular diseases (CVDs) result in around 17.9 million mortalities. Cardiovascular diseases are very commonly known as the ‘silent epidemic’ since they are slow to show symptoms. In addition, they are estimated to be one of the most expensive health conditions to treat. CRM devices are not only used to manage and monitor cardiac issues but also have applications in repairing, restoring, and healing cardiac activities. These associated benefits are expected to boost the adoption over the forecast period.

Product Insights 

The defibrillators segment dominated the CRM devices market and held the largest revenue share of 40.0% in 2022. The dominance is a result of rising adoption, especially of the Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD), in major regional markets such as the U.S., European countries, China, and India. Defibrillators are further classified into Implantable Cardioverter Defibrillators (ICD) and external defibrillators. The defibrillators segment is expected to witness lucrative growth over the forecast period, owing to the growing adoption of these defibrillators, especially in public places.

Within the pacemakers’ segment, the implantable segment held the largest revenue share. The implantable pacemakers have become a well-established treatment for sinus node dysfunction and conduction disorders. Increasing application of these for the treatment of arrhythmias and heart failure as well as in ongoing clinical investigations is a major factor leading to segment growth. Furthermore, the cardiac resynchronization therapy (CRT) segment is expected to witness a significant growth rate over the forecast period. Associated benefits such as reduced blood transfusion, risk of infections, and hospital stay are key drivers for this segment. Healthcare practitioners are increasingly recommending minimally invasive surgeries for CRT-Pacemaker implantation to curb bradycardia and cardiac arrest instances. The preference for minimally invasive techniques for CRT-P implantation is expected to boost sales during the forecast period.

Regional Insights

North America dominated the market for CRM devices and held the largest revenue share of over 40.0% in 2022. This is owing to various factors such as well-established healthcare infrastructure, increasing elderly population, rapid adoption of technologically advanced products (such as long battery life, biocompatible materials or miniaturization, and leadless), and increasing regulatory approvals. Many companies are currently working on developing new devices based on existing pacemakers and Implantable Cardioverter Defibrillator (ICD) technologies. In addition, the growing prevalence of cardiovascular diseases is driving the demand for CRM devices in the region, which, in turn, is driving the market growth.

In Asia Pacific, the market for cardiac rhythm management devices is expected to witness the fastest growth rate of 6.0% during the projected period owing to the rising R&D investments by international players such as the China Cardiovascular Association and American College of Cardiology that are working together to develop ground-breaking technologies for cardiac care. Moreover, developed Asian economies still lag OECD nations in curbing the various causes of CVDs, including tobacco consumption. However, increasing efforts to create awareness, such as Japan’s smoke-free policy implemented for the 2020 Olympic Games, are expected to propel growth.

Key Companies & Market Share Insights 

The industry is marked by the presence of various large and small business operators. It is competitive and dominated by participants such as Medtronic, Abbott, Boston Scientific Corporation, and Koninklijke Philips N.V. Key players are focusing on executing innovative strategies like mergers and acquisitions, market penetration, partnerships, and distribution agreements to intensify their revenue. For instance, in July 2020, Abbott received the U.S. Food and Drug Administration (FDA) clearance for its Gallant ICD and CRT-D devices. This enabled the company to market the device in the U.S. while expanding its portfolio. Some of the prominent players in the cardiac rhythm management devices market include:

• Physio-Control, Inc. (Stryker)

• Schiller

• Medtronic

• Abbott

• Boston Scientific Corporation

• Koninklijke Philips N.V.

• Zoll Medical Corporation

• BIOTRONIK

• Progetti Srl

• LivaNova Plc 

Cardiac Rhythm Management Devices Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this report, Grand View Research has segmented the global cardiac rhythm management devices market report on the basis of product and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Pacemakers

    • Implantable

    • External

  • Defibrillators

    • Implantable Cardioverter Defibrillators (ICD)

      • S-ICD

      • T-ICD

    • External Defibrillator

      • Manual External Defibrillator

      • Automatic External Defibrillator

      • Wearable Cardioverter Defibrillator

  • Cardiac Resynchronization Therapy (CRT)

    • CRT-Defibrillator

    • CRT-Pacemakers

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • Israel

    • UAE

    • Kuwait