Cardiac Rhythm Management (CRM) Devices And Equipment Forecast Report – Designed for Decision Makers and Product Teams
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What Is the Estimated Market Size of the Cardiac Rhythm Management (CRM) Devices And Equipment Market In 2029?
Over the years, the market size for cardiac rhythm management (CRM) devices and equipment has seen considerable growth. The market is likely to expand from $16.05 billion in 2024 to $17.15 billion in 2025, projecting a compound annual growth rate (CAGR) of 6.8%. Various factors like the outbreak of arrhythmias, technological progress, an older population, and chronic disease management are the key contributors to the growth in the preceding periods.
What Growth Rate Is Forecasted for the Cardiac Rhythm Management (CRM) Devices And Equipment Market by 2029?
The market for cardiac rhythm management (CRM) devices and equipment is anticipated to witness substantial growth in the upcoming years, with projected expansion to $21.73 billion by 2029, at a compound annual growth rate (CAGR) of 6.1%. The forecasted growth for this period is due largely to factors such as personalization in medicine, technological advances, telehealth incorporation, and worldwide healthcare accessibility. Leading trends for the projected period encompass leadless CRM devices, biodegradable devices, remote monitoring, and combined therapies.
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Which Key Companies Are Shaping the Future of the Cardiac Rhythm Management (CRM) Devices And Equipment Market?
Major companies operating in the cardiac rhythm management (CRM) devices and equipment market include Abbott Laboratories, Medtronic plc, Biotronik SE & Co KG, Cardiac Science Corporation, Schiller AG, Hill-Rom Holdings Inc., GE Healthcare, Integer Holdings, Neovasc Inc., Philips Healthcare, Stryker Corporation, Rochling Medical, CCC Medical Devices, LivaNova plc, ZOLL Medical Corporation, Koninklijke Philips N.V, Applied Cardiac System, Cook Medical, Abiomed Inc., Berlin Heart GmbH, Brotionik SE and Co. KG, Jarvik Hearth Inc., MicroPort Scientific Corp, ReliantHeart Inc., Shree Pacetronix Ltd., Shaanxi Qinming Medical Instrument Co. Ltd., AtriCure Inc., Boston Scientific Corporation, Edwards Lifesciences Corporation, ProgettiSrl
Which Factors Are Driving Demand in the Cardiac Rhythm Management (CRM) Devices And Equipment Industry?
The cardiac rhythm management (CRM) devices and equipment market is anticipated to expand due to the increasing geriatric population. People who are aged 65 and over comprise the geriatric demographic. As this population segment grows, so does the prevalence of cardiovascular diseases. This in turn, boosts the demand for CRM devices which are vital in managing heart rhythm disorders like arrhythmias and enhancing the quality of life for elderly individuals. For example, the Administration for Community Living, a governmental department in the US, reported that the older population hit 55.8 million in 2021. This figure is expected to escalate to 80.8 million by 2040, and further rise to 94.7 million by 2060. Consequently, the increasing geriatric population serves as a key driver for the growth of the cardiac rhythm management (CRM) devices and equipment market.
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How Is the Cardiac Rhythm Management (CRM) Devices And Equipment Market Segmented by Several Divisions?
The cardiac rhythm management (CRM) devices and equipment market covered in this report is segmented –
1) By Product: Pacemakers, Defibrillators, Cardiac Resynchronization Therapy (CRT)
2) By Application: Bradycardia, Tachycardia, Heart Failure, Other Applications
3) By End User: Hospitals, Ambulatory Surgical Centers, Physicians Clinics
Subsegment:
1) By Pacemakers: Single-Chamber Pacemakers, Dual-Chamber Pacemakers, Biventricular Pacemakers, Implantable Pacemakers
2) By Defibrillators: Implantable Cardioverter Defibrillators (ICDs), External Defibrillators, Wearable Defibrillators, Automated External Defibrillators (AEDs)
3) By Cardiac Resynchronization Therapy (CRT): CRT-P (Pacemaker), CRT-D (Defibrillator), Bi-Ventricular Pacemakers
What are the Emerging Market Trends Driving the Growth of the Cardiac Rhythm Management (CRM) Devices And Equipment Industry?
Key players in the cardiac rhythm management (CRM) devices and equipment sector are forging ahead with the development of novel products such as the single-chamber (VR) leadless pacemaker. This advanced device aids in the management of heart rhythm disorders and enhances patient health outcomes. By virtue of a minimally invasive procedure, the leadless pacemaker is directly inserted into the right ventricle of the heart, making cardiac leads unnecessary. For example, Abbott Laboratories, a medical device company based in the US, was granted FDA approval in April 2022 for their Aveir single-chamber (VR) leadless pacemaker. This device is designed to treat patients dealing with slow heart rhythms, offers deep insights into patients’ health and heart function, thereby informing treatment choices and augmenting health results. The Aveir VR leadless pacemaker’s software has been crafted with expandability in mind, potentially giving rise to additional treatment possibilities in the future.
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Which Regions Are Driving Growth in the Cardiac Rhythm Management (CRM) Devices And Equipment Market?
North America was the largest region in the global cardiac rhythm management (CRM) devices and equipment market in 2023. 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, Middle East, and Africa.
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This Report Delivers Insight On:
1. How big is the cardiac rhythm management (crm) devices and equipment market, and how is it changing globally?
2. Who are the major companies in the cardiac rhythm management (crm) devices and equipment market, and how are they performing?
3. What are the key opportunities and risks in the cardiac rhythm management (crm) devices and equipment market right now?
4. Which products or customer segments are growing the most in the cardiac rhythm management (crm) devices and equipment market?
5. What factors are helping or slowing down the growth of the cardiac rhythm management (crm) devices and equipment market?
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