Implantable Cardiac Rhythm Management Device Market Report, 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Implantable Cardiac Rhythm Management Device Market


The global Implantable Cardiac Rhythm Management Device market size is projected to reach US$ 20.37 billion by 2026, from US$ 15.11 billion in 2020, at a CAGR of 5.1% during 2021-2026. Increasing prevalence of cardiac disorders and growing geriatric population base are the major factors leading to the growth of this market. According to a report published by the Center for Diseases Control and Prevention (CDC) in 2017, Cardiovascular Diseases (CVDs) were the major cause of mortality in U.S.

Stroke and ischemic heart disease are the major causes of more than 80 % of all CVD-related deaths. According to a report published by CDC in 2017, about 800,000 deaths occurred due to CVDs. In addition, Coronary Heart Disease (CHD) accounted for majority of CVD deaths, followed by heart failure and stoke. Thus, economic burden of CVDs is likely to be around USD 1,044 billion by 2030.

Technological advancements, such as MRI-friendly, leadless pacemaker, are expected to propel the implantable cardiac rhythm management devicesmarket growth. For Instance, in 2017, Abbott received an FDA approval for Assurity MRI Pacemaker, which eliminates pre- and post-scan pacemaker reprogramming. In 2017, Philips and Dubai Health Authority developed a tailored project that aims to distribute defibrillation and Cardiopulmonary Resuscitation (CPR) within four-minute window to increase the survival rate. Such initiatives are expected to raise awareness and improve patient care practices, propelling the market.

Furthermore, supportive reimbursement policies, such as the U.S. Medicare system, are among the key factors boosting the demand for pacemakers. For instance, Medicare Physician Fee Schedule Final Rule 2019 is expected to provide reimbursement for implantation and removal of pacemaker, reducing the overall cost of surgery. Reimbursement can be availed for devices, such as single chamber, dual chamber, and biventricular pacemakers.

Market Segmentation, Outlook & Viewpoint: Global Implantable Cardiac Rhythm Management Device Market

Product Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Pacemaker
  
ICDs
  
CRT

End-use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Hospital
  
Specialty Cardiac Center
  
Other

Key Players, Recent Developments & Regional Insights: Global Implantable Cardiac Rhythm Management Device Market

The CRM implantation is widely adopted in the treatment of sinus node dysfunction and conduction disorders. Increasing application of these devices for the treatment of arrhythmias and heart failure along with the ongoing clinical investigations are some of the major factors driving the market growth. Furthermore, initiatives, such as device registries by individual cardiologists and national societies, are expected to provide database for various manufacturers for product improvement, increasing market opportunities in the coming years.

In addition, increasing number of skilled physicians and healthcare practitioners and joint efforts of governments and major market participants to increase patient access to implantable cardiac pacemakers are expected to boost the market further. Advanced pacemaker technologies are also anticipated to drive market growth. For instance, according to CDC, in 2017, atrial fibrillation was the most common category of heart arrhythmia that has affected an estimated population of 2.7 to 6.1 million in U.S.

End Use Insights

Hospitals accounted for the leading market share in 2018 owing to deeper product penetration and huge volume of surgical procedures. Furthermore, presence of favorable reimbursement facilities have led to its largest market share. Continuous efforts by the governments across the globe to reduce the burden of CVDs and the price of devices in hospitals, while increasing the awareness about reimbursement programs for CVD treatments are expected to provide newer opportunities in this segment.

To reduce the rate of mortality caused by cardiovascular illnesses, hospitals in developed regions have already started to use CRT-Ps for managing heart failures. Moreover, many doctors now provide minimally invasive surgeries for CRT-P implantation. These procedures are safer and also reduce the blood transfusion requirement.

Specialty cardiac centers are expected to grow at the highest CAGR from 2019 to 2026 due to various factors, such as increasing need for these centers, rising burden of CVDs, and demand for personalization of devices. Growing need for data preservation and remote monitoring are other factors leading to the increasing demand for specialty cardiac centers. Moreover, increasing need for outpatient services are further expected to propel the segment development.

Regional Insights

North America held the major market share in the past due to factors, such as technological advancements, miniaturization, leadless or biocompatible materials, and government regulatory approvals. The market in Europe is expected to witness significant growth due to increased geriatric population, technological innovations, and growing prevalence of CVDs. The regional market is majorly dominated by a few companies, including Medtronic, St. Jude/Abbott, and Biotronik. Asia Pacific is projected to expand at the highest CAGR from 2019 to 2026.
Various efforts have been made by organizations, such as American College of Cardiology and China Cardiovascular Association in Asia Pacific, with the aim to develop innovative technologies in heart care. The economic burden of CVDs is increasing because of growing aging population, which is at a higher risk of CVDs. According to the Heart Health Asia, CVD is the leading cause of deaths in Asian countries, with more than 9.5 million CVD-related deaths recorded in 2017.
High prevalence of various cardiac disorders and lack of favorable insurance policies in Latin American countries have led to the sluggish market growth in this region. According to various government reports in 2017, more than half of the countrys population does not have access to social security or private insurances that can cover an ICD or a pacemaker implant, and almost 44% population lives in poverty.

Implantable Cardiac Rhythm Management Device Market Share Insights

The market is majorly dominated by a few companies including Medtronic, St. Jude/Abbott, and Biotronik. Medtronic, in particular, has a strong presence across Europe and is often at the forefront of new technological developments. Advent of technologically advanced products, such as Confirm RX-implantable monitor device-by Abbott, offering direct interface with the patients smartphone, is anticipated to increase the competition among industry players.

Key Insights Covered: Global Implantable Cardiac Rhythm Management Device Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Implantable Cardiac Rhythm Management Device industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Implantable Cardiac Rhythm Management Device industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Implantable Cardiac Rhythm Management Device industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Implantable Cardiac Rhythm Management Device industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Implantable Cardiac Rhythm Management Device industry.

Research Methodology: Global Implantable Cardiac Rhythm Management Device Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other