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.
What will the Cardiac Rhythm Management (CRM) Market Size be During the Forecast Period?
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Cardiac Rhythm Management (CRM) Market: Key Drivers, Trends, and Challenges
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.
Parent Market Analysis
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.
Who are the Major Cardiac Rhythm Management (CRM) Market Vendors?
The report analyzes the market’s competitive landscape and 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
- Stryker Corp.
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.
Cardiac Rhythm Management (CRM) Market Value Chain Analysis
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:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Cardiac Rhythm Management (CRM) Market?
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42% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for cardiac rhythm management devices in North America. Market growth in this region will be slower than the growth of the market in regions.
Factors such as the increased awareness level among people about vascular diseases and all available treatment options will facilitate the cardiac rhythm management (CRM) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The ongoing COVID-19 outbreak has positively impacted the growth of the regional CRM devices market during 2020-2021 because of the increased need to monitor the heart condition of patients with COVID-19. The pandemic has increased the use of CRM devices by numerous healthcare facilities in terms of regular patient monitoring, which has driven the growth of the Cardiac rhythm management (CRM) devices market in the region. The outbreak, which claimed over 914,210 lives in the US as of June 23, 2021, has prompted vendors to come up with new business strategies to meet the high demand.
What are the Revenue-generating Product Segments in the Cardiac Rhythm Management (CRM) Market?
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The cardiac rhythm management devices market share growth in the defibrillators segment will be significant during the forecast period. The increasing incidence of cardiac arrest will significantly contribute to the defibrillators market growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the CRM devices market size.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cardiac rhythm management (CRM) market size and actionable market insights on post COVID-19 impact on each segment.
Similar Reports:
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Cardiac Rhythm Management (CRM) Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.33% |
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Market growth 2021-2025 |
$ 3.46 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.10 |
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Regional analysis |
APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
North America at 42% |
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Key consumer countries |
US, Germany, France, China, and Canada |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Cardiac Rhythm Management (CRM) Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive cardiac rhythm management (CRM) market growth during the next five years
- Precise estimation of the cardiac rhythm management (CRM) market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the cardiac rhythm management (CRM) industry across APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of cardiac rhythm management (CRM) market vendors
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