The cardiac rhythm management devices market is expected to witness tremendous growth during the 2020-2029 period, as cardiovascular diseases incidences witness a steady growth globally, and treatment shifts to remote monitoring of installed devices. Cardiovascular diseases including heart disease, rheumatic heart disease, cerebrovascular disease result in 17.9 million deaths worldwide each year, according to the World Health Organization. Furthermore, co-morbidities like obesity, strokes, high blood pressure, and cholesterol are also on the rise globally, indicating a likely increase in the spread of heart disease over the forecast period.
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3 Key Trends to Shape Growth of the Cardiac Rhythm Management Devices Market
The last decade has witnessed tremendous improvements in technology which can track heart beats, repair, and even heal symptoms of heart disease. An example of this is the DX system approved by the US FDA in 2019. The DX system developed by Biotronik, detects silent atrial fibrillation for stroke prevention, allows supraventricular tachycardia discrimination to prevent unnecessary shocks, and enhances diagnostic accuracy for better clinical decision. Advancements in technology today is geared to also assist patients’ complete procedures in record times, reduce complications, and lower cost. Furthermore, newer devices are often laden with longer batteries, better diagnosis methods, remote monitoring for doctors, and longer lifespan with more protection for sensitive organs. The technological development along with rising cases of heart conditions, and growing demand for minimal-invasive surgeries to treat elder patients are likely to drive major growth for the global cardiac rhythm management devices market during the forecast period.
Impact of Covid-19 and Future Roadmap for Growth
Covid-19 remains a short-term challenge for growth of the global cardiac rhythm management devices market. The demand for pacemakers per million inhabitants in 2020 dropped from a healthy 963 in 2019 individuals to 899 in 2020. Furthermore, the demand for rhythm management devices also remain susceptible to growing awareness about healthy lifestyle. For example, in countries like Japan, Peru, and France, the rates for heart incidences were lower by 6 times than what they were in the 1990s. Hence, amidst the covid-19 crisis, the remote monitoring trend has become both a necessity as an innovation, and way for stable future growth. The remote monitoring solutions are essential for patients as heart conditions in early stages can be difficult to detect. Moreover, regular monitoring with devices can be a more efficient, productive, and low-cost solution to a deadly disease. Hence, remote monitoring along with right technology partnership is likely to define future growth for players in the global cardiac rhythm management devices market.
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Shifting Burden of Global Heart Disease Among Emerging Regions
The emerging nations, and the U.S. are likely to remain key regional driver of growth, due to high rates of incidences, and rising demand for device installations. Simultaneously, device installations, maintenance, and management are likely to remain a path for future growth in maturing healthcare systems like Europe. According to a 30-year finding on heart disease published in the journal of American College of Cardiology, heart disease incidences have doubled from 271 million in 1990 to 523 million in 2019. Furthermore, while toll in Europe continues to lower despite a rising elderly population, younger population from emerging countries like China, Russia, India, and Indonesia account for the highest rate of incidences for heart disease. The United States also exhibits a high rate of incidences for heart disease, despite growing awareness. The growing innovation in the region, growing remote monitoring solutions offered by technology giants like Apple, and lack of healthy lifestyle remain key drivers of growth in the North America cardiac rhythm management devices market.
Latest Key Development in the Global Cardiac Rhythm Management Devices Market
In June, 2021, the FDA approved cardiac cryoablation catheters for alternative treatment of recurrent symptomatic paroxysmal atrial fibrillation. Currently, the first-line of treatment is an antiarrhythmic drug therapy. The new arctic front family of catheters are aimed at assisting physicians improve atrial fibrillation (AF) patient outcomes, with shorter time for diagnosis.
A new global healthcare startup, Sky Labs has obtained US$30 million in funding to develop an AI-based ring-type heart monitoring platform. The device shaped like a ring, consists of a user application, and a medical professional web platform. The device empowers patients to monitor their heart condition with keen insights on irregular pulse, among other indicators. The product is being prepared for a U.S. FDA approval.
The U.S. FDA has granted the breakthrough device status to a new cardiac radioblation system. The device promises a non-invasive therapy for patients with refractory ventricular tachycardia (VT). The condition can lead to abnormal complications during surgeries, which is also the primary mode of treatment today. Moreover, the success rate for surgeries remains as low as 50% in many regions.
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Competitive Analysis of the Global Cardiac Rhythm Management Devices Market
The global cardiac rhythm management devices market is a fragmented, and competitive landscape. The growing need for innovation to capture the largest share in the market is driving strong collaboration, acquisitions, and innovation in the global landscape. Some key players in the global cardiac rhythm management devices market are Siemens AG, 3M Company (3M), Abiomed, Inc.(ABIOMED), Berlin Heart GmbH (Berlin Heart), Biotronik SE & Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, General Electric Company (General Electric), Hill-Rom Services Inc., Jarvik Heart, Inc., Koninklijke Philips N.V., LivaNova PLC, Medtronic, NIHON KOHDEN CORPORATION, and ZOLL Medical Corporation amongst others.
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The Global Cardiac Rhythm Management Devices Market Report is segmented as below:
- By Product
- Implantable Pacemakers
- External Pacemakers
- Implantable Cardioverter Defibrillators (ICDs)
- Subcutaneous ICD (S-ICD)
- Transvenous ICD (T-ICD)
- External Defibrillator (ED)
- Manual ED
- Automated ED (AED)
- Wearable Cardioverter Defibrillator
- Implantable Cardioverter Defibrillators (ICDs)
- Cardiac Resynchronization Therapy (CRT)
- CRT Defibrillators (CRT-D)
- CRT Pacemakers (CRT-P)
- By End User
- Hospitals and Clinics
- Home Settings
- Ambulatory Service Centers
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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