GVR Report cover Cardiac Rhythm Management Devices Market Size, Share & Trends Report

Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report By Products (Pacemakers (Implantable, External), Defibrillators, Cardiac Resynchronization Therapy), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-315-7
  • Number of Report Pages: 150
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Market Size & Trends

The global cardiac rhythm management devices market size was estimated at USD 16.43 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% 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.

U.S. Cardiac Rhythm Management Devices Market size and growth rate, 2024 - 2030

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.

Market Concentration & Characteristics

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.

Cardiac Rhythm Management Devices Market Concentration & Characteristics

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.

Product Insights

The defibrillators segment held the largest share of over 44.54% 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

Global Cardiac Rhythm Management Devices Market share and size, 2023

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.

Regional Insights

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.

Cardiac Rhythm Management Devices Market Trends by Region, 2024 - 2030

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.

Key Cardiac Rhythm Management Devices Market Company Insights

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.

Key Cardiac Rhythm Management Devices Companies:

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.

  • Physio-Control, Inc. (Stryker)
  • BIOTRONIK
  • Schiller
  • Medtronic
  • Abbott
  • Koninklijke Philips N.V.
  • Zoll Medical Corporation
  • Schiller
  • Boston Scientific Corporation
  • Progetti Srl
  • LivaNova Plc

Recent Developments

  • 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.

Cardiac Rhythm Management Devices Market Report Scope 

Report Attribute

Details

Market size value in 2024

USD 17.40 billion

Revenue forecast in 2030

USD 25.16 billion

Growth rate

CAGR of 6.3% from 2024 to 2030

Actual Data

2018 - 2023

Forecast period

2024 - 2030

Report updated

February 2024

Quantitative units

Revenue in USD billion/million and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

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.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Cardiac Rhythm Management Devices Market Report Segmentation

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:

Global Cardiac Rhythm Management Devices Market Report Segmentation

  • Product Outlook (Revenue, USD Million, 2018 - 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, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Denmark

      • Sweden

      • Norway

    • Asia Pacific

      • Japan

      • China

      • India

      • South Korea

      • Australia

      • Thailand

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait

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