Cardiac Rhythm Management Devices Market statistics and research analysis released in latest report
Ocean View, DE -- (SBWIRE) -- 04/06/2020 -- Cardiac Rhythm Management Devices Market is expected to exceed USD 13.7 billion by 2025. Growing number of patients with recurrent arrhythmias and rising prevalence of cardiovascular diseases across the globe are some of the leading factors augmenting the demand for cardiac rhythm management devices that will further propel the market growth positively.
Some major findings of the market report include:
- Rising demand for implantable cardiac pacemakers that assist in improving the quality of life of several patients aids in boosting the market growth
- Growing prevalence of heart failures along with other cardiovascular diseases are one of the few factors that are driving the market growth
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- Increasing incidence of atrial fibrillation, congenital heart diseases and arrhythmias in the U.S. and growing geriatric population in the Asia Pacific region are expected to provide lucrative opportunities to industry expansion
- Major players operating in the cardiac rhythm management devices market are Abbott, BIOTRONIK, Boston Scientific Corporation, Liva Nova etc.
- Companies are introducing new product launches in order to gain competitive edge over the rivals
Growing number of arrhythmia and sudden cardiac death represent a major public health problem accounting for 15-20% of all the deaths across the globe. According to an article published in the National Centre for Biotechnology and Information (NCBI), around 17 million deaths occur each year with sudden & unexpected cardiac death, of which sudden cardiac death accounts for 25% across the globe. Around 180,000-300,000 sudden cardiac deaths occur in the U.S. each year. Thus, preventive measures are being taken in order to curb the death rate that occur due to sudden cardiac death by adopting cardiac rhythm management devices that would monitor the heart beats, thereby driving the market growth positively.
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Rising demand for the pacemakers to treat abnormal arrhythmias is driving the market growth and it is anticipated that pacemakers will exceed the market revenue by USD 4.3 billion in 2025. The other factors that are contributing in the pacemakers market growth are growing incidences of congestive heart failure, cardiomyopathy and bradycardia across the globe. According to the article published by the American College of Cardiology, approximately 200,000 pacemakers are implanted in the U.S. each year. Hence, owing to these statistics the market is expected to witness a lucrative growth over the forecast period.
North America dominated the global cardiac rhythm management devices market in 2018 and was valued at USD 5.7 billion. The market in the region is projected to grow at a steady rate in the upcoming years. This is attributed to the factors such as growing awareness among the population in the region, developed healthcare infrastructure, favorable reimbursement schemes and growing incidences of recurrent arrhythmia patients in the region. Hence, the above mentioned factors will result in augmenting the demand and adoption rate of cardiac rhythm management devices thereby, fueling the market growth.
Some of the key players operating in global cardiac rhythm management devices market are: Boston Scientific, BIOTRONIK, ABIOMED, SCHILLER, ZOLL Medical, Koninklijke Philips N.V., Medtronic, Abbott, among others. Players have been engaging in collaborations, acquisitions and mergers, new product launch strategies in order to expand their product portfolio and gain competitive advantage. For instance, in May 2017, BIOTRONIK announced the launch of FDA approved Cardiac rhythm management (CRM) devices with MRI AutoDetect technology that ensures patients with CRM devices can experience MRI scans while minimizing the programming burden for hospitals.