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Tuesday, September 27, 2022

Cardiac Rhythm Management Devices Growth In Healthcare

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What are cardiac rhythm management devices, uses and predicted growth

With the help of cardiac rhythm management devices, patients with problems with heart rate and rhythm can maintain a normal cardiac rhythm. These devices are necessary for treating serious cardiac conditions like atrial fibrillation, heart failure, atrial flutter, coronary ischemia, recent heart attack warning symptoms, inadequate oxygen delivery to cardiac muscles, pharmacological side effects, genetic errors, and others. A few factors driving the market are the rise in cardiac disorders, patient awareness, technological advancements, and the magnitude of unmet medical needs in underdeveloped and developing countries.

The global cardiac rhythm management devices market in 2021 was worth USD 17.34 billion, and by 2030 it will be worth USD 31.9 billion at a CAGR of 6.5% during the forecast period 2021-2030.

According to a recent study by NCBI, cardiac rhythm management devices have the following applications for heart rhythm problems:

  • cardiac resynchronization for heart failure
  • Defibrillation
  • Keep an eye on heartbeats (tachycardia and bradycardia)
  • Pacing the bradycardia (for Slow Heart Beat)
  • Pacing for anti-tachycardia (for Fast Heartbeat)

 

Key industry Drivers

  • Worldwide cases and prevalence of cardiovascular diseases are rising, and sophisticated new cardiac rhythm management techniques are being developed. As per the World Health Organization report, cardiovascular diseases (CVDs), which account for 32% of all deaths worldwide, cause close to 17.9 million fatalities annually.
  • The rapid innovations of technology and the rise in ambulatory and at-home cardiac monitoring services are additional market drivers in addition to the global increase in CVDs, and these factors are increasing research funding and awards for cardiac rhythm management (CRM) devices and cardiac monitoring (CM).

 

Trends and Opportunities

Technological Advancements: CRM devices have significantly increased over the past few decades due to longer lifespans and ongoing technological advancements that have increased their capabilities. Leading biotech companies have made sizable R&D contributions to the field.

High Incidence Rate: The world’s aging population and rising incidence of cardiovascular disease make now a good time to grow this sector. The American Heart Association (AHA) reported that in 2018, coronary heart disease (CHD), high blood pressure, heart failure, stroke, diseases of the arteries, and other CVDs all contributed to 42.1% of all CVD-related deaths in the US.

Scope in wearable technology: One of the most popular subjects is the use of wearable technology in healthcare and its potential applications in cardiology. Recent studies and research have shown how effectively atrial fibrillation can be screened and detected using smart wearable devices (AFib). Atrial fibrillation (AFib) detection and screening can be improved by the growing use of photo-plethysmography technology in wearables such as smartwatches and fitness trackers.

Training Opportunities: There is an urgent need to incorporate First Aid, CPR, and AED training into workplace safety cultures. According to recent findings published in NCBI, the main barrier preventing people from using a defibrillator during an emergency is fear of causing further damage (35%), followed by a lack of confidence (41%) and a lack of training (43%).

 

Market restraints

The high cost of cardiac devices, on the other hand, will slow the market’s growth rate. The market will be challenged by a lack of skilled professionals and a lack of healthcare infrastructure in developing economies.

 

Segmentation analysis

  • By product, defibrillators held the largest market share of more than 43.6% in 2021. The dominance is due to rising adoption, particularly of the Transvenous Implantable Cardioverter Defibrillator (T-ICD) and Subcutaneous Implantable Defibrillator (S-ICD) in major regional markets such as the United States, Europe, China, and India. Because of their widespread adoption. Without defibrillator treatment, the patient’s chances of survival can drop by 10% every minute. According to the WHO, cardiovascular diseases cause more than 30% of all deaths worldwide. Atrial fibrillation impacts more than 30 million people globally (AFib).
  • The Hospitals and Clinics segment ruled the market significantly by End-User, owing to increased government funding for healthcare facilities and various technological advancements.
  • North America dominated the CRM device market in 2021, with a revenue share of more than 41.0%. It is due to various factors, including a well-established healthcare infrastructure, rapid adoption of technologically advanced products, an ageing population, and increased regulatory approvals. Many companies are working on new devices based on existing pacemaker and implantable cardioverter defibrillator (ICD) technologies. Furthermore, the increasing incidence of cardiovascular diseases is driving demand for CRM devices in the region, driving the market growth.

 

Key Companies

  • Abbott
  • Boston Scientific Corporation
  • BIOTRONIK
  • Medtronic
  • Schiller
  • Koninklijke Philips N.V.
  • Physio-Control, Inc.
  • LivaNovaPlc
  • Others

 

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