New Discoveries and Advanced Tech Opening Doors for Cardiac Rhythm Management Devices Industry, says Market.us

There are increasing numbers of cardiovascular diseases like arrhythmia and atrial fibrillation. According to the Centers for Disease Control and Prevention, approximately 12.1 million Americans are likely to be affected by atrial fibrillation (AFib). This is according to the CDC. The market is expected to grow due to technological advancements.                             

According to Market.us, “The Cardiac Rhythm Management Devices Market is projected to reach a valuation of USD 35.59 Billion by 2032 at a CAGR of 7.5%, from USD 17.27 Billion in 2021.”

Asia Pacific will see the highest growth rate of 7.6% in cardiac rhythm management devices over the forecast period. This is due largely to international players such as the China Cardiovascular Association (CCA) and the American College of Cardiology, who are collaborating to develop new technologies for cardiac care. OECD countries still have a lot to do in controlling the various causes of CVDs including tobacco smoking. However, increased awareness efforts, like Japan’s 2020 Olympic Games smoking ban, will likely drive growth.

Market.us’ senior research analyst Anurag Sharma said that “ There has been an increase in the number of patients requesting implantable cardioverter Defibrillators and permanent pacemakers implantations, which has fueled the industry’s growth. These new innovations, which led to the development of heart rhythm management, will drive the industry’s growth.”

The COVID-19 Pandemic has had a devastating impact on all industries, including the CRM market. Market players have seen huge losses in their cardiac pace management segments as a result of the delay in cardiovascular procedures. Medtronic for instance saw a 12 percent decrease in its cardiac management devices segment in 2020 when compared to 2019. The pacemakers, CRT/Ds, and ICDs suffered the most severe declines. Medtronic has seen a significant increase in both its annual revenues and the segment revenue for cardiac rhythm, and heart failure, and is now on track to rebound by 2021. The company’s total revenue increased by 4.16% between 2020 and 2021.

Similar trends can also be seen in the financial results of other market players. Therefore, the initial pandemic affected the market for heart rhythm management devices. But, it began to recover by 2021. As the second leading cause of death in the United States, physical inactivity is a serious public health concern. Physical inactivity is associated with morbidity, as well as the development of chronic conditions like diabetes or cardiac disorders. 

The WHO estimates that around 2 million deaths each year are caused by physical inactivity. A sedentary lifestyle is also a common feature in the developed and developing world. It has been estimated that 60% to 85% of people live in sedentary environments. This will likely increase the demand in the future.

Favorable reimbursement policies have resulted in a higher adoption rate of medical devices by patients from countries such as Canada, the U.S.A, and the U.K., increasing market penetration. In addition, the growth forecast is expected to be supported by increasing government efforts and the adoption of new CRM technology. There are regulations that govern the use of external defibrillators in public places, for example. California’s New Laws of 2018 have mandated the placement of Automated External Defibrillators at schools and public swimming pools. In recent years, CRM devices have seen a rise in popularity due to increasing life expectancy as well as the availability of more advanced technologies.

In recent years, heart disease is the most common cause of death. According to World Health Organization estimates, cardiovascular diseases (CVDs), cause around 17.9 million deaths annually. Since they rarely show symptoms, cardiovascular diseases are commonly called the silent plague. These conditions are considered to be the most expensive to treat. CRM devices are used not only for monitoring and managing cardiac conditions but also can be used to repair, restore, and heal cardiac disorders. These potential benefits are expected to increase the adoption rate over the forecast period.