Cardiac rhythm management devices such as pacemakers and implantable cardioverter defibrillators (ICDs) are electronic medical devices that monitor the heart rhythm and control arrhythmias or regulate the heart’s electrical malfunctions through use of small electrical impulses. These devices improve the quality of life for those with arrhythmias and heart conditions that result in an irregular heartbeat. With the increasing prevalence of cardiovascular diseases worldwide along with growing geriatric population that is more prone to heart conditions, the need for reliable and effective cardiac rhythm management devices is growing.

The global Cardiac Rhythm Management Devices Market is estimated to be valued at US$ 31.7 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.

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Market key trends:

With technological advancements, key players in the cardiac rhythm management devices market are focusing on development of MRI-compatible devices which will allow patients to undergo MRI scans without explanting existing devices. MRI-compatible technology permits device functionality while undergoing MRI testing without interference from the strong magnetic and radio frequency fields. This addresses the unmet need of imaging for device recipients which traditionally requires removal of existing devices prior to MRI procedure. The development of innovative MRI compatible pacemakers and ICDs is expected to drive significant growth in the cardiac rhythm management devices market over the forecast period.

Porter’s Analysis

Threat of new entrants: The cardiac rhythm management devices market requires high initial capital investment and stringent regulatory requirements. This poses significant entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. However, the availability of alternative treatment options provides some bargaining power to buyers.

Bargaining power of suppliers: A few large players dominate the supply market. This allows suppliers to exert some influence over prices.

Threat of new substitutes: Technological advancements are leading to newer substitutes. This poses a moderate threat from substitutes.

Competitive rivalry: The market comprises large multinational players. Intense competition exists between market leaders to gain higher market share through innovation.

Key Takeaways

The global cardiac rhythm management devices market is expected to witness high growth. Factors such as the rising geriatric population and the growing prevalence of cardiovascular disorders will drive the demand. The global Cardiac Rhythm Management Devices Market is estimated to be valued at US$ 31.7 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.

North America is expected to dominate the market during the forecast period. The region has a highly developed healthcare system and rising awareness about cardiac disorders. Growing obese population and increasing adoption of sedentary lifestyles are also boosting the regional market.

Key players operating in the cardiac rhythm management devices market are Medtronic, Boston Scientific Corporation, Abbott, Biotronik, LivaNova PLC, and MicroPort Scientific Corporation. Players are focusing on new product launches and partnerships with hospitals to strengthen their market position.