Implantable Cardiac Rhythm Management Device Market: Introduction

  • Cardiac rhythm management includes implantable devices which help treat and manage arrhythmia-related diseases such as cardiac arrhythmia, bradycardia, tachycardia, and cardiac synchronization
  • Implantable cardiac rhythm management devices include pacemaker, implantable cardioverter defibrillator (ICD), and cardiac resynchronization therapy (CRT). Pacemaker is a small device placed in abdomen or chest. It is used in case of slower heart rate than normal. Implantable cardioverter defibrillators (ICDs) used if the heart beats way too faster than normal.

Key Drivers of Global Implantable Cardiac Rhythm Management Device Market

  • Increase in number of patients with cardiac diseases is expected to propel the implantable cardiac rhythm management device market. Cardiovascular diseases were a major cause of deaths in 2018, which accounted for 836,546 deaths in the U.S. That is about 1 in 3 deaths in the U.S. In terms of cardiovascular diseases, coronary heart disease is the most leading cause (43.8%) of deaths in the U.S. According to the World Health Organization (WHO), stroke is the third leading cause of disability, worldwide.
  • Technological advancements, such as leadless pacemaker and MRI-friendliness, are expected to drive the implantable cardiac rhythm management devices market. For instance, in 2017, Abbott received an USFDA approval for Assurity MRI Pacemaker, which eliminates pre- and post-scan pacemaker reprogramming.

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Resynchronization Therapy Product Segment to Witness High Demand

  • Based on product, the global implantable cardiac rhythm management device market can be segmented into pacemaker, implantable cardioverter defibrillator (ICD), and cardiac resynchronization therapy (CRT)
  • The cardiac resynchronization therapy (CRT) segment accounted for the highest share of the implantable cardiac rhythm management device market in 2018. This segment is expected to dominate the implantable cardiac rhythm management device market during the forecast period, owing to rise in demand for CRT products in developed countries and increased awareness about these products.

Hospitals Segment to Witness Significant Growth

  • In terms of end-user, the global implantable cardiac rhythm management device market can be divided into hospitals, specialty cardiac centers, and others
  • The hospitals segment generated the highest revenue in 2018 and is anticipated to witness growth during the forecast period. This can be attributed to strong product penetration and increase in number of surgical procedures. Furthermore, presence of favorable reimbursement facilities is expected to drive the segment during the forecast period.

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North America to Dominate Global Implantable Cardiac Rhythm Management Device Market

  • In terms of region, the global implantable cardiac rhythm management device market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global implantable cardiac rhythm management device market in 2018 and is expected to maintain its leading position during the forecast period. This dominance of the region can be attributed to increase in incidence of cardiovascular diseases, technological advancement, and rise in geriatric population.
  • The market in Asia Pacific is projected to register highest growth during the forecast period, owing to new product launch from major market players and rise in incidence of cardiac arrhythmia

Key Manufacturers Operating in Global Market

The global implantable cardiac rhythm management device market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Abbott
  • Medtronic plc
  • Biotronik
  • Koninklijke Philips N.V.
  • Boston Scientific Corporation
  • SCHILLER
  • Physio-Control, Inc.
  • ZOLL Medical Corporation

Implantable Cardiac Rhythm Management Device Market: Research Scope

Implantable Cardiac Rhythm Management Device Market, by Product

  • Pacemaker
  • Implantable Cardioverter Defibrillator (ICD)
  • Cardiac Resynchronization Therapy (CRT)

Implantable Cardiac Rhythm Management Device Market, by End-user

  • Hospitals
  • Specialty Cardiac Centers
  • Others

Implantable Cardiac Rhythm Management Device Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

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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