Cardiac rhythm management is the process of monitoring proper heart functioning using advanced medical devices. Cardiac rhythm management offers various therapeutic solutions to patients suffering from cardiac ailments such as cardiac arrests, cardiac arrhythmias, and heart failure. Abnormal cardiac actions may result in irregular heartbeats.
Factors such as advancement in medical technology and higher deaths rates from heart ailments and rising global geriatric population are expected to favor the global cardiac rhythm management market. In the US, heart ailments claim a massive number of deaths. Smoking, excessive consumption of alcohol, obesity and high cholesterol levels are the primary reasons behind heat ailments. Cardiac rhythm management can be conducted by using two particular devices namely implantable cardiac rhythm and pacemakers devices
The substantial growth of the economy in developing countries such as China and India is anticipated to boost the cardiac rhythm management market in Asia Pacific. Moreover, the continuous innovations along with groundbreaking technological advancements such as the development of MRI pacemakers, miniaturization, power extension, biocompatible materials and increasing cases of cardiovascular attacks such as stroke, high blood pressure and arrhythmias are anticipated to present new opportunities for leading players in the global market.
More acquisitions and mergers, increasing the number of strategic partnerships and collaborations amongst players and rapid launching of newer products are some of the key trends observed in global cardiac rhythm management market.
In addition, growing prevalence of cardiovascular ailments, rise in life expectancy, increasing heath awareness amongst people worldwide, and favorable government initiatives are anticipated to influence the market growth. Rise in per capita healthcare expenditure and development of enhanced treatment procedures are additional factors expected to further propel the market growth in the near future. On the other hand, poor reimbursement structure, global economic downturn, limited availability of resource and lack of skill technicians for operating cardiac rhythm management devices are major factors expected to inhibit the growth of global cardiac rhythm management market.
On the basis of devices, the global cardiac rhythm management market has been segmented into pacemakers, cardiac resynchronization, external defibrillators, defibrillators, and implantable defibrillators. By end user, the global cardiac rhythm management market has been segmented into home/ambulatory, hospitals, and others.
On the basis of region, the global cardiac rhythm management market has been segmented into North America, Europe, Asia Pacific (APAC), and Latin America. The market in North America is expected to hold the pole position. Existence of advanced healthcare infrastructure, favorable government policy, increasing incidences of cardiac diseases, higher number of deaths by cardiovascular disorders, and rising per capita healthcare expenditure is propelling the growth of the market in the region. In addition, North America is followed by Europe. Whereas, the market in APAC is anticipated to witness the fastest growth rate over the next few years. This is primarily attributed to the increasing disposable income, higher incidences of cardiovascular ailments growing awareness about heart ailments and their treatments and development of the healthcare infrastructure in the region.
Key Market Players
Key players identified in the global cardiac rhythm management market include Abbott Laboratories, St. Jude Medical, Sorin, Mentice AB, GE Healthcare, Guidant, ELA Medical, Medtronic, Boston Scientific, Altera, Biotronik, Philips Healthcare, and 3M pharmaceuticals.