Global Cardiac Rhythm Management Devices Market Size

Cardiac Rhythm Management Devices Market Analysis

The cardiac rhythm management devices market is expected to witness a CAGR of 4.8% during the forecast period.

The COVID-19 pandemic led to disruption in the medical devices industry around the world which also impacted the cardiac rhythm management devices market. According to a research article by Tarun Dalia et al., published in the Indian Heart Journal in February 2021, the presence of congestive heart failure (CHF) in patients with COVID-19 is associated with increased mortality and worse outcomes. Moreover, there is an increased risk of acute cardiac injury and cardiac arrhythmia among non-survivors and severe COVID-19 patients. Therefore, the COVID-19 pandemic has been reported to cause worse outcomes in patients with underlying cardiovascular disease, especially in patients with acute cardiac injury. Therefore, the market in 2020 has been impacted by the growing COVID-19 patient pool and the rising likelihood of significantly increased risks for susceptible patients with cardiovascular disorders.

Certain factors that are driving the market growth include the increasing prevalence of cardiovascular disorders, technological advancements, a rise in the use of ambulatory and home services for cardiac monitoring, and favorable reimbursement policies. An increasing patient pool of cardiovascular diseases (CVDs) is one of the prime factors augmenting the growth of the cardiac rhythm management devices market. Sedentary lifestyles, junk food consumption, and mental stress are other key factors associated with the development of CVDs. According to the World Health Organization (WHO) data updated in June 202, cardiovascular diseases account for more than 30% of deaths worldwide. Also, nearly 33.5 million people are suffering from atrial fibrillation (AFib) globally, which is the most common type of serious arrhythmia. With the rise in the aging population in North America and Europe, the number of patients suffering from heart rhythm disorders is likely to witness an increase over the forecast period. In turn, it is expected to aid the overall market growth during the forecast period.

However, the therapeutic radiation used in cancer treatment can influence the operation of a patient with implantable cardiac rhythm devices. The implantable device technology uses complementary metal-oxide-semiconductor (CMOS) which are vulnerable to damage by the therapeutic doses of radiation, but it can vary according to the type of device in use. This factor is one of the major factors that limits the scope of using cardiac rhythm management devices, as the implants are highly sensitive and their malfunctioning may have serious consequences. On the other hand, the high cost of these devices with limited insurance coverage is limiting the growth of the market.