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Cardiac rhythm management devices like pacemakers and implantable cardioverter defibrillators (ICDs) helps manage abnormal heart rhythms or arrhythmias. Pacemakers are small device placed in the chest or abdominal area that helps maintain a regular heartbeat. ICDs are also placed in the chest or abdominal area and helps manage life threatening arrhythmias by delivering electric shocks to regulate abnormal heart rhythms. The rising geriatric population is more prone to cardiac arrhythmias propelling 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 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population facing cardiac issues is a major driver expected to propel the cardiac rhythm management devices market growth. As per the United Nations Department of Economic and Social Affairs report, the number of people aged 60 or above is expected to nearly double from 962 million globally in 2017 to about 2.1 billion in 2050. The elderly population is more vulnerable to cardiovascular diseases and arrhythmias due to age related degenerative changes in heart muscles, requiring cardiac rhythm management devices for proper functioning of heart. This demographic shift with rapid growth of geriatric population globally will significantly drive the demand for cardiac rhythm management devices over the forecast period.
SWOT Analysis
Strength: Cardiac rhythm management devices have strong technology that help doctors monitor cardiac functions and diagnose arrhythmias easily. These devices also help in effective treatment of cardiac conditions.
Weakness: High cost of advanced devices can limit their adoption in developing regions. Clinical evidence and research on long term benefits of newer technologies are still evolving.
Opportunity: Growing geriatric population vulnerable to cardiac disorders creates demand. Innovation in remote monitoring technologies offers new opportunities.
Threats: Stringent regulatory approvals and reimbursement policies slow product launches. Shift to alternative treatments poses threats.
Key Takeaways
The global cardiac rhythm management devices market is expected to witness high growth.
Regional analysis The North America region currently dominates the market due to supportive reimbursement policies and advanced healthcare infrastructure. The Asia Pacific region is expected to witness fastest growth due to growing healthcare expenditure and increasing cardiac disorders in developing countries.
Key players related content comprises 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 key players are focusing on product innovation and expansion in emerging markets to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
