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Cardiac Rhythm Management Devices Market to Witnesses Growth Owing to Increasing Incidence of Cardiac Diseases

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Saya Bonde
Cardiac Rhythm Management Devices Market to Witnesses Growth Owing to Increasing Incidence of Cardiac Diseases

Cardiac rhythm management devices are used for treatment of arrhythmias and cardiovascular diseases. These devices help in regulating the heart rhythm through pacemakers and implantable cardiac defibrillators. Pacemakers are used for maintaining proper heart rate in conditions such as bradycardia, while implantable cardiac defibrillators help terminate life-threatening arrhythmias like ventricular fibrillation or ventricular tachycardia. Growing prevalence of cardiovascular diseases owing to sedentary lifestyle and unhealthy diets has significantly driven the demand for cardiac rhythm management devices.

The Global Cardiac Rhythm Management Devices Market is estimated to be valued at US$ 19.05 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the Cardiac Rhythm Management Devices are Medtronic plc. Abbott Laboratories, Abiomed, Boston Scientific Corporation, Biotronik Se Co Kg, Koninklijke Philips N.V., LivaNova Plc, Cardiac Science Corporation, Schiller Ag, and Zoll Medical Corporation. These players are focusing on new product launches and geographical expansion to strengthen their market position. The increasing research on cardiac devices and growing investment in healthcare infrastructure across developing nations provide lucrative growth opportunities in the market. Additionally, rising medical tourism in Asian countries for cardiac procedures will further drive the global expansion of the cardiac rhythm management devices market during the forecast period.

Market Drivers

Growing geriatric population prone to arrhythmias and cardiovascular ailments is a major factor augmenting the market growth. As per WHO, the number of people aged 65 years and above is projected to reach nearly 1.5 billion by 2050 from present 703 million. Moreover, increasing prevalence of lifestyle diseases such as obesity, diabetes, and hypertension which are significant risk factors for cardiac arrhythmias will further propel the demand for cardiac rhythm management devices over the next few years.

PEST Analysis

Political: The growth of this market is influenced by various regulations laid down by regulatory authorities like the US FDA and European Medical Agency regarding approval and quality standards for new cardiac devices.

Economic: Growing geriatric population and rising prevalence of cardiac ailments are major economic drivers for the growth of this market. However, high cost of advanced devices may hinder widespread adoption.

Social: Increasing public health awareness, healthy lifestyle habits and better access to healthcare services are positively impacting early diagnosis and treatment-seeking behaviour for cardiac issues.

Technological: Continuous innovations in areas like remote monitoring, miniaturization and battery life are expanding the applications of cardiac devices. Further, integration with digital health platforms is enhancing patient care management.

The geographical region where the market in terms of value is concentrated currently is North America. This can be attributed to factors like high awareness levels, favorable reimbursement policies and presence of major players in countries like the US. However, the Asia Pacific region is projected to become the fastest growing market during the forecast period owing to rising incidence of heart diseases, increasing healthcare expenditure and expansion activities of global industry players in developing nations.

Europe currently captures the second largest share in this market value owing to universal health coverage and availability of advanced cardiac devices across countries. However, regulatory and privacy concerns associated with digital health integration may impact growth to some extent. Overall, emerging economies with large patient pools and improving access to healthcare infrastructure are expected to be lucrative markets in the coming years.

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Saya Bonde
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