NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Major players in the cardiac rhythm management (CRM) devices and equipment market are Abbott, Medtronic, Biotronik, Cardiac Science Corporation, Schiller AG, Hill-Rom Holdings Inc, GE Healthcare, Integer, Biotelemetry, and Neovasc.
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The global cardiac rhythm management (crm) devices and equipment market will grow from $15.13 billion in 2022 to $16.19 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cardiac rhythm management (crm) devices and equipment market is expected to grow to $20.05 billion in 2027 at a CAGR of 5.5%.
The cardiac rhythm management (CRM) devices and equipment market consist of sales of Pacemakers, (implantable pacemakers, external pacemakers), defibrillators (implantable cardioverter defibrillators, external defibrillators), and cardiac resynchronization therapy (CRT-defibrillators, CRT-pacemakers) that are used for rhythm management .Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cardiac rhythm management (CRM) devices and equipment are used to manage the heart rate or rhythm by generating electrical impulses or shocks in order to get the heart back to its normal functions. CRM devices are used to treat and manage arrhythmia-related diseases such as cardiac arrests, heart failure, or cardiac arrhythmias.
North America was the largest region in the cardiac rhythm management (CRM) devices and equipment market in 2022.Western Europe was the second-largest region in the cardiac rhythm management (CRM) devices and equipment market.
The regions covered in the cardiac rhythm management (CRM) devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products of cardiac rhythm management devices and equipment are pacemakers, defibrillators, and cardiac resynchronization therapy (CRT).A pacemaker is a small device that's placed in the chest for controlling the heartbeat.
It's used for preventing the heart from beating too slowly.The defibrillators are implantable cardioverter defibrillators and external defibrillator.
Cardiac resynchronization therapy (CRT) is CRT-defibrillators (CRT-D), CRT-pacemakers (CRT-P).The pacemakers are implantable pacemakers and external pacemakers.
The applications involved are bradycardia, tachycardia, heart failure, and others that are used by various end-users such as hospitals, ambulatory surgical centres, and physician's clinics.
The rising incidences of cardiovascular diseases such as cardiac arrhythmia, ischemic heart disease, and hypertension is driving the CRM devices market.Sedentary lifestyles and medical conditions such as high cholesterol, high blood pressure, obesity, and diabetes are major causes of cardiovascular diseases.
According to the World Health Organization, cardiovascular diseases account for about 31% of all global deaths.Most of these deaths occur due to heart attacks and strokes.
As more people suffer from cardiovascular diseases, the demand for cardiac rhythm management and devices is expected to increase.
The risks associated with cardiac rhythm management devices and equipment market is acting as a restraint on the market.CRM devices may pose potential risks such as post-implant infections and contraindications in patients undergoing any type of radiation therapy or diagnosis.
Implantable CRM devices contain complementary metal-oxide-semiconductor (CMOS) which may get damaged due to therapeutic doses of radiation.Also, as the implants are highly sensitive devices, any dysfunction may have life-threatening consequences for the patients.
The considerable number of risks involved in using CRM devices are affecting the growth of the market.
Technologies such as subcutaneous implantable cardioverter-defibrillator (S-ICD) and leadless cardiac pacemakers (LCP) are being developed to overcome complications with transvenous lead and other CRM devices.The novel modular cardiac rhythm management (mCRM) system allows for the coordination of leadless pacing and defibrillator therapy delivery by providing wireless intra-body communication between devices.
This communication is possible by a combination of anti-tachycardia pacing-enabled LCP and S ICD. For instance, Medtronic developed the leadless pacemaker Micra which can be placed in the heart through veins and is self-contained within the heart.
Manufacturers of cardiac rhythm management devices and equipment are governed by various regulatory bodies such as the FDA in the USA.The United States Food and Drug Administration recalls any product with safety issues or defects that can endanger the consumer.
The FDA recalled the Platinium implantable cardiac defibrillator and resynchronization therapy defibrillator due to issues with hardware configuration and functioning. The company had to discard all non-implanted Platinium devices and follow up with all patients implanted with these devices.
The countries covered in the cardiac rhythm management (CRM) devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The cardiac rhythm management (CRM) devices and equipment market research report is one of a series of new reports that provides cardiac rhythm management (CRM) devices and equipment market statistics, including cardiac rhythm management (CRM) devices and equipment industry global market size, regional shares, competitors with a cardiac rhythm management (CRM) devices and equipment market share, detailed cardiac rhythm management (CRM) devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cardiac rhythm management (CRM) devices and equipment industry. This cardiac rhythm management (CRM) devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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