Cardiac Rhythm Management Devices Market – Introduction
Cardiac rhythm management devices are battery powdered devices that are placed inside human body to help monitor and control heart rhythm. The most common type of cardiac rhythm management devices are implantable cardioverter defibrillators and pacemakers. These devices are predominantly used to treat tachycardia, arrhythmia, bradycardia, and sudden cardiac arrests.
Global Cardiac Rhythm Management Devices Market- growth dynamics and restraining factors
Rising prevalence of cardiac issues, increasing cognizance about the availability and benefits pertaining to these devices, and surging disposable income in emerging nations are creating lucrative opportunities for global cardiac rhythm management devices market growth. As per the report released by European Cardiac Society in 2017, several European nations registered implant rate of over 1000 units/million population. This high implant rate points towards the growing adoption of cardiac rhythm management devices among patients.
Also, according to World Health Organization, cardiovascular diseases account for over 30% deaths globally.
In addition, increase in geriatric population who are relatively more prone to cardiovascular diseases, technological advancements in the field, and surge in the use of home and ambulatory services for cardiac monitoring are further impelling market progression.
However, high costs pertaining to these devices and concerns related to the malfunctioning of rhythm management devices are likely to impede market development in the ensuing years. Also, the use of therapeutic radiation in cancer treatment can adversely affect the operation of patient with implantable cardiac rhythm devices, thus limiting market growth.
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Segmental Analysis of global cardiac rhythm management devices market
Based on product:-
- Bifurcated into defibrillators (implantable cardioverter defibrillators, external defibrillators)
- pacemakers (single chamber and dual chamber)
- cardiac resynchronization therapy devices (CRT-P and CRT-D)
Among these, defibrillators segment is anticipated to capture a significant market share owing to its efficiency in treating cardiac conditions like arrhythmia.
By end user:-
- hospitals
- clinics
- ambulatory surgery centers
The report further analyses the mentioned segments and sub segments to determine the accurate size and scope of this industry vertical using proven research methodologies.
Insights into the geographical landscape of global rhythm management devices market
North America, Europe, Asia pacific, and Rest of the World are the key regions constituting the geographical ambit of this market sphere. Among these, North America is projected to dominate the overall market over the forecast duration. This is attributable to increasing adoption of ICD implants and pacemakers driving by rising occurrences of cardiac issues and shifting inclination of people towards preventive care. Also, rigid government regulations pertaining to the installations of external defibrillators in public places is further boosting regional growth.
Similarly, Asia Pacific market is anticipated to expand notably over the estimated timeline owing to rising awareness about these devices.
Competitive hierarchy of this business sphere
Major players constituting the competitive hierarchy of this business sphere are Abbott Laboratories, Medtronic PLC, LivaNova PLC, Biotronik Se & Co KG, Abiomed, Boston Scientific Corporation, Koninklijke Philips NV, Schiller AG, Zoll Medical Corporation, and Shenzhen Mindray Biomedical Electronics Co Ltd.
Notably, Biotronik SE & Co KG in July 2017 launched the Evity cardiac resynchronization therapy pacemaker in Japan. The device is said to be one of the company’s highest performing CRT-Ps having a battery life of 10 years.
Also, in November 2017 the FDA approved Medtronic PLC’s range of Azure pacemakers. These devices are equipped with efficient technologies which enables enhanced patient monitoring and increases device longevity.
Similarly, other prominent players are adopting several strategies including research & development investments, new product launches, partnerships, mergers, acquisitions, among others to expand their reach and emerge as global leaders.
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