Increase in cases of cardiac arrest to propel the growth of the global Cardiac Arrest Treatment Market
Cardiac arrest is a medical emergency and can strike without warning and can be fatal if not treated quickly. Early defibrillation and basic cardiopulmonary resuscitation (CPR) are of primary importance while drug administration is of secondary importance. In the last few years, quality of cardiac arrest treatment is continuously improving with the development of medical technology.
Sudden cardiac arrest is a major public health crisis across the world. As per the data put forth by American Heart Association’s Heart & Stroke Statistics - 2020 Update, in the US, every day around 1000 people suffer from sudden cardiac arrest and only 10 percent survive. To overcome such a huge burden of disease, government and pharmaceutical industries are majorly focusing on the development of effective treatment for cardiac arrest which is significantly boosting the growth of the global cardiac arrest treatment market. Further, increase in number of clinical trials with growing R&D and drug discovery for cardiac arrest is escalating the overall market growth. Also, varied lifestyle choices such as alcohol & tobacco use, hectic work schedule, and lack of exercise may result in cardiovascular diseases thereby propelling the market growth. Moreover, Covid-19 infection may lead to ventricular arrhythmias and acute respiratory disease which may increase the risk of cardiac arrest. Thus, a surge in demand for CPR devices is been witnessed during the pandemic period thereby fostering the growth of the global market. Furthermore, growing penetration of artificial intelligence in medical technology may create numerous opportunities for the growth of the global market over the forecast period.
The global cardiac arrest treatment market is segregated based on treatment, distribution channel, and region. Based on the treatment, the global market is split into drugs and medical devices. The distribution channel segment consists of pharmacies, hospitals, and other distribution channels.
Among the regions, North America is anticipated to lead the global cardiac arrest treatment market and is expected to retain its dominance over the forecast period. The major factor spurring the market growth in this region is growing cases of cardiac arrest in the US. In addition to this, growing demand for effective demand and increase in expenditure for the development of innovative drugs & medical devices are some of the factors that are bolstering the growth of the market in the North American region. Asia Pacific market is estimated to generate revenue at a faster pace during the forecast period and this attributed to growing demand for AEDs for defibrillation programs and increase in healthcare expenditure.
Some of the major players that are operating in the global cardiac arrest treatment market are Bristol-Myers Squibb Company, Novartis AG, Johnson & Johnson, Pfizer, Inc., Amgen, Inc., Cardiac Science Corporation, Boston Scientific Corporation, GE Healthcare, Bayer AG, and Abbott.
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In October 2020, in India, Abbott launched its new implantable cardiac resynchronization therapy defibrillator (CRT-D) and cardioverter defibrillator (ICD) devices. Along with a new set of benefits, this will bring the most advanced heart rhythm management capabilities to people in India with abnormal heart failure and heart rhythms.
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