North America Cardiac Rhythm Management Devices Market - Growth, Trends, and Forecast (2020 - 2025)
North America Cardiac Rhythm Management Devices market is expected to witness a CAGR of 3.9% during the forecast period. Certain factors that are driving the market growth include increasing prevalence of cardiovascular disorders, technological advancements, and rise in the use of ambulatory and home services for cardiac monitoring.
The increasing instances of cardiovascular disorders are one of the foremost factors driving the cardiac rhythm management devices market. According to the CDC (Centers for Disease Control and Prevention) report (2017), approximately 610,000 people die of cardiac disease in the United States every year, which account for almost 25% deaths. Heart disease is the primary cause of death for both men and women. More than 50% of deaths due to heart disease is observed in men. Every year, around 735,000 Americans have a heart attack. Of these, 525,000 have experienced a heart attack for the first time and 210,000 cases have already had a heart attack earlier. With the rise in the aging population in North America, a number of patients suffering from heart rhythm disorders are likely to witness an increase, which is a cause for concern.
However, 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-semiconductors (CMOS), which are vulnerable to damage by the therapeutic doses of radiation. However, 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 the market studied is the high cost of the devices with limited insurance coverage.
Key Market Trends
Defibrillator is Expected to Hold the Largest Market Share in Product Type
Defibrillator is a medical device that restore a normal heartbeat by sending an electric pulse or shock to the heart. This device is used to treat cardiac ocndition such as arrhythmia, a heartbeat that is uneven or that is too slow or too fast.
The use of defibrillator is increasing due to its efficacy in treating cardiac arrest. There was a survey conducted by the researchers during year 2018 which had 49,555 cardiac arrests across the USA and Canada that did not happen in hospitals. Among these people, around 18.8% of the people were survived due to AED (Automated external defibrillator) which were used by a bystander. Cardiac arrest victims who received a shock from a publicly-available AED had far more chances of survival and being discharged from the hospital than those who did not, accounting for 66.5% versus 43%. With ushc surveyes, it has been estimated that about 1,700 lives are saved in the United States every year by bystanders using a defibrillator. This indicates that the usage of defibrillators has experienced a significant rise, globally, over the recent years.
The North American cardiac rhythm management devices market is highly competitive and consists of a few major players. Companies, like Abbott, Abiomed, Biotronik SE & Co. KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova PLC, Medtronic PLC, SchillerAG, Shenzhen Mindray Biomedical Electronics Co. Ltd, and Zoll Medical Corporation, among others, hold the substantial market share in the market studied.
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