Market Trends of Global Cardiac Rhythm Management Devices Industry
This section covers the major market trends shaping the Cardiac Rhythm Management Devices Market according to our research experts:
Defibrillator is Expected to Hold the Largest Market Share in the Product Type
A defibrillator is a medical device that restores a normal heartbeat by sending an electric pulse or shock to the heart. This device is used to treat cardiac conditions such as arrhythmia, a heartbeat that is uneven or that is too slow or too fast. The use of defibrillators is increasing due to their efficacy in treating cardiac arrest. For instance, according to the Heart and Stroke Statistics - 2022 Update published by the American Heart Association, cardiac arrest is still a public health issue owing to the high number of out-of-hospital cardiac arrests (OHCA i.e. 356,000 times every year in the United States, with over 90% of them being fatal. Non-traumatic OHCA as determined by the emergency medical system (EMS) is estimated to affect 356,461 people each year, or over 1,000 people per day. After EMS-treated cardiac arrest, the chance of surviving hospital discharge is around 10%. This indicates that the usage of defibrillators has experienced a significant rise, globally, over the forecast period.
Several market players are engaged in the implementation of strategic initiatives, thereby contributing to segment growth. For instance, in October 2020, Abbott launched its new implantable cardioverter-defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices in India. Through smartphone connectivity and associated applications, the devices provide new potential for patient interaction and remote monitoring. Other advantages include a patient-friendly design, longer battery life, and MRI compatibility.
As a result, all of the aforementioned reasons are likely to contribute to this segment's strong growth over the forecast period.
North America Dominates the Market and is 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 burden of cardiovascular diseases demanding more cardiac implants. According to the American Heart Association data updated in January 2021, by 2035, around 45% of the United States population is likely to suffer from heart disease, due to factors like high obesity, high smoking, and unhealthy lifestyles, which may lead to heart attacks and other related issues. In addition to this, according to the Centers for Disease Control and Prevention (CDC), COVID-19 patients with an underlying heart condition are still more likely to become severely ill. Additionally, according to the American College of Cardiology (ACC), on March 6, 2020, people who have an underlying cardiovascular disease have a higher mortality rate when it comes to COVID-19 (10.5%) than people who have an underlying chronic respiratory disease (6.3%). Thus, North America is expected to dominate the cardiac rhythm management market over the forecast period.
Several companies are starting various strategies like collaborations, new product launches, and mergers and acquisitions to maintain and increase their market shares. For instance, in June 2021, AliveCor announced that the company has acquired the independent diagnostic testing facility (IDTF) CardioLabs, a leading monitoring, and cardiac diagnostic service provider. The acquisition is a cornerstone of AliveCor's mission to extend its comprehensive cardiological services to patients who are prescribed monitoring devices by their healthcare providers. Moreover, in July 2021, Abbott launched Jot Dx, the latest insertable cardiac monitor (ICM). The technology allows for remote detection and improved diagnostic accuracy of cardiac arrhythmia in patients. Thus, due to the above-mentioned developments, the market is expected to grow during the forecast period.
