The latest market report published by Credence Research, Inc. “Cardiac Rhythm Management Devices Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the cardiac rhythm management devices market was valued at US$ 20.88 Bn in 2017, and is expected to reach US$ 38.56 Bn by 2026, expanding at a CAGR of 6.96 % from 2018 to 2026.
Cardiac rhythm management (CRM) devices market shows a lucrative growth with constant technological advancements driving the market. Advances such as extended battery life and making devices MRI-safe has created a positive environment for the growth of this market. Additionally, enabling wireless functioning of CRM devices and providing self-monitoring options has contributed to the lucrative growth of CRM devices market.
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The major driver for the CRM market is the rising prevalence of arrhythmias across the globe. As per the Centers for Disease Control and Prevention (CDC) atrial fibrillation, the most common form of arrhythmia accounts for 2.7-6.1 million people in the U.S. as of 2015. The rise in adoption of unhealthy lifestyles has led to an increased risk of cardiovascular diseases, which in turn drives the growth of this market.
Reporting of the adverse events such as bleeding or infections caused upon implantation of CRM devices, may restrain the market growth. Additionally, the risk of hacking of these devices from an unauthorized source could possesses a negative impact on the growth of CRM devices market. In September 2017, the FDA recalled around half million Abbott pacemakers from the market owing to its cyber security vulnerabilities. The implanted pacemakers were updated with a new software that enabled security.
The CRM devices market has worldwide outreach overcoming the unmet needs of arrhythmia across the globe. North America predominates this market owing to its vast disposable income, suitable reimbursement plans pertaining to CRM devices and presence of major manufacturers across this region. According to the report, National Audit of Cardiac Rhythm Management Devices by heathrhythmalliance.org, the pacemaker implant rate in the U.K. is on a gradual rise, ensuring positive growth of CRM devices market in Europe.
Market Competition Assessment:
The cardiac rhythm management devices market comprises a vast competitive pool, with players constantly striving for advanced technology. Medtronic Plc. dominates the CRM devices market. Its newest technology of leadless pacemaker: Micra is expected to change the market dynamics in the forecast period. Other players holding strong positions in this market are Abbott Laboratories, Inc., Biotronik, Inc., Boston Scientific Corporation, Integer Holdings Corporation, LivaNova, Plc., Philips Healthcare Informatics, Inc. & ZOLL Medical Corporation.
Key Market Movements:
Rise in adoption of unhealthy lifestyles has increased the risk for cardiovascular diseases thus leading to an increase in demand for CRM devices
Enhancement of existing technologies and the emergence of innovative devices drive the market providing remunerative growth
Stringent regulatory approval processes for CRM devices could restrain the growth of this market
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