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Implantable Cardiac Rhythm Management Devices Market: Insights, Trends, and Forecast to 2033
Implantable Cardiac Rhythm Management Device Global Market Report 2024
According to The Business Research Company's, The implantable cardiac rhythm management device market size has grown strongly in recent years. It will grow from $16.43 billion in 2023 to $17.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to aging population, increasing incidence of cardiac arrhythmias, awareness and education initiatives, healthcare infrastructure development, rising healthcare expenditure.
The implantable cardiac rhythm management device market size is expected to see strong growth in the next few years. It will grow to $21.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to shift towards leadless devices, remote patient monitoring, focus on heart failure management, increased adoption in emerging markets, collaborations for research and development. Major trends in the forecast period include emergence of bioresorbable technologies, integration of artificial intelligence (ai), advancements in technology, remote monitoring and telemedicine integration, advancements in leadless pacemakers, wireless charging and power management.
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Market Drivers and Trends:
The increasing prevalence of cardiac disorders is expected to boost the growth of the implantable cardiac rhythm management devices market going forward. Cardiac disorder refers to a type of condition that affects the heart or blood vessels. Implantable cardiac rhythm management devices are used to help patients with heart failure and reduced left ventricular function to improve systolic function by resynchronizing the heart contraction and restoring normal heart rhythm in the event of life-threatening rapid ventricular arrhythmias. Hence, the increasing prevalence of cardiac disorders will boost the demand for implantable cardiac rhythm management devices. For instance, according to the Centers for Disease Control and Prevention, a US-based non-profit organization, in 2021 approximately 695,000 individuals in the United States died from heart diseases. Additionally, in 2021, coronary heart disease, the most prevalent form of heart disease, resulted in the demise of 375,476 individuals. Therefore, the increasing prevalence of cardiac disorders is driving the growth of the implantable cardiac rhythm management devices market.
Technological advancement is the key trend gaining popularity in the implantable cardiac rhythm management devices market. Major companies operating in the implantable cardiac rhythm management devices market are focusing on developing new technologies to sustain their market position. For instance, in April 2022, Rhythm Management Group PLLC, a US-based company that offers ongoing cardiac device monitoring for implantable cardiac devices, launched RhythmSynergy, a potent new technology platform. It uses machine learning to effectively deliver timely and pertinent clinical insights for patients being monitored remotely who have implantable cardiac devices and wearable devices like blood pressure cuffs, scales, and glucometers. RhythmSynergy highlights important information and streamlines review processes by fusing clinical knowledge and machine learning technologies. Reviewing, sharing, and analyzing patient data is made simple by its slick, secure architecture and potent reporting features.
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Major Key Players of the Market:
Stryker Corporation; Schiller AG; Medtronic plc; Abbott Laboratories; Boston Scientific Corporation; Koninklijke Philips N.V.; Zoll Medical Corporation; Biotronik Ltd.; MicroPort Scientific Corporation; Abiomed Inc; Hydrix Limited; Nihon Kohden Corporation; Japan Lifeline Co. Ltd.; Lepu Medical Technology Co. Ltd.; LivaNova PLC; Shenzhen Mindray Biomedical Electronics Co. Ltd; Progetti Srl; Edwards Lifesciences Corporation; Cardiac Science Corporation; Sorin Group S.p.A.; St. Jude Medical LLC; Osprey Medical Inc.; Bardy Diagnostics Inc.; VivaLNK Inc.; NanoMatriX International Limited; Beijing Demax Medical Technology Co. Ltd; iRhythm Technologies Inc.; Impulse Dynamics plc.; SentiAR Inc.; VytronUS Inc.
Implantable Cardiac Rhythm Management Device Market 2024 Key Insights:
• The implantable cardiac rhythm management device market will grow to $21.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Implantable Cardiac Devices Market Grows With Cardiac Disorder Prevalence
• Technological Advances Propel The Implantable Cardiac Rhythm Management Devices Market
• North America was the largest region in the implantable cardiac rhythm management device market in 2023
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