The global cardiac rhythm management devices market is expected to be valued USD 41.67 Billion, exhibiting a CAGR of 7.0% over the forecast period. Globally, cardiovascular diseases account for more than 30% of the total deaths, according to the World Health Organization (WHO). Almost 33.5 million people, globally, also experience atrial fibrillation (AFib), the most common form of extreme arrhythmia.
The continuous production and use of cardiac rhythm monitoring (CRM) instruments, including pacemakers, cardiac resynchronization therapy, implantable cardioverter defibrillators, and loop recorders, have been witnessed in the last decade. General practitioners are increasingly adopting these instruments for the treatment of patients.
Due to increasing life expectancy and continuous technical developments, the use of CRM devices has increased significantly over the past few decades. The growth in the global demand for CRM devices is driven by an ageing global population, along with the advent of advanced cardiac management, monitoring, and treatment options for heart arrhythmias. Large R&D investments from leading biotech companies have also increased the demand for advanced devices in healthcare.
In the future, the use of advanced devices will enable patients to preserve and track their heart health anywhere. In addition, integrating artificial intelligence (AI) and other advanced technology into CRM devices would also help patients to monitor their heart health by notifying them and their doctors in the event of sudden health emergency. Cardiac rhythm control systems have stood the test of time, and healthcare advances will further drive the applications of these life-saving products.
Global Cardiac Rhythm Management Devices Market, By Type
Based on type, the cardiac rhythm management devices market segmentation includes defibrillator, cardiac resynchronization therapy devices, and pacemakers. During the forecast period, the defibrillator segment is projected to account for the largest market share. As per the American Heart Association (AHA), when bystanders used a publicly available automated external defibrillator (AED), survival from cardiac arrest doubled. It has also been estimated that each year about 1,700 lives are saved in the US by using a defibrillator. This shows that internationally, the use of defibrillators has seen a substantial increase in recent years.
Global Cardiac Rhythm Management Devices Market, By End-user
Based on end-user, the global cardiac rhythm management devices market has been segmented into hospitals, home care, and ambulatory care. The hospitals segment held a major share of the worldwide industry in 2019. The large share of this segment can be attributed to factors such as the growing prevalence of CVDs (Cardiovascular Diseases), increasing number of patient going to hospitals for diagnosis, the availability of reimbursement policies for these procedures, and increasing number of patients opting for cardiac implant procedures across developed markets.
Global Cardiac Rhythm Management Devices Market, By Regions
North America holds the largest industry share for the global cardiac rhythm management devices. The growth of this regional market can be mainly attributed to government initiatives, the presence of a well-developed healthcare infrastructure, and rising incidence of arrhythmias creating more demand for cardiac implants.
According to a report by the US CDC, about 75,000 patients get admitted to hospitals due to atrial fibrillation. A large section of the US populace suffers from atrial fibrillation. Therefore, it is anticipated to boost the growth of this regional market further.
The Asia Pacific is expected to witness growth due to the rising healthcare expenditure by governments of APAC countries, increasing cases of cardiac disorders, and growing per capita income of the population of the South Asian countries.
Key Developments in the Global Cardiac Rhythm Management Devices
Some Key Findings of the Global Cardiac Rhythm Management Devices Market Report Include:
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Market recommendations supporting decision making processes
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