Top 3 trends fostering the growth of CRM devices
The Cardiac Rhythm Management (CRM) devices market is anticipated to amass considerable revenue growth on account of rising number of patients suffering from chronic cardiovascular diseases. Lately, there has been a surge in the number of sudden cardiac and arrhythmia deaths worldwide, accounting for almost 15-20% of all deaths registered globally.
As per National Centre for Biotechnology and Information (NCBI), nearly 17 million fatalities every year are caused due to sudden or unexpected cardiac death, accounting for almost 25% of the global deaths.
In fact, roughly 180,000-300,000 sudden cardiac deaths happen in the United States each year. With surging numbers, federal bodies are compelled to implement effective preventive measures to lower death rates caused by sudden cardiac deaths. Effective CRM devices play a vital role in lowering the risks of sudden cardiac arrests by efficiently monitoring the patient’s heartbeat.
Rapid technological development has helped cardiac rhythm management devices to evolve in terms of reliability, lifespan, and size. While implantable designs go on to become more functional and compact, CRM device manufacturers have decided to further enhance their product offerings by introducing new aspects such as integrated fixation concepts and leadless pacing to facilitate minimal invasive deployment.
With robust technological innovation, CRM devices like Implantable Cardiac Defibrillators (ICDs), CRT devices, and pacemakers are getting smarter, smaller, and more reliable. On that note, Global Market Insights forecasts that the cardiac rhythm management devices market might surpass $13.7bn by the year 2025.
Slated below are a few of the ongoing trends that may support market growth:
1) Growing demand for pacemakers
Pacemakers play a crucial role in treating abnormal arrhythmias and are expected to cross market revenue of over $4.3bn within the predicted timeframe. Factors like rising prevalence of cardiomyopathy, bradycardia, and congestive heart failure are hugely supporting product adoption.
According to the American College of Cardiology, nearly 200,000 pacemakers are implanted in the United States every year.
2) Promising opportunities across North America
North America is considered to be a lucrative ground for cardiac rhythm management device manufacturers. Earlier in 2018, the region had bagged a valuation of $5.7bn and is expected to maintain steady growth in the coming years.
This growth can be attributed to developed healthcare facilities, growing health awareness, increasing incidences of recurrent arrhythmia, and supportive reimbursement schemes.
3) Adoption of prominent business strategies
Companies operating in the cardiac rhythm management devices industry are engaging in acquisition, mergers, and collaboration deals along with new product launch strategies to broaden their business horizon and product portfolio.
Currently, companies like Biotronik, Boston Scientific, Schiller, Abiomed, Koninklijke Philips, Zoll Medical, Abbott, and Medtronic are leading firms in the industry landscape.
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