The global cardiac rhythm management devices market is expected to register a CAGR of 4.8% during the forecast period, 2018 - 2023. Cardiac rhythm management is a part of electrophysiology, which is used to manage the functioning of the heart. With well-established healthcare infrastructure, favorable reimbursement schemes, and higher healthcare expenditure, North America is expected to dominate the market.
Rising Prevalence of Cardiovascular Disorders
The increasing instances of cardiovascular disorders is one of the foremost factors driving the cardiac rhythm management devices market. Globally, cardiovascular diseases account for more than 30% deaths, amounting to 17 million people. Also, nearly 33.5 million people, globally, are suffering from atrial fibrillation (AFib), which is the most common type of serious arrhythmia. With the rise in the aging population in America and Europe, a number of patients suffering heart rhythm disorders are likely to witness an increase, and this is a cause for concern.
The technological advancement in cardiology, increase in the use of ambulatory and home services for cardiac monitoring, and favorable reimbursement policies are other factors that are driving this market.
Effects of Therapeutic Radiation on Implantable Cardiac Rhythm Devices
The therapeutic radiation used in cancer treatment can influence the operation of a patient with implantable cardiac rhythm devices. The implantable device technology uses complementary metal-oxide semiconductor (CMOS) which are vulnerable to damage by the therapeutic doses of radiation, but it can vary according to the type of device in use. This factor is one of the major factors that limits the scope of using cardiac rhythm management devices, as the implants are highly sensitive and their malfunctioning may have serious consequences. Another major factor limiting the growth of this market is the high cost of these devices with limited insurance coverage.
The United States to Have Largest Market Share
North America is expected to have the largest market share for cardiac rhythm management, due to developed healthcare infrastructure, government initiatives, rising number of death due to cardiovascular diseases, and rising incidence of arrhythmias demanding more cardiac implants. According to a report by the US CDC, more than 75,000 hospitalizations are attributed atrial fibrillation. Also, it highlighted that a large part of the American population suffers from atrial fibrillation. Therefore, it is expected to rise further in the forecast period. Asia-Pacific is another region with high potential for this market, due to rising healthcare expenditure by government, increasing the prevalence of cardiac disorders, and growing per capita income of population in South Asian countries.
Major players: Abbott, Abiomed, Biotronik SE & Co KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova Plc, Medtronic Plc, Schiller AG, Shenzhen Mindray Biomedical Electronics Co., Ltd, and Zoll Medical Corporation, among others.
Reasons to Purchase the Report
- Current and future of global cardiac rhythm management devices market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in excel).
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1. Introduction
1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Rising Prevalence of Cardiovascular Disorders
6.1.2 Rise of Technological Advancement in Cardiology
6.1.3 Rise in the Use of Ambulatory and Home Servies for Cardiac Monitoring
6.1.4 Rise in Favorable Reimbursement Policies
6.2 Market Restraints
6.2.1 Effects of Therapeutic Radiation on Implantable Cardiac Rhythm Devices
6.2.2 Limited Insurance Coverage and High Cost of Devices
6.3 Opportunities
6.4 Key Challenges
7. Market Segmentation
7.1 By Product
7.1.1 Defibrillator
7.1.1.1 Implantable Cardioverter Defibrillators (ICDS)
7.1.1.2 External Defibrillators
7.1.1.2.1 Manual External Defibrillators (MEDS)
7.1.1.2.2 Automated External Defibrillators (AEDS)
7.1.2 Pacemakers
7.1.2.1 By Type of Pacemaker
7.1.2.1.1 Leadless pacemaker
7.1.2.1.2 Traditional Pacemaker
7.1.2.2 By Implantability
7.1.2.2.1 Implantable Pacemakers (ICPS)
7.1.2.2.2 External Pacemakers
7.1.3 Cardiac Resynchronization Therapy Devices
7.1.3.1 Cardiac Resynchronization Therapy Defibrillators (CRT-D)
7.1.3.2 Cardiac Resynchronization Therapy Pacemakers (CRT-P)
7.2 By Geography
7.2.1 North America
7.2.1.1 United States
7.2.1.2 Canada
7.2.1.3 Mexico
7.2.2 Europe
7.2.2.1 France
7.2.2.2 Germany
7.2.2.3 United Kingdom
7.2.2.4 Italy
7.2.2.5 Spain
7.2.2.6 Rest of Europe
7.2.3 Asia-Pacific
7.2.3.1 China
7.2.3.2 Japan
7.2.3.3 India
7.2.3.4 Australia
7.2.3.5 South Korea
7.2.3.6 Rest of Asia-Pacific
7.2.4 Middle East & Africa
7.2.4.1 GCC
7.2.4.2 South Africa
7.2.4.3 Rest of the Middle East & Africa
7.2.5 South America
7.2.5.1 Brazil
7.2.5.2 Argentina
7.2.5.3 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Major Players
9.1 Abbott
9.2 Abiomed
9.3 Biotronik SE & Co KG
9.4 Boston Scientific Corporation
9.5 Koninklijke Philips NV
9.6 LivaNova Plc
9.7 Medtronic Plc
9.8 SchillerAG
9.9 Shenzhen Mindray Biomedical Electronics Co., Ltd
9.10 Zoll Medical Corporation
9.11 Others
10. Future of the Market
