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%, according to a new report by Grand View Research, Inc. 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.
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Key Takeways Of The Report :
- 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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Grand View Research has segmented the global implantable cardiac rhythm management device market on the basis of the product, end use, and region:
Implantable CRM Devices Product Outlook (Revenue, USD Million, 2014 – 2026)
Implantable CRM Devices End Use Outlook (Revenue, USD Million, 2014 – 2026)
- Specialty Cardiac Center
Implantable CRM Devices Regional Outlook (Revenue, USD Million, 2014 – 2026)
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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