Cardiac Rhythm Management Devices Market is Estimated to Witness High Growth Owing to Opportunity of Rising Prevalence of Cardiac Disorders

Cardiac rhythm management devices are medical devices used for diagnosis and treatment of cardiac arrhythmias including atrial fibrillation and congestive heart failure. Key cardiac rhythm management devices include pacemakers, cardiac resynchronization therapy devices, and implantable cardioverter defibrillators. Growing geriatric population and rising prevalence of cardiac disorders like coronary artery disease, cardiac arrhythmias, and heart failure are major factors fueling 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 Opportunity:

Rising prevalence of cardiac disorders is presenting a major market opportunity. According to WHO, cardiovascular diseases (CVDs) are the number 1 cause of death globally. CVDs claimed an estimated 17.9 million lives each year which is over 30% of global deaths. Rising cases of hypertension, obesity, and lifestyle changes leading to diabetes are key factors driving the incidence of CVDs. It is estimated over 1 billion people suffer from high blood pressure and nearly 422 million have diabetes globally. If left unchecked, rising cases of cardiac disorders will significantly increase demand for cardiac rhythm management devices for diagnosis and treatment in the foreseeable future. Innovation in devices integrating features for multi-parameter cardiac monitoring will further support market revenue growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Entry into this market requires high R&D investment and regulatory approvals which limits new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are few substitutes and suppliers have established brands.

Bargaining power of suppliers: Suppliers have strong bargaining power due to their innovative products and technologies.

Threat of new substitutes: Threat of substitutes is low as emerging alternatives are in nascent stages.

Competitive rivalry: Industry players compete on product innovation to gain market share.

SWOT Analysis

Strength: Established brands, product portfolio, technology leadership and strong distribution network.

Weakness: High R&D costs and regulatory barriers.

Opportunity: Growing geriatric population, rise in cardiovascular diseases and product innovations.

Threats: Stringent regulations, pricing pressure and reimbursement policies.

Key Takeaways

The global Cardiac Rhythm Management Devices Market is expected to witness high growth at a CAGR of 7.5% during the forecast period of 2023 to 2030. The market size for 2023 is US$ 19.05 billion.

Regional analysis: North America dominates the market currently owing to high awareness, device adoption and supportive reimbursement policies. Asia Pacific is expected to grow at the fastest pace due to improving healthcare infrastructure and rising prevalence of target diseases.

Key players: Key players operating in the Cardiac Rhythm Management Devices market 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. Players compete on innovation and portfolio expansion strategies to strengthen their market presence.