How Will the Implantable Cardiac Rhythm Management Device Market Grow? Key Trends and Opportunities for 2025 and Beyond
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What key factors are powering the surge in the implantable cardiac rhythm management device market right now?
The market size of implantable cardiac rhythm management devices has seen consistent growth over the recent years. The industry is forecasted to expand from a worth of $17.06 billion in 2024 to reach $17.87 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this growth during the historic period include an aging population, an increasing number of cardiac arrhythmias cases, heightened awareness and educational initiatives, development in healthcare infrastructure, along with an overall increase in healthcare spending.
How fast Is the implantable cardiac rhythm management device market expected to grow, and what’s its future value?
The market for implantable cardiac rhythm management devices is forecasted to undergo robust growth in the coming years, expanding to a value of “$23.27 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%. This anticipated growth during the forecast period can be ascribed to several factors such as the move towards leadless devices, remote patient monitoring, an emphasis on managing heart failure, a rise in adoption in developing markets, and partnerships for research and development. Key trends enhancing this growth during the forecast period are the development of bioresorbable technologies, incorporation of artificial intelligence (AI), technological advancements, integration of remote monitoring and telemedicine, innovations in leadless pacemakers, wireless charging, and efficient power management.
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What are the leading drivers of growth in the implantable cardiac rhythm management device market?
An upsurge in cardiac disorders is predicted to spur the expansion of the implantable cardiac rhythm management devices market. The term cardiac disorder applies to conditions that impact the heart or blood vessels. Implantable cardiac rhythm management devices aid patients with heart failure and diminished left ventricular function by enhancing systolic function through the re-synchronization of heart contractions and re-establishing normal heart rhythm in the case of potentially fatal rapid ventricular arrhythmias. Consequently, the rising incidence of heart conditions will bolster the demand for these devices. For example, the British Heart Foundation, a UK-based cardiovascular research charity, reported in September 2024 that in the UK, roughly 7.6 million individuals are affected by heart and circulatory ailments; approximately 4 million are men and 3.6 million are women, living under these circumstances. These ailments are accountable for nearly 27% of the total UK deaths, corresponding to more than 170,000 deaths per year, or about 480 deaths daily – one death every three minutes. This amplifying prevalence of heart conditions is fostering the growth of the implantable cardiac rhythm management devices market.
What are the key segments defining the implantable cardiac rhythm management device market?
The implantable cardiac rhythm management device market covered in this report is segmented –
1) By Device: Cardiac Resynchronization Therapy, Defibrillators, Pacemakers
2) By Application: Bradycardia, Tachycardia, Other Applications
3) By End-Use: Hospitals, Specialty Cardiac Centers, Other End-Uses
Subsegments:
1) By Cardiac Resynchronization Therapy (CRT): CRT-P (Pacemaker), CRT-D (Defibrillator)
2) By Defibrillators: Implantable Cardioverter Defibrillators (ICDs), Subcutaneous Implantable Defibrillators (S-ICDs)
3) By Pacemakers: Single-Chamber Pacemakers, Dual-Chamber Pacemakers, Biventricular Pacemakers
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Who are the key players steering the development of the implantable cardiac rhythm management device market?
Major companies operating in the implantable cardiac rhythm management device market include Schiller AG, Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., Zoll Medical Corporation, Biotronik Ltd., MicroPort Scientific Corporation, Abiomed Inc, 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, Bardy Diagnostics Inc., Beijing Demax Medical Technology Co. Ltd, iRhythm Technologies Inc., Impulse Dynamics plc., VytronUS Inc.
What emerging trends are influencing the growth of the implantable cardiac rhythm management device market?
The implantable cardiac rhythm management devices market is experiencing a surge in popularity due to technological advancements. Major market players are placing great emphasis on creating innovative technologies to maintain their stance in the market. For example, in April 2022, the US-based Rhythm Management Group PLLC, known for providing perpetual monitoring for implantable cardiac instruments, introduced RhythmSynergy, a powerful and cutting-edge technological platform. Using machine learning, it offers timely and relevant clinical insights for remotely monitored patients with implantable cardiac equipment and wearable devices such as blood pressure cuffs, scales, and glucometers. By merging clinical expertise with machine learning technologies, RhythmSynergy underscores crucial information and simplifies review procedures. Its smooth and secure framework, along with robust reporting capabilities, simplifies the processes of reviewing, sharing, and analyzing patient data.
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Which regions are most influential in expanding the implantable cardiac rhythm management device market?
North America was the largest region in the implantable cardiac rhythm management device market in 2024. The regions covered in the implantable cardiac rhythm management device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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