The global cardiac rhythm management (CRM) devices market size is anticipated to reach USD 32.4 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.8% CAGR during the forecast period. Increase in demand for CRM devices can be attributed to supportive legislative policies by governments in developed and developing countries. Rising incidence of cardiovascular diseases (CVDs), supportive reimbursement scenario, and major advancements in technology are also anticipated to be key factors governing market growth.
CRM devices serve as a permanent treatment option for patients suffering from arrhythmias. Innovation in Cardiac Resynchronization Therapy (CRT) devices is expected to drive this market. Additionally, there is an increase in the application of implantable cardioverter-defibrillators (ICDs) as they are now integrated with pacemakers, thus increasing the product’s life. Increase in demand for external defibrillators with growing in awareness and rising disease burden of sudden cardiac arrest (SCA) has also been observed. There is an expansion in the market for external defibrillators as governments in developed economies have been working on making countries more cardio-friendly.
According to statistics published by the Sudden Cardiac Arrest Foundation, about 6.0 million people within the U.S. region suffer from cardiac disorders, of which 0.8 million are affected by atrioventricular blockage, leading to cardiac failure. Such an alarming number leads to an increased cost of about USD 20-56 billion annually. CRM devices are being predominantly used to prevent surgical costs and readmission rates in hospitals, thereby propelling market growth.
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Further key findings from the study suggest:
Defibrillators held a lucrative share in 2016 and are also likely to grow at a profitable rate over the forecast period due to increase in prevalence of CVDs. These devices are normally used as continuous monitoring devices for arrhythmias
North America accounted for more than 35.0% of the overall market in 2016. This can be attributed to increasing incidence of cardiovascular diseases, supportive government policies, favorable reimbursement schemes available to patients, growing awareness, and rise in training programs
Asia Pacific was observed to be the fastest growing market for CRM devices with a CAGR nearly 9.0%. This is owing to increasing awareness and accessibility of CRM devices
Some of the key players operating in this space are St. Jude Medical; BIOTRONIK, Inc.; Medtronic; Boston Scientific Corporation; and ZOLL Medical Corporation.
Grand View Research has segmented the global CRM devices market on the basis of product and region:
CRM Devices Product Outlook (Revenue, USD Million, 2014 - 2025)
Implantable Cardioverter Defibrillators (ICDs)
Subcutaneous ICD (S-ICD)
Transvenous ICD (T-ICD)
External Defibrillator (ED)
Automated ED (AED)
Wearable Cardioverter Defibrillator
Cardiac Resynchronization Therapy (CRT)
CRM Devices Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa (MEA)
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