Worldwide cardiac rhythm management devices market is anticipated to accumulate around US $33 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Based on their use, cardiac rhythm management (CRM) devices can either be external or implantable. These devices are used to manage and treat the heart ailments. The product landscape of implantable devices is classified based on product function as, cardioverter defibrillators to increase the heart rhythm and pacemakers to decrease the cardiac pace. These devices are ideal for patients suffering from cardiac disorders such as heart failures, cardiac arrhythmias or cardiac arrests.
The key contenders of CRM devices market have played major role in launching the products and getting approvals in the under-developed and emerging nations. As cited in the report, Boston Scientific Corporation is putting efforts to get their S-ICD system regulatory approved across the regions of Asia Pacific, Middle East, and Africa.
The cardiac rhythm management devices market in underdeveloped and developing economies is driven by the initiatives taken by the government and private organizations to outline beneficial reimbursement plans for treatment of cardiac ailments. Furthermore, the key players have joined forces with government bodies to offer effective and innovative solutions. The growing awareness about the usefulness of CRM devices, swift approvals for technically advanced devices, and the increasing disposable income are expected to bolster the CRM devices market growth over the forecast period.
The geographical landscape of the cardiac rhythm management devices market is divided into 5 regions, namely, North America covering United States and Canada, Asia Pacific covering India, China and Japan, Europe covering Germany, United Kingdom and France, Middle East & Africa, and Latin America covering Brazil.
Speaking of the regional dominance, North America led the market in 2017. The factors attributable to regional growth are increased awareness, modernized healthcare infrastructure, beneficial reimbursement plans, and high investment in healthcare.
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Additionally, cardiac rhythm management devices market is projected to witness rewarding opportunities in the Asia Pacific region over the forecast period. Countries like India and China are rapidly adopting health insurance policies and hence will fuel the growth of the market in the region.
The leading contenders of cardiac rhythm management market are regularly collaborating and coming up with new products to serve the evolving needs of the consumers. The leading companies profiled in the research report are Biotronik SE & Co. KG, Cardiac Science Corporation, Abiomed Inc., Boston Scientific Corporation, General Electronics (GE) Company, Berlin Heart GmbH, Koninklijke Philips N.V., Medtronic plc, Abbott Laboratories, Hill-Rom Holdings Inc., LivaNova PLC, and SCHILLER AG.
The report further provides valuable insights regarding market drivers and restraints over the forecast period, and how they impact the size and growth of the cardiac rhythm management devices market.