The global cardiac rhythm management devices market size was estimated at USD 18.57 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2024 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 such as integration of AI, remote monitoring, and wearable technology are also anticipated to fuel the market growth.
The COVID-19 pandemic has impacted all industries, including the cardiac rhythm management devices market. Market players have experienced huge losses in their cardiac rhythm management segments due to the postponement of cardiovascular procedures during the outbreak of the pandemic. 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 pacemakers’ segment, among others. In 2021, Medtronic will recover in terms of its annual revenue as well as the cardiac rhythm & heart failure segment’s 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 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 is the second most common death-causative agent in the U.S. Physical inactivity leads to morbidity and the development of chronic conditions such as cardiac disorders and diabetes. As per WHO, physical inactivity or a 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 forcardiac rhythm management devices 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 UK, thereby increasing market penetration. Furthermore, increasing government efforts and the adoption of new CRM technologies are expected to boost 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. Heart disease is the major cause of death in recent years. According to estimates from the World Health Organization (WHO), approximately 17.9 million deaths occur annually due to cardiovascular diseases (CVDs). Often referred to as the 'silent epidemic,' these diseases manifest symptoms slowly. Moreover, they are considered among the costliest health conditions to manage. CRM devices are used to manage and monitor cardiac issues and have applications in repairing, restoring, and healing cardiac activities. These associated benefits are expected to boost the adoption over the forecast period.
The market demonstrates a high degree of innovation, characterized by continuous advancements in device technology, including pacemakers and implantable cardioverter-defibrillators (ICDs). There is a continuous ongoing effort by companies to enhance the functionality, usability, and efficiency of cardiac rhythm management devices.
Several market players such as Boston Scientific Corporation, Medtronic plc and Koninklijke Philips N.V are involved in merger and acquisition activities. Through M&A activity, these companies can expand their geographic reach and enter new territories. For instance, in January 2021,Boston Scientific Corporation acquired a stake in Preventice Solutions, a manufacturer of wearable heart monitors. With this acquisition, Boston Scientific Corporation aims to expand its product portfolio.
Regulations significantly impact the cardiac rhythm management devices market. Regulations ensure safety, efficacy, and adherence to standards, influencing product development and market entry.
Potential substitutes in the market include wearable health monitors and emerging non-invasive technologies, offering alternatives to traditional implantable devices and influencing patient preferences in cardiovascular care.
Companies in the market are pursuing regional expansion strategies, establishing partnerships and distribution networks to capitalize on growing healthcare demands and market opportunities in key geographical areas.
The defibrillators segment held the largest share of over 39.39% in 2023. The dominance in the market is primarily due to the rising adoption of Subcutaneous Implantable Defibrillator (S-ICD) and Transvenous Implantable Cardioverter Defibrillator (T-ICD) across major regional markets, including the U.S., European countries, China, and India. These defibrillators fall under the categories of implantable cardioverter defibrillators (ICD) and external defibrillators. The external defibrillator segment is expected to experience the fastest growth rate during the forecasted period, largely driven by the increasing usage of these devices, particularly in public settings
The cardiac resynchronization therapy (CRT) segment is expected to show lucrative growth over the forecast period. The main factors driving this segment are the potential decrease in blood transfusions, lower risk of infection, and shorter hospital stays. Medical experts are increasingly advocating for minimally invasive surgical procedures for the installation of CRT-Pacemakers to address instances of bradycardia and cardiac arrest. This shift towards less intrusive methods for CRT-P implantation is predicted to stimulate sales growth during the forecast period.
North America dominated the overall market with a share of 40.67% in 2023. This phenomenon can be attributed to several factors including the robust healthcare infrastructure already in place, the growing elderly population, the swift acceptance of advanced technology-driven products like those offering extended battery life, biocompatibility, miniaturization, and leadless designs, and the escalating number of regulatory approvals. At present, many organizations are actively developing new devices leveraging existing pacemaker and Implantable Cardioverter Defibrillator (ICD) technologies.
The U.S. accounted for the largest share of the market in North America in 2023. The U.S. has a well-established healthcare infrastructure with a high prevalence of cardiovascular diseases, contributing to a robust demand for cardiac rhythm management devices. Moreover, the presence of major market players, including prominent medical device companies headquartered in the U.S., further strengthens the country's leadership.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period. The increase in research and development investments by international bodies such as the China Cardiovascular Association and the American College of Cardiology collaborating to advance cardiac care technologies is one of the reasons behind this. Despite the fact that developed Asian economies are still trailing OECD nations in combating the causes of Cardiovascular Diseases (CVDs), including tobacco consumption, the rise in awareness initiatives, like Japan's smoke-free policy for the 2020 Olympic Games, is anticipated to spur growth.
China accounted for the largest share of the market in the Asia Pacific region in 2023. China has experienced rapid economic growth, resulting in an expanding healthcare sector with increased investments in advanced medical technologies, including cardiac rhythm management devices. The country's large and aging population contributes to a higher incidence of cardiovascular diseases, driving the demand for such devices.
Leading players in the cardiac rhythm management market such as Boston Scientific Corporation, Medtronic and Abbott have strategically employed innovative approaches, including mergers and acquisitions, market penetration initiatives, partnerships, and distribution agreements. These strategies aim to enhance their revenue streams by leveraging collaborative efforts, expanding market reach, and fostering synergies within the dynamic landscape of cardiac rhythm management. For instance, in July 2020, Abbott received the U.S. Food and Drug Administration (FDA) clearance for its Gallant ICD and CRT-D devices, enabling the company to market the device in the U.S. while expanding its portfolio.
Emerging market entrants such as Progetti Srl and, LivaNova Plc are directing their efforts toward broadening their market presence, creating inventive technologies, and establishing strategic partnerships as part of their strategy to contend with established industry leaders.
The following are the leading companies in the cardiac rhythm management devices market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these cardiac rhythm management devices companies are analyzed to map the supply network.
In December 2023, Medtronic officially introduced its Penditure Left Atrial Appendage (LAA) Exclusion System in the U.S.
In October 2023, MicroPort CRM, has announced the introduction of the ULYS Implantable Cardioverter Defibrillator (ICDs) and the INVICTA defibrillation lead in the Japanese market, aiming to strengthen their product portfolio across the globe.
In October 2023, Boston Scientific has recently unveiled its latest innovation, the LUX-Dx II+ insertable cardiac monitor (ICM) system. This advanced system provides extended monitoring for arrhythmias linked to conditions such as atrial fibrillation (AFib), cryptogenic stroke, and syncope.
In April 2022, Abbott announced the approval of its Aveir single-chamber (VR) leadless pacemaker by the US FDA. This approval, aimed at treating patients suffering from slow heart rhythms in the US, signifies a substantial advancement in patient care, introducing novel features for both patients and their healthcare providers.
Market size value in 2024
USD 19.73 billion
Revenue forecast in 2030
USD 29.46 billion
CAGR of 6.9% from 2024 to 2030
2018 - 2023
2024 - 2030
Revenue in USD billion/million and CAGR from 2024 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
Key companies profiled
Physio-Control, Inc.; Medtronic plc; Abbott; Boston Scientific Corporation; Schiller; Koninklijke Philips N.V.; BIOTRONIK; Progetti Srl; Zoll Medical Corporation; LivaNova Plc.
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This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cardiac rhythm management devices market report based on product and region:
Product Outlook (Revenue, USD Million, 2018 - 2030)
Implantable Cardioverter Defibrillators (ICD)
Manual External Defibrillator
Automatic External Defibrillator
Wearable Cardioverter Defibrillator
Cardiac Resynchronization Therapy (CRT)
Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
b. The global cardiac rhythm management devices market size was estimated at USD 18.57 billion in 2023 and is expected to reach USD 19.73 billion in 2024.
b. The global cardiac rhythm management devices market is expected to grow at a compound annual growth rate of 6.9% from 2024 to 2030 to reach USD 29.46 billion by 2030.
b. The defibrillator segment dominated the global CRM devices market and held the largest revenue share of 39.3% in 2023.
b. North America dominated the CRM devices market with a share of 39.9% in 2023. This is an attributable increasing incidence of heart failures and arrhythmia and the availability of technologically advanced CRM devices.
b. Some key players operating in the CRM devices market include Medtronic, Jude Medical (Abbott); Boston Scientific Corporation; Koninklijke Philips N.V. Key; Physio-Control, Inc. (Stryker); Schiller; Zoll Medical Corporation; and BIOTRONIK.
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