Market Research Report
Cardiac Rhythm Management Devices Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||390617|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Cardiac Rhythm Management Devices Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 114 Pages||
The cardiac rhythm management devices market is expected to witness a CAGR of 4.8% during the forecast period. 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.
The increasing instance of cardiovascular disorders is one of the foremost factors driving the cardiac rhythm management devices market. According to the World Health Organization (WHO), globally, cardiovascular diseases account for more than 30% of deaths. Also, nearly 33.5 million people, globally, are suffering from atrial fibrillation (AFib), which is the most common type of serious arrhythmia. With the rise in the aging population in America and Europe, a number of patients suffering from heart rhythm disorders are likely to witness an increase and this is a cause for concern.
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.
Cardiac rhythm management is a part of electrophysiology, which is used to manage the functioning of the heart. The last decade has observed an ongoing evolution and the use of cardiac rhythm management devices, including cardiac resynchronization therapy, pacemakers, implantable cardioverter defibrillators, and loop recorders. General practitioners (GP) are increasingly involved in the follow-up and management of patients with these devices.
Defibrillator is Expected to Hold the Largest Market Share in the Product Type
As per the American Heart Association (AHA), survival from cardiac arrest got doubled when bystanders used a publicly-available automated external defibrillator (AED) rather than just wait until emergency responders arrived. Bystanders used an AED in 18.8% of such cases. Cardiac arrest victims who received a shock from a publicly-available AED had far more chances of survival and being discharged from the hospital than those who did not, accounting for 66.5% versus 43%. Therefore, it has been estimated that about 1,700 lives are saved in the United States every year by bystanders using a defibrillator. This indicates that the usage of defibrillators has experienced a significant rise, globally, over the recent years.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to have the largest market share for cardiac rhythm management, due to the developed healthcare infrastructure, government initiatives, and rising incidence of arrhythmias demanding more cardiac implants. According to a report by the US CDC, more than 75,000 hospitalizations are attributed to atrial fibrillation. Also, it is highlighted that a large part of the American population suffers from atrial fibrillation. Therefore, it is expected to rise further in the forecast period.
Asia-Pacific is another region with high potential for this market, due to the rising healthcare expenditure by the government, the increasing the prevalence of cardiac disorders and the growing per capita income of the population in the South Asian countries.
The cardiac rhythm management devices market is highly competitive and consists of a few major players. Companies like Abbott, Abiomed, Biotronik SE & Co KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova Plc, Medtronic PPLC, SchillerAG, Shenzhen Mindray Biomedical Electronics Co. Ltd, and Zoll Medical Corporation, among others, hold the substantial market share in the cardiac rhythm management devices market.