Cardiac Rhythm Management (CRM) Devices And Equipment Market 2021 Global Trend, Segmentation and Opportunities, Forecast 2030
Research Reports
Jan 10, 2021
Cardiac Rhythm Management (CRM) Devices And Equipment Market:
WiseGuyReports.com adds “Global Cardiac Rhythm Management (CRM) Devices And Equipment Market Research Report 2021 Analysis and Forecast 2030” reports to its database.
Executive Summary
The cardiac rhythm management (CRM) devices and equipment market comprises of sales of devices that are effective in managing and restoring the heart’s normal function or rhythm. These devices are used to treat and manage arrhythmia-related diseases such as cardiac arrests, heart failure, or cardiac arrhythmias.
The global cardiac rhythm management (crm) devices and equipment market is expected to decline from $10.1 billion in 2019 to $8.2 billion in 2020 at a compound annual growth rate (CAGR) of -19.1%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the demand for cardiovascular devices due to decreased number of cardiac surgeries for reasons such as re-scheduling of surgeries, cancellations and no-show by patients, coupled with the restrictions by government and health authorities to shutdown factories manufacturing these devices to contain the spread of virus and keep the staff safe, contribute to this decline. The market is then expected to recover and grow at a CAGR of 5.1% from 2021 and reach $12.5 billion in 2023.
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North America was the largest region in the cardiac rhythm management devices and equipment market in 2017, accounting by 51.5% of the market, followed by Europe, which accounts for 28.3%.
The rising incidences of cardiovascular diseases such as cardiac arrhythmia, ischemic heart disease, and hypertension is driving the CRM devices market. Sedentary lifestyles and medical conditions such as high cholesterol, high blood pressure, obesity and diabetes are major causes of cardiovascular diseases. According to the World Health Organization, in 2016, an estimated 17.9 million people died due to cardiovascular diseases accounting for 31% of all global deaths. Most of these deaths occur due to heart attacks and strokes. As more people suffer from cardiovascular diseases, the demand for cardiac rhythm management and devices is expected to increase.
The risks associated with cardiac rhythm management devices and equipment market is acting as a restraint on the market. CRM devices may pose potential risks such as post-implant infections and contraindications in patients undergoing any type of radiation therapy or diagnosis. Implantable CRM devices contain complementary metal-oxide-semiconductor (CMOS) which may get damaged due to therapeutic doses of radiation. Also, as the implants are highly sensitive devices, any dysfunction may have life threatening consequences for the patients. The considerable amount of risks involved in using CRM devices are affecting the growth of the market.
Technologies such as subcutaneous implantable cardioverter-defibrillator (S-ICD) and leadless cardiac pacemakers (LCP) are being developed to overcome complications with transvenous lead and other CRM devices. The novel modular cardiac rhythm management (mCRM) system allows for the coordination of leadless pacing and defibrillator therapy delivery by providing wireless intra-body communication between devices. This communication is possible by a combination of anti-tachycardia pacing-enabled LCP and S?ICD. For instance, Medtronic developed the leadless pacemaker Micra which can be placed in the heart through veins and is self-contained within the heart.
Manufacturers of cardiac rhythm management devices and equipment are governed by various regulatory bodies such as the FDA in the USA. The United States Food and Drug Administration recalls any product with safety issues or defects and that can endanger the consumer. In September 2018, the FDA recalled the Platinium implantable cardiac defibrillator and resynchronization therapy defibrillator due to issues with hardware configuration and functioning. The company had to discard all non implanted Platinium devices and follow-up with all patients implanted with these devices.
Major players in the market are Abbott, Medtronic , Biotronik, Cardiac Science Corporation, Schiller AG
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