Global Cardiac Rhythm Management Devices Market – Overview

Because of the increasing life expectancy and availability of high end medical technologies, the adoption of cardiac rhythm management devices has increased in the past few years.  Cardiac ailments have emerged as the major cause of death in recent years. According to the World Health Organization (WHO) estimates, each year, cardiovascular diseases (CVDs) result in around 17.9 million deaths across the globe. Such prevalence and developments are thus expected to help the development of the global market in coming years.

Global Cardiac Rhythm Management Devices Market – Competitive Landscape

The global cardiac rhythm management devices market is highly competitive in nature and also quite fragmented. The fragmentation of the competitive landscape of the global market is due to the presence of several key players operating in the market space. Some of the key companies in the global cardiac rhythm management devices market include names such as Medtronic, Jude Medical (Abbott), Boston Scientific Corporation, and Koninklijke Philips N.V.

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The companies in the global market are focusing on different strategies such as mergers, acquisitions, and takeovers in order to stay ahead of the competitive curve. In addition to this, they are projected to invest substantially on research and development activities in order to gain an upper hand over their rivals.

  • In January 2019, Medtronic acquired EPIX Therapeutics, which was aimed at expanding the former company’s cardiac ablation portfolio to treat patients with cardiac arrhythmias. CRM device makers are also introducing new technologies to enhance product performance and augment their portfolio.
  • In January 2019, Schiller introduced Epicardio Simulation, offering a new way to interact with a virtual heart.

Global Cardiac Rhythm Management Devices Market – Drivers and Restraints

There are multiple factors that are projected to drive the overall growth of the global cardiac rhythm management devices market. One of the key driving factors for the market growth has been increasing cases of cardiovascular diseases across the globe. In addition to this, development of new and high-end cardiac rhythm management devices is also expected to fuel the development of the global market in the coming years of the forecast period.

In recent years, there has been an increasing prevalence in the use of photoplethysmography technology in wearables such as fitness trackers and smartwatches can enhance atrial fibrillation (AFib) detection and screening. For instance, the Apple Watch can check for irregular heartbeats that can be the result of AFib, as confirmed by the APPLE HEART Study at the 2019 American College of Cardiology (ACC) meeting. Such developments are also projected to help the market growth in the near future.

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Global Cardiac Rhythm Management Devices Market – Geographical Outlook

Based on the geographical segmentation, the global cardiac rhythm management devices market is segmented into five key regions. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global market is being dominated by the regional segment of North America. The region is projected to continue to dominate the global market in the coming years of the forecast period ranging from 2020 to 2030. The growth of the market is mainly attributed to the presence of a highly matured healthcare infrastructure along with availability of key players.

On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period. The growth of the market is mainly attributed to the increasing demand from the emerging economies such as India, Thailand, and China where there has bene growing expenditure on heal

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cardiac Rhythm Management Devices Market