Enjoy complimentary customisation on priority with our Enterprise License!
The cardiac rhythm management (CRM) market share is expected to increase by USD 3.46 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.33%.
This cardiac rhythm management (CRM) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cardiac rhythm management (CRM) market segmentation by product (defibrillators, pacemakers, and CRT devices) and geography (North America, Europe, Asia, and ROW). The cardiac rhythm management (CRM) market report also offers information on several market vendors, including Abbott Laboratories, BIOTRONIK SE & Co. KG, Boston Scientific Corp., Cook Medical LLC, General Electric Co., HILL-ROM HOLDINGS INC., Medtronic Plc, MicroPort Scientific Corp., SCHILLER AG, and Stryker Corp. among others.
Download the Free Report Sample to Unlock the Cardiac Rhythm Management (CRM) Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. Research and development are notably driving the cardiac rhythm management (CRM) market growth, although factors such as ?the dearth of skilled healthcare professionals may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cardiac rhythm management (CRM) market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cardiac Rhythm Management (CRM) Market Driver
Research and development is a major driver fueling cardiac rhythm management (CRM) market growth. Investment in research depends on the type of devices and the kind of companies manufacturing them. Medical devices are a much more heterogeneous group of products than pharmaceutical drugs in terms of design, usage, and purpose; while several medical devices never come in contact with patients, some do so temporarily, and others become a permanent part of patient's lives. Similarly, the kinds of firms that discover and develop medical devices are more diverse than drug manufacturers. The R&D phase accounts for a significant portion of production costs and consists of processes such as concept formulation, risk and opportunity analysis, feasibility checks, product designing, prototyping, patent filing, sustaining engineering, obtaining regulatory approvals, and product pricing.
Key Cardiac Rhythm Management (CRM) Market Trend
Increasing healthcare expenditure is a major trend influencing the cardiac rhythm management (CRM) market growth. With the increasing prevalence of CVDs and rising disposable income, healthcare expenditure is increasing globally. Moreover, the growing awareness about the need for the early management of CVDs, as well as the risks of negligence in seeking timely medical help, is making people increasingly health-conscious. This, in turn, is leading to an increase in healthcare expenditure. In most developed countries, healthcare expenditure is high. For instance, according to the US federal government actuaries, the country's healthcare expenditure in 2018 reached $3.65 trillion, which is much higher than in developing countries such as Mexico, Argentina, and Thailand. However, emerging markets such as China, India, and Brazil are witnessing a favorable increase in healthcare spending due to the rising disposable income of people. According to the World Bank Group, healthcare expenditure in China is expected to grow at an average of 8.4 % annually to reach $2,297.3 billion by 2035 from around $508.9 billion in 2014. Thus, the increase in healthcare expenditure is expected to drive the global Cardiac rhythm management (CRM) devices market during the forecast period.
Key Cardiac Rhythm Management (CRM) Market Challenge
?The dearth of skilled healthcare professionals is a major hindrance to the cardiac rhythm management (CRM) market growth. CVDs are the leading cause of mortality in the world. The cardiovascular segment has seen much advancement in recent years, but the shortage of the cardiovascular (CV) workforce has become the subject of intense scrutiny in recent years. Forecasters predict a higher shortage of cardiologists in the future. The growing burden of CVD is the most significant factor influencing the demand for cardiologists. It is projected that by 2030, over 40% of the US population is projected to have CVD. The availability of cardiologists is influenced by workforce demographics, including the geographic distribution of all cardiologists and the practice trends of recent fellowship graduates. The aging population is also a major factor leading cardiologists towards retirement. According to the AHA report, the shortage of cardiologists was imminent and especially problematic in the 2010s and 2020s. The shortage of skilled workforce can slow down the growth of the global Cardiac rhythm management (CRM) devices market.
This cardiac rhythm management (CRM) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global cardiac rhythm management (CRM) devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cardiac rhythm management (CRM) market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cardiac rhythm management (CRM) market encompasses successful business strategies deployed by the key vendors. The cardiac rhythm management (CRM) market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cardiac rhythm management (CRM) market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cardiac rhythm management (CRM) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.