Cardiac Rhythm Management Devices Market Size, Share & Trends Report

Cardiac Rhythm Management Devices Market Size, Share & Trends Analysis Report By Product (Pacemaker, Defibrillators, CRT Devices), By Region (North America, Europe, APAC, Latin America, MEA), And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-2-68038-315-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 140

Report Overview

The global cardiac rhythm management devices market size was valued at USD 16.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. An increase in the incidence of heart failure and arrhythmia has fueled the demand for technologically advanced cardiac rhythm management (CRM) devices. The use of photoplethysmography technology in wearables such as fitness trackers and smartwatches can enhance Atrial Fibrillation (AFib) detection and screening. For instance, Apple Watch can check for irregular heartbeats that can be the result of AFib. At the 2019 American College of Cardiology (ACC) meeting, these results were confirmed by the APPLE HEART Study. In addition, implementing artificial intelligence further helps patient monitoring by informing patients and their physicians about abnormal health activities.

North America CRM device market size, by product, 2016 - 2028 (USD Billion) 

The COVID-19 pandemic has impacted all industries, including the market for cardiac rhythm management 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 pacemakers segments, among others. Such factors negatively affected the growth of the market for cardiac rhythm management devices during the COVID-19 pandemic.

Owing to the increasing life expectancy and availability of advanced technologies the adoption of cardiac rhythm management devices has increased in the past few years. Heart diseases are the major cause of death in recent years. According to the 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. Cardiac rhythm management 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.

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 the development of chronic conditions such as cardiac disorders and diabetes. As per the WHO, physical inactivity or sedentary lifestyle results in around 2.0 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.

COVID19 CRM devices market impact: 6.12% decline in demand

Pandemic Impact

Post COVID Outlook

The cardiac rhythm management devices market declined by 6.12% from 2019 to 2020, unlike the previous projections, wherein the market was estimated at ~ USD 19.4 Billion in 2020

Relaxed lockdown and resumption of nonelective surgeries would accelerate market growth by over 7.0% in coming years. FDA also revised its compliance policy regarding AED accessories.

Leading players in the market experienced a decline in revenue due to a slowdown in procedural volumes. Declines were witnessed especially, in CRT-Ds, ICDs, LVADs, and pacemakers, among others.

The revised compliance policy allowed facilities additional time, particularly during the COVID-19 pandemic, for procuring FDA-approved AEDs and manufacturers to file the required PMA for necessary accessories.

Medtronic, Abbott, and Boston Scientific Corporation witnessed a decline of 12.1%,10.73%, and 12.12%, respectively, in their cardiac rhythm & heart failure segment in 2020.

 

 

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 cardiac rhythm management technologies are expected to boost the growth over the forecast period. For instance, regulations regarding the use of external defibrillators in public places are driving the demand for CRM devices. In California, the New Laws of 2018, mandate placement of Automated External Defibrillator (AED) at various locations including schools and public swimming pools.

Product Insights

The defibrillator segment dominated the market for cardiac rhythm management devices and held the largest revenue share of 43.5% in 2020. The dominance is a result of rising adoption especially 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.

Moreover, 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.

Global CRM devicemarket share, by defibrillator, 2020 (%)

The implantable pacemakers have become a well-established treatment for sinus node dysfunction and conduction disorders. Increasing application of these for the treatment of arrhythmia and heart failure as well as in ongoing clinical investigations is a major factor leading to segment growth.

Regional Insights

North America dominated the cardiac rhythm management devices market and held the largest revenue share of 37.9% in 2020. This growth is due 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 Asia Pacific, the market for cardiac rhythm management devices is expected to witness a lucrative growth rate during the forecast period. The growth is determined by rising R&D investments by international players such as the China Cardiovascular Association and the American College of Cardiology, 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. 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.

The players operating in the market for cardiac rhythm management devices are introducing new technologies in order to enhance product performance and augment the product portfolio. For instance, in January 2019, Schiller introduced Epicardio Simulation, offering a new way to interact with a virtual heart. The product launch was aimed at enhancing the company’s product portfolio. Some of the prominent players in the cardiac rhythm management (CRM) devices market include:

  • Physio-Control, Inc. (Stryker)

  • Schiller

  • Medtronic

  • Abbott

  • Boston Scientific Corporation

  • Koninklijke Philips N.V.

  • Zoll Medical Corporation

  • BIOTRONIK

  • Progetti Srl

Cardiac Rhythm Management Devices Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 18.1 billion

Revenue forecast in 2028

USD 29.9 billion

Growth Rate

CAGR of 7.4% from 2021 to 2028

Base year for estimation

2020

Actual estimates/Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

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

Segments covered

Product, region

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Japan; China; Australia; India; Brazil; Mexico; South Africa; Saudi Arabia

Key companies profiled

Stryker; Medtronic; Abbott; Boston Scientific Corporation; Schiller; Koninklijke Philips N.V.; BIOTRONIK; Progetti Srl; Zoll Medical Corporation

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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 2016 to 2028. For the purpose of this study, 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, 2016 - 2028)

    • 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, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

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