New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Cardiac Rhythm Management (CRM) Devices Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Cardiac Rhythm Management (CRM) Devices Market Size:
The global cardiac rhythm management (CRM) devices catered the revenue figure of nearly USD 19 billion in the year 2021 and is estimated to garner a decent revenue by the end of the year 2031, growing at a CAGR of ~8% over the forecast period, i.e., 2022– 2031. The growth of the market can primarily be attributed to the increasing number of deaths for cardiovascular diseases (CVDs). According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally. An estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths; hear attack and stroke being the most common conditions. Hence, this is expected to be a prime factor to fuel the market growth. Further, rising awareness among affected patients about the benefits of early and advanced treatment are anticipated to be other factors to drive the growth of the market.
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Global Cardiac Rhythm Management (CRM) Devices Market: Key Takeaways
- The North America region gained the largest share of the revenue in 2021
- Cardiac resynchronization therapy segment to dominate the revenue graph
- Hospital end-user segment remains prominent in the end users segment
Rising Prevalence of Cardiovascular Diseases across the Globe to Boost Market Growth
The most important behavioral risk factors of cardiovascular diseases are unhealthy diet, physical inactivity, and harmful use of alcohol. Alcohol consumption among the adult population has been increasing throughout the years worldwide, which is resulting into prevalence of cardiovascular diseases around the world. As per the data by the World Bank, as of 2018, alcohol consumption per capita among global female population accounted to 2.6 liters of pure alcohol, and alcohol consumption per capita among the global male population accounted to 9.7 liters of pure alcohol. Hence, this is estimated to significantly boost the growth of the global cardiac rhythm management (CRM) devices market.
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Additionally, the initiatives taken by governments to spread awareness about the treatment options, and organizing free camps are anticipated to be major factors to boost the growth of the cardiac rhythm management (CRM) devices market. Moreover, increasing percentage of health expenditure contributing to the global GDP is also estimated to be a significant factor to influence the growth of the global cardiac rhythm management (CRM) devices market. As per The World Bank, in the year 2019, share of global health expenditure in worldwide GDP accounted to 9.83%.
Global Cardiac Rhythm Management (CRM) Devices Market: Regional Overview
The global cardiac rhythm management (CRM) devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Rate of CVD Deaths Drove Market Growth in the North America Region
The market in the North America region witnessed tremendous growth in the cardiac rhythm management (CRM) devices market in the year 2021 backed by the enhanced healthcare infrastructure, and increasing cases of cardiovascular diseases and deaths. It was noted in a Centers of Disease Control and Prevention report that, one person dies every 34 seconds in the United States from cardiovascular disease. Further, about 697,000 people in the United States died from heart disease in 2020, which is 1 in every 5 deaths. The easy availability of better medical facilities, backed by the favorable medical policies in the region is also estimated to elevate the market growth. In addition to this, the boost in the market growth can be ascribed to the rising investment in R&D activities, and the presence of key market players in the region.
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Increasing Out-of-Pocket Expenditure Per Capita to Influence Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to grow with a notable CAGR over the projection period. The market growth can be attributed to increasing number of CVD patients, increasing funding in healthcare infrastructure, rising awareness about treatment among patients, and inactive lifestyles followed by unhealthy diets. As per the latest statistics, nearly 60% of the total deaths caused by CVD in 2019 were reported from the Asia Pacific region. Furthermore, out-of-pocket spending per person in the region has been rising over the past few years, and it is anticipated that this trend will continue during the forecast period, which in turn, is expected to fuel the market growth. An out-of-pocket expense is a payment, which is to be made with one’s own money even if he or she is reimbursed. It could be a business expense, or a health expense.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global Cardiac Rhythm Management (CRM) Devices Market, Segmentation by Product
- Implantable Pacemakers (ICPS)
- External Pacemakers
- Implantable Cardioverter Defibrillators (ICDS)
- External Defibrillators (ED)
- Cardiac Resynchronization Therapy (CRT)
- Cardiac Resynchronization Therapy Defibrillators (CRT-D)
- Cardiac Resynchronization Therapy Pacemakers (CRT-P)
The cardiac resynchronization therapy (CRT) segment is estimated to hold the largest market share by the end of 2031 by growing at a significant CAGR during the forecast period. The growth of this segment can be attributed to growing incidences of heart failure. According to WHO, out of the deaths caused by CVDs in the year 2019, 85% of those deaths were caused because of heart attacks and strokes. Cardiac resynchronization therapy is the insertion of electrodes in the left and right ventricles to treat heart failure by coordinating the functions of the ventricles.
Global Cardiac Rhythm Management (CRM) Devices Market, Segmentation by End Users
- Home Care Settings
- Ambulatory Care Settings
The hospitals segment is estimated to hold a substantial market share in the global cardiac rhythm management (CRM) devices market during the forecast period. The growth of the segment can be attributed to the existence of a huge patient pool in a hospital facility that requires treatment for CVDs. Moreover, rising healthcare expenditure per capita on healthcare is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Cardiac Rhythm Management (CRM) Devices Market, Segmentation by Application
- Heart Failure
Few of the well-known market leaders in the global ear and nasal packing market that are profiled by Kenneth Research are Medtronic, Abbott, ABIOMED, BIOTRONIK SE & Co. KG, Koninklijke Phillips N.V., ZOLL Medical Corporation, LivaNova PLC, Progetti srl, Schiller Americas, inc., Physio-Control Inc. and others.
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Recent Developments in the Global Cardiac Rhythm Management (CRM) Devices
- In June 2021, in an effort to increase the alternatives available to patients with acute decompensated heart failure (ADHF) and enhance the prognosis for heart failure, ABIOMED Inc. announced that it would acquire preCARDIA, a manufacturer of medical devices.
- In December 2020, Gyrus Capital and LivaNova PLC have an agreement that calls for Gyrus to purchase The LivaNova Cardiac Valve Business to serve heart surgeons and patients in a better way by offering effective treatments for structural heart disease.
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