Cardiac Rhythm Management (CRM) devices are used to ensure the proper functioning of the heart. Cardiac Rhythm Management includes devices such as pacemakers and Implantable Cardioverter Defibrillators (ICDs), external defibrillators and cardiac resynchronization therapy devices.
Globally, the incidence of cardiovascular diseases (CVDs) is on the rise. In developed nations cardiovascular disease is the main cause of mortality leading to large number of deaths. There is a consistent demand for cardiac rhythm management devices and this demand will drive the market continuously in the future. Generally people suffer from cardiovascular diseases such as high blood pressure, stroke and, heart disease.
CRM devices market would also see robust growth due to factors such as rapidly aging population, higher disposable income, technological innovation of products such as miniaturization, durable batteries, biocompatible materials and, government regulatory approvals. Incidence of cardiac disorders such as heart failure, cardiac arrhythmias and cardiac arrests are increasing at a rapid rate. In the cardiac rhythm management devices market, pacemaker devices account for a large market share followed by electrophysiology catheterization, ablation devices, and external defibrillators.
The US has the leading position and a large market share in the CRM devices market which has reached a maturity level. Now the market for CRM devices market is forecasted to be strong in emerging Asian countries such as South Korea, India and China with growth rate of 13% during the year 2011 – 2017.
Cardiac Rhythm Management market was not affected during the time of recession. The CRM devices market was USD 16 billion in 2011 and the market is forecasted to reach USD 28 billion by 2017 with the compound annual growth rate of 9.78 % during 2011-207.
The strongest growth is expected to stem largely from developing regions such as Asia-Pacific, Latin America, and Eastern Europe, while the developed markets, such as the United States and Europe begin to hit the maturity note.
The global cardiac rhythm management devices market largely depends on players such as Medtronic, St Jude Medical, Abbott Laboratories and Boston Scientific. These manufacturers make up almost 70% of the total cardiac rhythm management devices market.