Cardiac Rhythm Management Devices Market Size, Status and Business Growth 2022 to 2030
Cardiac Rhythm Management Devices Market: Description
Small electrically-charged devices called Cardiac Rhythm Management Devices are implanted in people and connected to their hearts. The functioning of the heart's rhythm is monitored and managed with the use of this instrument. These tools also help with controlling, resolving, repairing, and curing cardiac problems.
The form size, dependability, and longevity of cardiac rhythm control devices are all fast evolving. Even as implantable devices become more compact and functional, innovative new features such as leadless pacing and integrated fixation concepts for minimally invasive deployment are being introduced. Pacemakers, implantable cardiac defibrillators (ICDs), and cardioversion therapy (CRT) devices are all getting smaller, smarter, and longer-lasting.
Cardiac Rhythm Management Devices Market: Overview
The Cardiac Rhythm Management Devices Market is set to reveal a substantial upturn with a CAGR of 6.5% during the forecasted period of 2021 to 2030. The Cardiac Rhythm Management Devices Market was valued at USD 18.1 billion in 2021 and is estimated to garner a significant improvement and reach USD 31.90 billion by 2030.
Global Cardiac Rhythm Management Devices Market: Segmentations
Top Key Players:-
- ACS Diagnostics
- Alivecor, Inc.
- Asahi Kasei Corporation
- Bexen Cardio
- Boston Scientific Corporation
- BPL Medical Technologies
- GE Healthcare
- Hill-Rom Holdings, Inc.
- Koninklijke Philips N.V.
- Lepu Medical Technology
- Medtronic Plc
- Metrax Gmbh
- Microport Scientific Corporation
- Narang Medical Limited
- Nihon Kohden Corporation
- Osypka AG
- Schiller AG
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
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Market has been segmented into sections namely, Product and Region
Cardiac Rhythm Management Devices Market based Product: Analysis
Implantable Cardioverter Defibrillators (ICD)
o Manual External Defibrillator
o Automatic External Defibrillator
o Wearable Cardioverter Defibrillator
Cardiac Resynchronization Therapy (CRT)
Cardiac Rhythm Management Devices Market: Regional Segmentation Analysis
Based on the geographical view, the market occupies regions as North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. In terms of regions, North America is holding the leading position by USD 5.91 billion in 2018. The leading spot is attributable to higher adoption of pacemakers and ICD implants. This is due to gradual shift of patient’s preference to advanced preventive care and increase in prevalence of cardiac condition. Moreover, governments contribution towards implementation of external defibrillators in community areas is expected to result in rise in adoption of the same. This factor will boost the market growth. In Europe, prevalence higher cases of cardiac arrests are predicted to drive the market development. In Asia Pacific growing awareness of the CRM is anticipated to accelerate the market.
COVID-19 impact on the Market
The current epidemic expanded at an alarming rate, sickening millions, causing a decline in global efficiency, and nearly halting monetary activity. Due to the reduction in non-crisis methodological and clinical consideration administrations, the medical services segment took a significant impact.
The market for cardiac rhythm management devices decreased by 6.12% from 2019 to 2020. Due to a logistical slowdown, major market players like Medtronic, Abbott, and Boston Scientific Corporation saw their sales decline. In 2020, significant partners like Boston Scientific Corporation, Abbott, and Medtronic saw declines of between 10% and 12% in their cardiac rhythm and heart failure segments.
However, the market development is anticipated to pick up speed with the relaxation of lockdown restrictions and the return of nonelective surgeries.
Key Benefits for Cardiac Rhythm Management Device Market Reports
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
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Frequently Asked Questions About This Report
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