The global implantable cardiac rhythm management device market size is expected to reach USD 20.39 billion by 2026 registering a CAGR of 5.1%

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Jun 17, 2019, 18:21 ET

NEW YORK, June 17, 2019 /PRNewswire/ -- Implantable Cardiac Rhythm Management Device Market Size, Share & Trends Analysis Report By End Use (Specialty Cardiac Center, Hospital), By Product (Pacemaker, ICDs, CRT), By Region, And Segment Forecasts, 2019 - 2026

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The global implantable cardiac rhythm management device market size is expected to reach USD 20.39 billion by 2026 registering a CAGR of 5.1%. Increasing geriatric population, cases of Cardiovascular Disease (CVDs), and demand for accurate and effective diagnostics of these diseases are the factors attributing to the growth of the market. Cardiac disorders are one of the major causes of mortality around the world, with a large percentage of the population suffering from some form of cardiac disorders in their lifetime.

Hectic schedules and busy lifestyle are major factors that cause hypertension among individuals. An estimated 85.7 million Americans (i.e., almost 34% of the population) suffered from high Blood Pressure (BP) and hypertension due to stressful lifestyle. Almost 23.4 million American adults were diagnosed with diabetes in 2017, while an estimated additional 7.6 million American adults are undiagnosed diabetics. Thus, prevalence of CVDs is increasing in younger generation as well. Globally, the prevalence of diabetes is expected to increase to 7.7% by 2030.

Various implantable devices, such as pacemakers, ICDs, and Cardiac Resynchronization Therapy (CRT), are being used for improved cardiac performance.Pacemakers are the mostly used devices for conduction disorders and sinus dysfunctions.

CRT devices and ICDs are comparatively new and incorporate better technology than their older counterparts.

Further key findings from the study suggest:
• Hospitals is expected to be the largest end use segment of the global implantable cardiac rhythm management (CRM) device market over the forecast period.
• The CRT product segment is anticipated to witness the fastest growth due to implementation of supportive legislative policies in developed countries and increased awareness about these products
• North America led the global market with a market share of more than 45% in 2018 due to higher awareness levels, supportive government policies, favorable reimbursement schemes, and increased cases of CVDs
• Asia Pacific is expected to exhibit the fastest growth at a CAGR of 5.6% from 2019 to 2026
• Key companies in the market include St. Jude Medical/Abbott Laboratories; Medtronic PLC; Boston Scientific; Biotronik; Physio-Control, Inc.; Schiller AG; Koninklijke Philips N.V.; Zoll Medical Corporation

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