Cardiac Rhythm Management Devices Market to Reach US$ 20006.1 Mn; Medtronic’s Azure Pacemaker Receives FDA Approval for Effective Patient Monitoring: Fortune Business Insights
The demand for Cardiac Rhythm Management Devices Market is increasing as they are extensively used for the treatment of treat bradycardia, sudden cardiac arrests, and arrhythmia. Fortune Business Insights in a new study, titled “Cardiac Rhythm Management Devices: Global Market Analysis, Insights and Forecast, 2019-2026” predicts that the rising prevalence of cardiac arrests and cardiac rhythm conditions will fuel the demand for cardiac rhythm management devices. As per a study by the Worth Health Organization (WHO) in 2015, around 17.7 million people across the world suffer deaths mainly because of cardiovascular diseases.
As per the report by Fortune Business Insights, in 2018, the global market was worth US$ 13,901.6. and is expected to expand at a CAGR of 4.7% between 2018 and 2026. By 2026, the global market is expected to reach US$ 20006.1 Mn.
Biotronik’s Launch of Advanced MRI Creates Growth Opportunities for the Market
Among the leading players in the global market, which include Cardiac Science, Physio Control, Stryker, CU Medical Systems Inc., Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK, Medtronic has emerged dominant. Its extensive range of products and their availability are factors responsible for the leading position. In addition to this, the strong customer base of Medtronic is helping the company to maintain its market position. Moreover, the company received FDA approval for Azure pacemakers in November 2017. These pacemakers are BlueSnyc technology-enabled, ensuring device longevity and durability. Furthermore, the device is designed to improve patient monitoring. New product launches are also helping companies to strengthen their position in the market. For instance, Biotronik announced the launch of advanced cardiac rhythm management devices in March 2019. They include a CRT-D system and MRI compatible ICD which are developed to treat arrhythmias and tachycardia patients.
Technological Advancements Can Improve the Survival Chances, Driving the Market Eventually
People around the world are increasingly becoming aware of cardiac rhythm management devices. This, coupled with the rising number of cardiac arrest across the globe, is driving the cardiac rhythm management devices market. In addition to this, the rising per capita income of among the population is fueling demand for implantable cardiac rhythm devices. Moreover, implantable cardioverter defibrillator or ICD helps to restore irregular heartbeat by delivering electric shocks. Technological improvements in these devices such as the launch of advanced pacemakers and ICDs by Boston Scientific Corporation are stimulating growth in the market. Such technological advancements are expected to reduce the number of deaths in the forthcoming years.
Other factors which can lead to cardiac arrest include sedentary lifestyles, obesity cases, aging population, and high cholesterol levels. This can further augment the demand for cardiac rhythm management devices.
North America Holds the Highest Share Owing to Rising Adoption of Pacemakers
In 2018, the market in North America was worth US$ 5956.1 Mn and is anticipated to maintain its dominance throughout the forecast years. This is attributable to the rising adoption of pacemakers in the region. Furthermore, the rising prevalence of cardiac disorders and patient’s shift towards preventive care are actively contributing to the growth of the market in North America. The increasing adoption of ICD implants in this region is also creating growth opportunities for the market. On the other hand, Asia Pacific and other regions are also expected to grow at a considerable rate on account of growing awareness about cardiac rhythm devices.
Browse Complete Report:
The global cardiac rhythm management devices market can be segmented into the following categories:
SEGMENTATION | DETAILS |
By Product | · Cardiac Pacemakers . Single Chamber Pacemakers . Dual Chamber Pacemakers · Defibrillators . Implantable Cardioverter Defibrillators (ICD) . Single Chamber ICD . Dual Chamber ICD . External Defibrillators . Automated External Defibrillators . Manual & Semi-Automatic External Defibrillators . Wearable Defibrillators · Cardiac Resynchronization Therapy Devices . CRT-P . CRT-D |
By End User | · Hospitals & Clinics · Ambulatory Surgery Centers and Others |
By Geography | · North America (the USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Rest of the World |
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