The global Cardiac Rhythm Management Devices Market Growth Accelerated by Remote Monitoring Capabilities

 

Cardiac rhythm management devices help regulate abnormal heart rhythms and detect lifethreatening cardiac arrhythmias. Cardiac rhythm management devices commonly used for monitoring, detecting, and treating arrhythmias include pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices. These devices benefit patients by providing optimized and individualized therapy for reducing arrhythmia risks and associated complications.

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:
Remote monitoring capabilities allow continuous monitoring of patients outside a clinic setting, supporting better management of cardiac conditions. These remote monitoring systems transmit diagnostic information from implantable cardiac devices to a secure monitoring site, enabling early intervention. Growing adoption of remote monitoring by healthcare providers is expected to boost the CRM devices market. Remote monitoring helps reduce unnecessary device interrogations and clinic visits, lowering healthcare costs. It also provides physicians with timely data to optimize treatment and improve patient outcomes. Increasing focus on remote patient monitoring amid the ongoing pandemic is a major trend fueling demand for advanced CRM devices with remote monitoring capabilities.

Segment Analysis
Cardiac rhythm management devices market is segmented into pacing devices, defibrillators, and cardiac resynchronization therapy devices. Among them, the defibrillators segment accounted for a dominating share in 2023 owing to rising cases of sudden cardiac arrest and increasing acceptance of implantable cardioverter defibrillators.

Key Takeaways
The global Cardiac Rhythm Management Devices market is expected to witness high growth over the forecast period. The rising geriatric population suffering from cardiovascular diseases and advancements in cardiac devices are fueling the market growth.

Regional analysis
North America dominated the global cardiac rhythm management devices market in 2023 due to the increasing prevalence of cardiovascular diseases and availability of advanced healthcare facilities. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising healthcare expenditure, changing lifestyle, and growing awareness regarding cardiovascular 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. Medtronic plc. held the largest market share in 2023 owing to its strong product portfolio and wide geographical presence.

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