How Has the Cardiac Rhythm Management CRM Devices And Equipment Market Evolved Historically and What is its Current Size?
The cardiac rhythm management crm devices and equipment market has seen considerable growth due to a variety of factors.
• The market for cardiac rhythm management (CRM) devices and equipment has seen robust growth in the past years. It is projected to escalate from $16.05 billion in 2024 to $17.15 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%.
The past growth can be credited to factors like the commonality of arrhythmias, advancements in technology, an aging population, and the management of chronic diseases.
What Is The Projected Growth Of The Cardiac Rhythm Management CRM Devices And Equipment Market?
The cardiac rhythm management crm devices and equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated robust growth is on the horizon for the cardiac rhythm management (CRM) devices and equipment market. By the year 2029, its value is projected to reach $21.73 billion, progressing at a compound annual growth rate (CAGR) of 6.1%.
The expansion during the forecast period can be linked to advancements in personalized medicine, technological innovation, the integration of telehealth, and increased worldwide access to healthcare. Key trends expected to emerge during this forecast period encompass developments like leadless CRM devices, biodegradable devices, remote monitoring, and combination therapies.
What Are The Core Factors Supporting Growth In The Cardiac Rhythm Management CRM Devices And Equipment Market?
The cardiac rhythm management (CRM) devices and equipment market is anticipated to grow, powered by the escalating geriatric population. This term refers to individuals who are 65 years old or older. As this population segment enlarges, so does the occurrence of cardiovascular diseases, leading to a higher demand for CRM devices. Such devices are beneficial in addressing heart rhythm disorders like arrhythmias, enhancing the life quality of the elderly. For example, the Administration for Community Living, a governmental department in the US, reported that the older population totalled 55.8 million in 2021. Projections indicate that this figure will rise to 80.8 million by 2040 and further increase to 94.7 million by 2060. Consequently, the escalating geriatric population is fuelling the growth of the cardiac rhythm management (CRM) devices and equipment market.
What Are The Principal Market Segments In The Global Cardiac Rhythm Management CRM Devices And Equipment Industry?
The cardiac rhythm management (CRM) devices and equipment market covered in this report is segmented –
1) By Product: Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT)
2) By Application: Bradycardia, Tachycardia, Heart Failure, Other Applications
3) By End User: Hospitals, Ambulatory Surgical Centers, Physicians Clinics
Subsegment:
1) By Pacemakers: Single-Chamber Pacemakers, Dual-Chamber Pacemakers, Biventricular Pacemakers, Implantable Pacemakers
2) By Defibrillators: Implantable Cardioverter Defibrillators (ICDs), External Defibrillators, Wearable Defibrillators, Automated External Defibrillators (AEDs)
3) By Cardiac Resynchronization Therapy (CRT): CRT-P (Pacemaker), CRT-D (Defibrillator), Bi-Ventricular Pacemakers
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Which Emerging Market Trends Are Altering The Cardiac Rhythm Management CRM Devices And Equipment Industry?
Key businesses in the Cardiac Rhythm Management (CRM) devices and equipment landscape are enhancing their product offerings with innovations such as single-chamber (VR) leadless pacemakers to effectively navigate heart rhythm complications and enhance patient results. The leadless pacemaker, which is inserted directly into the right ventricle of the heart through a minimally intrusive surgery, eradicates the requirement for cardiac leads. In one exemplification of this trend, Abbott Laboratories, a US-domiciled medical equipment organization, gained FDA endorsement in April 2022 for its Aveir single-chamber (VR) leadless pacemaker, designed to provide a treatment option for individuals experiencing slow heart rhythms. The device not only provides extensive data on patient health and cardiovascular activity to assist in making treatment choices, but its Aveir VR leadless pacemaker software has been purposely developed to accommodate an upgrade to a dual-chamber system, potentially paving the way for more comprehensive treatment alternatives for patients down the line.
Who Are the Key Players In The Cardiac Rhythm Management CRM Devices And Equipment Market?
Major companies operating in the cardiac rhythm management (CRM) devices and equipment market include:
• Abbott Laboratories
• Medtronic plc
• Biotronik SE & Co KG
• Cardiac Science Corporation
• Schiller AG
• Hill-Rom Holdings Inc.
• GE Healthcare
• Integer Holdings
• Neovasc Inc.
• Philips Healthcare
• Stryker Corporation
• Rochling Medical
• CCC Medical Devices
• LivaNova plc
• ZOLL Medical Corporation
• Koninklijke Philips N.V
• Applied Cardiac System
• Cook Medical
• Abiomed Inc.
• Berlin Heart GmbH
• Brotionik SE and Co. KG
• Jarvik Hearth Inc.
• MicroPort Scientific Corp
• ReliantHeart Inc.
• Shree Pacetronix Ltd.
• Shaanxi Qinming Medical Instrument Co. Ltd.
• AtriCure Inc.
• Boston Scientific Corporation
• Edwards Lifesciences Corporation
• ProgettiSrl
What Are The Regional Insights Into The Cardiac Rhythm Management CRM Devices And Equipment Market?
North America was the largest region in the global cardiac rhythm management (CRM) devices and equipment market in 2023. Western Europe was the second-largest region in the cardiac rhythm management (CRM) devices and equipment market. The regions covered in the cardiac rhythm management (CRM) devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
