Global Implantable Cardiac Rhythm Management Market – Industry Trends and Forecast to 2031

Implantable Cardiac Rhythm Management Market Analysis and Size

The global market for implantable cardiac rhythm management is experiencing significant growth, driven by factors such as the increasing prevalence of cardiovascular diseases, technological advancements, and the rising aging population. According to the World Health Organization (WHO) data, cardiovascular diseases, accounting for over 30% of global deaths, highlight the critical need for effective cardiac rhythm management solutions. A significant contributor to this market is atrial fibrillation (AFib), affecting approximately 33.5 million individuals worldwide. These statistics underscore the importance of innovative technologies and advanced solutions in addressing the growing burden of cardiac diseases. Manufacturers are likely to focus on developing cost-effective and minimally invasive devices to cater to this escalating demand, thus driving market growth in the forecast period.

Global implantable cardiac rhythm management market size was valued at USD 18.62 billion in 2023 and is projected to reach USD 26.72 billion by 2031, with a CAGR of 4.62% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

Market Definition

Implantable cardiac rhythm management (ICRM) refers to a set of medical devices designed to monitor and manage the heart's electrical activity in individuals with certain cardiac conditions. These devices are implanted inside the body and help regulate the heart's rhythm by delivering electrical impulses or shocks as needed. ICRM devices include pacemakers, which help maintain a regular heartbeat by sending electrical signals to the heart muscle to regulate its rhythm, and implantable cardioverter defibrillators (ICDs), which monitor the heart rhythm and deliver an electric shock to restore normal rhythm if a dangerous arrhythmia is detected. 

Implantable Cardiac Rhythm Management Market Dynamics

Drivers

• Increasing Prevalence of Cardiovascular Diseases     

The rise in the global aging population and the increasing prevalence of sedentary lifestyles are anticipated to lead to a substantial increase in cardiovascular diseases such as arrhythmias and heart failure. This trend is driving up the demand for implantable cardiac rhythm management (ICRM) devices, as there is a growing need for effective solutions to manage these cardiac disorders. For instance, according to the CDC, atrial fibrillation, the most common type of heart arrhythmia, affected an estimated 2.7 to 6.1 million people in the U.S. in 2017. This rising prevalence of cardiovascular diseases is a key factor fueling the adoption of ICRM devices globally.

• Technological Advancements in ICRM Devices

The ongoing advancement of device technology, including miniaturization, leadless pacing systems, and wireless communication, is fundamentally transforming the effectiveness and safety benchmarks of ICRM devices. These technological strides are not only improving patient outcomes but also stimulating the adoption rates of these cardiac implants. The progress in creating more compact and effective devices is increasing their accessibility and attractiveness to both patients and healthcare providers, propelling the expansion of the ICRM market.

Opportunities

• Development of Leadless Devices

The emergence of leadless pacing systems and other innovative technologies is opening up new pathways for the Implantable Cardiac Rhythm Management (ICRM) market. These cardiac implant devices offer notable advantages, such as a reduced risk of infection and enhanced patient comfort, leading to their increasing adoption among patients and healthcare providers. For instance, in April 2022, Abbott announced that the Aveir single-chamber (VR) leadless pacemaker had obtained approval from the Food and Drug Administration (FDA) for treating patients with slow heart rhythms in the U.S.. This approval marks a significant leap forward in patient care, introducing novel features previously unavailable to patients and their healthcare providers. This evolution of leadless devices is reshaping the landscape of ICRM devices, presenting lucrative opportunities for market players.

• Telemedicine and Remote Monitoring with ICRM Devices

The integration of telemedicine and remote monitoring technologies with ICRM devices is revolutionizing patient care and management. These technologies enable healthcare providers to remotely monitor patients' cardiac activity, leading to early detection of issues and improved patient outcomes. The convenience and efficiency offered by telemedicine and remote monitoring are driving their adoption in the ICRM market, creating new growth prospects for market players.

Restraints/Challenges

• High Cost of ICRM Devices

The excessive cost associated with ICRM devices, including implantation procedures and follow-up care, poses a significant barrier to market growth. This is especially true in developing countries with limited healthcare budgets and infrastructure, where the high cost of these devices can deter patients from opting for them. To overcome this challenge, market players need to focus on developing cost-effective solutions and expanding access to these devices in emerging markets.

• Risks Associated with Implantation

The implantation of ICRM devices comes with inherent risks, such as infection, device malfunction, and lead complications. These risks can deter patients from opting for these devices and impact market growth. To mitigate these risks, healthcare providers need to ensure proper patient selection, implantation techniques, and post-operative care. In addition, ongoing advancements in cardiac implantable devices technology aim to reduce these risks, making ICRM devices safer and more reliable for patients.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In October 2023, MicroPort CRM announced the launch of the ULYS Implantable Cardioverter Defibrillator (ICDs) and the INVICTA defibrillation lead in Japan, enhancing their global product portfolio
• In January 2022, Medtronic plc disclosed that it had obtained approval from Japan's Ministry of Health, Labor and Welfare for both the sale and reimbursement of the Micra AV Transcatheter Pacing System (TPS)

Implantable Cardiac Rhythm Management Market Scope

The market is segmented on the basis of product and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Pacemakers
  • Implantable
  • External
• Defibrillators
  • Implantable Cardioverter Defibrillators (ICD)
    • S-ICD
    • T-ICD
  • External Defibrillator
    • Manual External Defibrillator
    • Automatic External Defibrillator
    • Wearable Cardioverter Defibrillator
• Cardiac Resynchronization Therapy (CRT)
  • CRT-Defibrillator
  • CRT-Pacemakers
• Implantable Loop Recorder

End User

• Hospitals
• Specialty Cardiac Centres
• Ambulatory Surgical Centres
• Others

Implantable Cardiac Rhythm Management Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, product, and end user as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.

North America is expected to dominate the market due to advancements in technology, such as miniaturization and the development of leadless or biocompatible materials, which are key drivers propelling market growth in the region. These technological advancements have enabled the creation of smaller, more efficient devices that are more compatible with the human body. In addition, government regulatory approvals play a crucial role in fostering market growth by ensuring the safety and efficacy of these medical devices.

Asia-Pacific is expected to witness significant growth during the forecast period due to the increasing number of elderly individuals and the growing incidence of cardiac disorders. This demographic shift towards an older population has led to a higher demand for cardiac devices, as age is a significant risk factor for cardiovascular diseases. The rising prevalence of cardiac disorders, including heart failure, arrhythmias, and coronary artery disease, is contributing to the market's growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Implantable Cardiac Rhythm Management Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• Medtronic (U.S.)
• Abbott (U.S.)
• Stryker (U.S.)
• Asahi Kasei Corporation (Japan)
• Boston Scientific Corporation (U.S.)
• Biotronik (Germany)
• Integer Holdings Corporation (U.S.)
• MicroPort Scientific Corporation (China)
• Koninklijke Philips N.V. (Netherlands)
• ZOLL Medical Corporation (U.S.)
• ABIOMED (U.S.)
• Berlin Heart (Germany)
• Jarvik Heart, Inc. (U.S.)
• NIHON KOHDEN CORPORATION (Japan)
• Defibtech LLC (U.S.)
• Medicalsystem Co., Ltd. (China)
• LivaNova PLC (U.K.)
• Cardiac Science Corporation (U.S.)
• 3M (U.S.)
• Mentice (Sweden)

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