Global Cardiac Rhythm Management Devices Market – Overview
Because of the increasing life expectancy and availability of high end medical technologies, the adoption of cardiac rhythm management devices has increased in the past few years. Cardiac ailments have emerged as the major cause of death in recent years. According to the World Health Organization (WHO) estimates, each year, cardiovascular diseases (CVDs) result in around 17.9 million deaths across the globe. Such prevalence and developments are thus expected to help the development of the global market in coming years.
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Global Cardiac Rhythm Management Devices Market – Competitive Landscape
The global cardiac rhythm management devices market is highly competitive in nature and also quite fragmented. The fragmentation of the competitive landscape of the global market is due to the presence of several key players operating in the market space. Some of the key companies in the global cardiac rhythm management devices market include names such as Medtronic, Jude Medical (Abbott), Boston Scientific Corporation, and Koninklijke Philips N.V.
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The companies in the global market are focusing on different strategies such as mergers, acquisitions, and takeovers in order to stay ahead of the competitive curve. In addition to this, they are projected to invest substantially on research and development activities in order to gain an upper hand over their rivals.
- In January 2019, Medtronic acquired EPIX Therapeutics, which was aimed at expanding the former company’s cardiac ablation portfolio to treat patients with cardiac arrhythmias. CRM device makers are also introducing new technologies to enhance product performance and augment their portfolio.
- In January 2019, Schiller introduced Epicardio Simulation, offering a new way to interact with a virtual heart.
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Global Cardiac Rhythm Management Devices Market – Drivers and Restraints
There are multiple factors that are projected to drive the overall growth of the global cardiac rhythm management devices market. One of the key driving factors for the market growth has been increasing cases of cardiovascular diseases across the globe. In addition to this, development of new and high-end cardiac rhythm management devices is also expected to fuel the development of the global market in the coming years of the forecast period.
In recent years, there has been an increasing prevalence in the use of photoplethysmography technology in wearables such as fitness trackers and smartwatches can enhance atrial fibrillation (AFib) detection and screening. For instance, the Apple Watch can check for irregular heartbeats that can be the result of AFib, as confirmed by the APPLE HEART Study at the 2019 American College of Cardiology (ACC) meeting. Such developments are also projected to help the market growth in the near future.
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Global Cardiac Rhythm Management Devices Market – Geographical Outlook
Based on the geographical segmentation, the global cardiac rhythm management devices market is segmented into five key regions. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global market is being dominated by the regional segment of North America. The region is projected to continue to dominate the global market in the coming years of the forecast period ranging from 2024 to 2030. The growth of the market is mainly attributed to the presence of a highly matured healthcare infrastructure along with availability of key players.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising rate of growth in the coming years of the forecast period. The growth of the market is mainly attributed to the increasing demand from the emerging economies such as India, Thailand, and China where there has bene growing expenditure on heal
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