New York, United States , April 03, 2023 (GLOBE NEWSWIRE) -- The Global Cardiac Rhythm Management Devices Market Size to grow from USD 18.5 Billion in 2021 to USD 30.7 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. With the use of cardiac rhythm management devices, patients with heart rate and rhythm issues can maintain a normal heart rate. This device is necessary for treating a number of cardiac conditions, including atrial fibrillation, heart failure, recent heart attack warning signals, atrial flutter, pharmaceutical side effects, coronary ischemia, inadequate oxygenation of the cardiac muscles, and genetic problems. Each monitor differs from the others and has sensors built in to capture your Electrocardiogram. Several of the models attach themselves to your chest with sticky patches.
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Heart failure is being caused by an increase in the use of ventricular devices, pacemakers, electrocardiograms (ECGs), and implantable cardioverter defibrillators among the elderly. Therefore, it has a significant impact on the market for cardiac rhythm management devices. As advanced medical technology is still not widely used in emerging nations, this will greatly accelerate market expansion.
The major market participants have partnered with public hospitals to gather information on cutting-edge cardiac monitoring and heart rhythm management technologies, which is fostering market expansion. The major manufacturers have presented technologically cutting-edge products in developing and poor nations. For instance, Boston Scientific Corporation attempted to get regulatory clearance for its S-ICD system in order to sell it throughout Asia, the Middle East, and Africa. Moreover, businesses have begun to collaborate with governmental agencies to provide innovative and cutting-edge cardiac solutions. In reality, authorities in the public and private sectors of developing and poor nations have attempted to devise reimbursement strategies for treating heart disorders.
The market's overall growth is being hampered by the adoption of cardiac rhythm management devices, which are based on consumer behaviour and preferences. However, as government hospitals have worked with industry actors to raise knowledge of this treatment, the damage produced by this rationale will lessen over the next few years.
COVID 19 Impact
The global medical device market has been severely disrupted by the COVID 19 pandemic, which has had an effect on the market for cardiac rhythm management devices. According to a Taruan Dalia et al. paper in the Indian Heart Journal, individuals with COVID 19 infection who also have congestive heart failure (CHF) have higher mortality rates and worse outcomes. These devices are also being used by severe COVID 19 patients, who are at an increased risk of both cardiac arrhythmia and sudden cardiac infarction. As a result, the COVID 19 pandemic has reportedly made individuals with underlying cardiac damage sicker.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Cardiac Rhythm Management Devices Market Size, Share, and COVID-19 Impact Analysis, By Product (pacemakers, defibrillators, cardiac resynchronization therapy), By Type (ECG Devices, Implantable Loop recorders, Cardiac output monitoring, Event monitors, Mobile cardiac telemetry, and Smart ECG monitors), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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Product Insights
Defibrillators segment accounted the largest market share over the forecast period.
On the basis of product, the global cardiac rhythm devices management is segmented into pacemakers, defibrillators, cardiac resynchronization therapy. Among these, the defibrillators segment is dominating the market with the largest market share over the forecast period. Subcutaneous Implantable Defibrillators (S-ICD) and Transveneous Cardioverter Defibrillators (T-ICD) are two defibrillators whose adoption is on the rise in countries including the United States, China, Europe, and India. Defibrillators are further divided into implantable cardioverter defibrillators and external defibrillators (ICD).
The implanted segment of the pacemaker’s market has the biggest revenue share over the anticipated time frame. Implantable pacemakers have become one of the most widely used treatments for sinus dysfunction and conduction problems.
Type Insights
ECG Devices segment is dominating the market over the forecast period.
On the basis of type, the global cardiac rhythm devices management is segmented into ECG Devices, Implantable Loop recorders, Cardiac output monitoring, Event monitors, Mobile cardiac telemetry, and Smart ECG monitors. Among these, ECG Devices segment is dominating the market over the forecast period. The growth is credited to technology developments including the incorporation of cutting-edge algorithms and workflow-improving features like touchscreens, enhanced connectivity, and portability with cardiac information systems.
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Regional Analysis
North America is dominating the market with the largest market share over the forecast period.
The developed healthcare infrastructure, rising prevalence of cardiovascular illnesses, and government initiatives are expected to help North America dominate the market with the largest market share over the projection period. According to data from the American Heart Association as of January 2021, by the year 2035, nearly 45% of the US population is predicted to be affected by cardiac conditions because of things like high smoking, high obesity, and unhealthy lifestyles that cause heart attacks. According to the Centers for Disease Control and Prevention (CDC), COVID 19 patients who have cardiac problems are likely to get sick. On the other hand, due to the growing use of cardiac management devices, Asia Pacific is expected to see the fastest market development over the projection period. In addition, there has been a rise in funding for research and development projects aimed at creating cutting-edge solutions for cardiac health.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Cardiac Rhythm Devices Management Market are Spacelabs Healthcare, Zoll Medical Corporation, Medtronic, Welch Allyn,Abbott Laboratories, Asahi Kasei Corporation, MicroPort Scientific Corporation, Hill-Rom Holdings, Boston Scientific.
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