Market Trends of North America Cardiac Rhythm Management Devices Industry
Implantable Pacemaker Segment is Expected to Witness Significant Growth Over the Forecast Period
A pacemaker is a tiny device that uses electrical impulses and is implanted in the chest to assist in heartbeat regulation. It serves as a safeguard against the heart from beating too slowly. It can also control a fast heart rhythm and coordinate the chambers of the heart.
The implantable pacemakers (ICPS) segment is expected to witness significant growth in the cardiac rhythm management devices market over the forecast period owing to the factors such as the rising burden of cardiovascular diseases such as arrhythmias, heart failure, heart attack, and others. In addition, the growing geriatric population are more prone to develop cardiovascular diseases which is also expected to increase the demand for pacemakers, hence propelling the segment growth.
The rising product launches increase the availability of novel pacemaker devices which in turn is anticipated to fuel the segment growth over the forecast period. For instance, in February 2022, Abbott reported the first patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i pivotal clinical study. Also, in June 2021, the researchers at Northwestern and George Washington universities (GW) developed the first-ever transient pacemaker, a wireless, battery-free, fully implantable pacing device. All parts of the pacemaker are biocompatible and gradually dissolve over the course of five to seven weeks into the body's biofluids without the need for surgical removal. Similarly, in March 2022, Cleveland Clinic successfully implanted a dual-chamber leadless pacemaker system in the first patient in the United States as part of a global clinical trial, to offer heart rhythm patients a more targeted approach through a less invasive procedure with fewer complications.
Therefore, owing to the abovementioned factors the studied market is expected to grow over the forecast period.
United States is Expected to Have the Significant Market Share Over the Forecast Period
The United States is expected to hold a significant share in the cardiac rhythm management devices market over the forecast period owing to the factors such as the high burden of cardiovascular diseases, increasing technological advancements, increasing healthcare expenditure, and growing demand for ambulatory or home services for cardiac monitoring.
The increasing prevalence of cardiovascular diseases is the key factor driving the demand for cardiac rhythm management devices in the country. For instance, according to the statistics published by AHA, in June 2021, an estimated more than 130 million adults in the United States are expected to have some type of heart disease by 2035. Thus, the high number of heart failure cases among the population increases the risk of atrial fibrillation and cardiac arrhythmias which requires regular monitoring of the heart rate, and oxygen saturation to prevent further risk to the heart that causes sudden death, hence propelling the demand for cardiac rhythm management devices in the country.
Additionally, as per a research study published in July 2021, it has been observed that about 6-12 million people in the United States are expected to suffer from atrial fibrillation by 2050, and 17.9 million people by 2060. Thus, the expected increase in the burden of cardiovascular-related health problems among the population is anticipated to fuel the demand for regular heart monitoring. This is expected to propel the market growth over the forecast period.
Furthermore, the growing company focuses on adopting various key strategies such as acquisitions, new product launches, and collaborations are also contributing to the market growth in the region. For instance, in April 2022, Abbott received the United States FDA approval for the Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the United States with slow heart rhythms. A minimally invasive method is used to implant the Aveir leadless pacemaker inside the right ventricle of the heart to treat slower-than-normal heart rhythms. Also, 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.
Therefore, owing to the abovementioned factors, such as the high burden of cardiovascular diseases, and growing company activities, the studied market is expected to grow over the forecast period.
