PUBLISHER: The Business Research Company | PRODUCT CODE: 1414305
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414305
“Implantable Cardiac Rhythm Management Device Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on implantable cardiac rhythm management device market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for implantable cardiac rhythm management device? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The implantable cardiac rhythm management device market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Implantable cardiac rhythm management devices are small battery-operated devices that are surgically inserted inside the body and connected to the heart, playing a crucial role in maintaining and managing heart rhythm.
The primary devices in the category of implantable cardiac rhythm management devices include cardiac resynchronization therapy, defibrillators, and pacemakers. Cardiac resynchronization therapy (CRT) is a specialized treatment designed for severe cardiac rhythm issues. These devices find applications in various conditions such as bradycardia, tachycardia, and others, and are utilized in hospitals, specialty cardiac centers, and other medical settings.
The implantable cardiac rhythm management device market research report is one of a series of new reports from The Business Research Company that provides implantable cardiac rhythm management device market statistics, including implantable cardiac rhythm management device industry global market size, regional shares, competitors with implantable cardiac rhythm management device market share, detailed implantable cardiac rhythm management device market segments, market trends, and opportunities, and any further data you may need to thrive in the implantable cardiac rhythm management device industry. This implantable cardiac rhythm management device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The implantable cardiac rhythm management device market size has grown strongly in recent years. It will grow from $16.43 billion in 2023 to $17.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The expansion observed in the historical period can be attributed to factors such as an aging population, a growing incidence of cardiac arrhythmias, initiatives focused on awareness and education, development in healthcare infrastructure, and an increase in healthcare expenditure.
The implantable cardiac rhythm management device market size is expected to see strong growth in the next few years. It will grow to $21.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to a shift towards leadless devices, the implementation of remote patient monitoring, a heightened focus on heart failure management, increased adoption in emerging markets, and collaborations for research and development. Key trends expected in the forecast period involve the emergence of bioresorbable technologies, the integration of artificial intelligence (AI), advancements in technology, the integration of remote monitoring and telemedicine, advancements in leadless pacemakers, and innovations in wireless charging and power management.
The anticipated rise in the prevalence of cardiac disorders is poised to propel the growth of the implantable cardiac rhythm management devices market in the foreseeable future. Cardiac disorders, affecting the heart or blood vessels, can be addressed with implantable cardiac rhythm management devices. These devices aid patients with heart failure and reduced left ventricular function by improving systolic function through resynchronization of heart contractions and restoring normal heart rhythm during life-threatening rapid ventricular arrhythmias. For instance, in 2021, the Centers for Disease Control and Prevention reported approximately 695,000 deaths in the United States attributed to heart diseases, with coronary heart disease alone causing the demise of 375,476 individuals. Hence, the increasing prevalence of cardiac disorders is a significant driver fueling the growth of the implantable cardiac rhythm management devices market.
The rising aging population is expected to contribute significantly to the expansion of the implantable cardiac rhythm management devices market. With an aging population characterized by a higher average age and a large proportion of older citizens, there is an increased demand for implantable cardiac rhythm management devices to manage various heart-related conditions prevalent in this demographic. The World Health Organization projected that by 2030, one out of every six individuals globally would be 60 years old or older. The proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the rising aging population is a key factor driving the growth of the implantable cardiac rhythm management devices market.
Technological advancement stands out as a prominent trend in the implantable cardiac rhythm management devices market, with major companies focusing on developing innovative technologies to maintain their market position. Rhythm Management Group PLLC, a US-based company, introduced RhythmSynergy in April 2022, a technology platform that utilizes machine learning to deliver timely clinical insights for patients monitored remotely with implantable cardiac devices and wearable devices. This platform streamlines the review processes by combining clinical knowledge and machine learning technologies, making it simpler to review, share, and analyze patient data.
Major companies in the implantable cardiac rhythm management devices market prioritize the launch of innovative products such as implantable cardiac defibrillators. In October 2023, MicroPort CRM, a France-based manufacturer, launched the ULYS Implantable Cardioverter Defibrillator (ICDs) and INVICTA defibrillation implantable devices. The ULYS ICD integrates cutting-edge technology with minimal energy consumption, featuring the AutoMRI function and PARAD arrhythmia discrimination algorithm. The INVICTA defibrillation lead consistently senses electrical signals from the right ventricle, providing pacing therapy if the heart rate is too low.
In August 2022, Medtronic, a US-based medical technology company, completed the acquisition of Affera Inc. for an undisclosed amount. This acquisition grants Medtronic access to the Affera Prism-1TM cardiac mapping and navigation platform, compatible with both Medtronic therapeutic catheters and various competing technologies. Affera Inc., a US-based medical technology company, specializes in manufacturing cardiac mapping and navigation systems for treating patients with cardiac arrhythmias.
Major companies operating in the implantable cardiac rhythm management device market report are Stryker Corporation, Schiller AG, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., Zoll Medical Corporation, Biotronik Ltd., MicroPort Scientific Corporation, Abiomed Inc., Hydrix Limited, Nihon Kohden Corporation, Japan Lifeline Co. Ltd., Lepu Medical Technology Co. Ltd., LivaNova PLC, Shenzhen Mindray Biomedical Electronics Co. Ltd., Progetti Srl, Edwards Lifesciences Corporation, Cardiac Science Corporation, Sorin Group S.p.A., St. Jude Medical LLC, Osprey Medical Inc., Bardy Diagnostics Inc., VivaLNK Inc., NanoMatriX International Limited, Beijing Demax Medical Technology Co. Ltd., iRhythm Technologies Inc., Impulse Dynamics plc., SentiAR Inc., VytronUS Inc.
North America was the largest region in the implantable cardiac rhythm management device market in 2023. The regions covered in the implantable cardiac rhythm management device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the implantable cardiac rhythm management device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The implantable cardiac rhythm management devices market consists of sales of the leadless pacemaker, insertable cardiac monitor, cardiac leads, and subcutaneous implantable defibrillator (S-ICD). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.