The global prevalence of cardiovascular disorders and the increasing instances of heart failures and recurrent arrhythmias will influence the adoption of cardiac rhythm management (CRM) devices.
The global prevalence of cardiovascular disorders and the increasing instances of heart failures and recurrent arrhythmias will influence the adoption of cardiac rhythm management (CRM) devices. The U.S has lately recorded increasing cases of atrial fibrillation, congenital heart diseases, and arrhythmias. This penetration of diseases along with the expanding older population base in the Asia Pacific region will add impetus to the application outlook of the devices.
The growth in the number of arrhythmia and sudden cardiac deaths have imposed a major health concern, as these incidences contributed to over 15 to 20% of the global mortality factor. The National Centre for Biotechnology and Information (NCBI), stated that more than 17 million deaths across the world occur annually due to sudden and unexpected cardiac problems. To add further, sudden cardiac deaths make up 25% of this estimate. Also, more than 180,000 to 300,000 fatalities in the U.S. each year account for sudden cardiac deaths.
Estimates suggest that the global cardiac rhythm management devices market size will cross an annual estimation of more than USD 13.7 billion by 2025.
Pacemakers to limit sudden cardiac fatalities
Pacemakers are likely to bring an annual revenue share of over USD 4.3 billion for the cardiac rhythm management device industry by 2025. This can be owed to the growing use of pacemakers in the treatment of abnormal arrhythmias. The prevalence of heart-related diseases like congestive heart failures, cardiomyopathy, and bradycardia across the globe has also driven the need for pacemakers. The American College of Cardiology reported that around 200,000 pacemakers are annually made use of across implant surgeries in the U.S.
The annual revenue from implantable cardiac pacemakers is anticipated to reach a substantial level over the coming years. These pacemakers see higher preference as they assist in enhancing the quality of life of the affected patients.
Healthcare improvements in North America
North America garnered the highest revenue share for the CRM devices market, collecting more than USD 5.7 billion in 2018. The value is expected to rise exponentially through 2025 owing to the continued prevalence of recurrent arrhythmia. The increased awareness regarding cardiovascular disorders among the regional population has led to the regulation of various reimbursement schemes and advancements in the healthcare facilities across the region. On this note, North America will foresee a higher demand for pacemakers and cardiac rhythm management devices.
To access sample pages of this report titled, “Cardiac Rhythm Management Devices Market Size By Product (Pacemakers {Implantable Pacemakers, External Pacemakers}, Defibrillators (Implantable Cardioverter Defibrillator [ICDs], {Subcutaneous Implantable Cardioverter Defibrillator, Transvenous Implantable Cardioverter Defibrillator {Single-chamber ICDs, Dual-chamber ICDs}, External Defibrillator [ED] {Manual ED, Automated ED {Semi-automated External Defibrillator, Fully Automated External Defibrillator} Wearable Cardioverter Defibrillator, Cardiac Resynchronization Therapy Devices [CRTs] {CRT-D, CRT-P}Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
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Developments from rising competition
Suppliers of CRM devices are incorporating various strategies like collaborations, mergers, and acquisitions to enhance their customer base. For instance, Biotronik introduced an MRI AutoDetect technology deployed CRM device, that received FDA approval in May 2017. The device offers the ease of MRI scans to patients besides limiting the use of programming as in the case of hospitals.
The present COVID-19 pandemic has significantly bolstered the need for innovations in the existing devices as well as the development of novel products to help the firms sustain competition. For instance, Abbott, in October 2020, launched an implantable cardioverter-defibrillator (ICD) as well as a cardiac resynchronization therapy defibrillator (CRT-D) device for its Indian customer base. These two highly advanced devices exhibit superior heart rhythm management abilities to offer benefits to individuals affected with abnormal heart rhythms and heart failure.
Boston Scientific, Zoll Medical, Liva Nova, Abiomed, Schiller, Koninklijke Philips N.V., and Medtronic are some of the other companies in the global cardiac rhythm management devices market. Owing to rising episodes of unexpected cardiac failures, numerous preventive measures have been initiated to mitigate the risks associated with sudden cardiac deaths. This has paved the way for the adoption of CRM devices to monitor the heartbeats in the affected patients.
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