According to the business intelligence report titled ‘Global Cardiac Rhythm Management Devices Market Size study, by Type (Pacemaker, Defibrillators and Cardiac Resynchronization Therapy (CRT)) and Regional Forecasts 2020-2027’, available with Market Study Report,  global cardiac rhythm management devices market was assessed at USD 15.74 billion in 2019 and is anticipated to reach USD 27.86 billion by 2027, growing at an annual rate of 7.4% between 2020-2027.
 

Rising obesity rate, health conscious population, and growing cases of heart-related deaths are key factors stimulating global cardiac rhythm management devices market expansion. As per the World Health Organization data, cardiovascular diseases are the cause behind 30% of the deaths recorded worldwide.
 

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For the record, cardiac rhythm management devices are considered as a part electrophysiology. This technology is used to monitor and control functioning of the heart. Cost-effective nature of these devices and strategic partnership among hospitals and manufacturers are stimulating the industry outlook.
 

Also, the photoplethysmography technology support in wearables like smartwatches and fitness trackers for improved Atrial Fibrillation (AFib) screening and detection is a growth propeller. For example, Apple watch can check for irregular heartbeats due to AFib condition.
 

Moreover, while rising prevalence of cardiovascular disorders and surging utilization of ambulatory & home services for cardiac monitoring will spur industry growth, high cost of implantable cardiac rhythm device and complications arising with radiation therapy of cancer patients with these are major challenges in the business sphere.
 

Based on type, worldwide cardiac rhythm management devices market is bifurcated into pacemaker, cardiac resynchronization therapy, and defibrillators. The report incorporates growth rate estimates and market share held by each segment over the analysis period.
 

Regionally speaking, North America held majority of the global cardiac rhythm management devices market share in the recent past due to well developed healthcare infrastructure, rising geriatric population, affordability & promptness of health monitoring systems, and adoption of artificial intelligence.
 

Additionally, Asia Pacific market is projected to proliferate rapidly between 2020-2027, owing to rising incidences of cardiac diseases, increasing disposable income, enhancement of healthcare infrastructure, and growing efforts to raise awareness. 
 

Key players shaping worldwide cardiac rhythm management devices market dynamics are Physio Control Corporation, Berlin Heart GmbH, Schiller AG, Abbott Laboratories, Koninklijke Philips N.V., Medtronic plc, ZOLL Medical Corporation, Progetti S.r.l, Boston Scientific Corporation, and Biotronik Inc.