The Global Cardiac Rhythm Management Devices market is majorly driven by the adoption of the cardiac rhythm management (CRM) devices for the treatment of cardiac disorders such as ischemic heart disease, stroke, heart attack, and others. One in every three U.S. adults does not meet the current guidelines for physical activity. However, improvements in dietary patterns have been observed in both adults and children, which is expected to lower the risk of CVDs.
Physical inactivity is a major public concern as it has caused the second highest number of deaths after tobacco in the U.S. Physical inactivity leads to morbidity and development of chronic conditions such as various cardiac disorders and diabetes. As per WHO, physical inactivity or sedentary lifestyle results in around 2 million deaths per year. In addition, it has been estimated that around 60% to 85% of the population in both developed and developing countries leads sedentary lifestyle. This is anticipated to increase the demand for market over the forecast period.
“The Global Cardiac Rhythm Management Devices market was valued at USD18.6Billion in 2018 and it is expected to reach more than USD xx billion by 2025, likely to grow with a CAGR of 7.1 % during the forecast period”
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Based on type,the defibrillators segment is expected to grow at the highest CAGR in the forecast period. Technological advancements in defibrillators, rising prevalence of CVDs, and the growing focus on providing public-access defibrillators are some of the major factors expected to propel the growth of this market. While ,the ambulatory surgical centers segment is expected to grow at the highest CAGR in the forecast period. Growing number of ASCs and physicians are realizing the benefits of performing cardiovascular procedures at ASCs, thus attributing to its high CAGR during the forecast period.
North America commanded the major market share of CRM devices due to key drivers such as, increasing elderly population, ready acceptance of technological advanced products (long battery life, biocompatible materials or miniaturization, & leadless), and increasing regulatory approvals. Industry participants are currently working on developing new devices based on existing pacemakers and Implantable Cardioverter Defibrillator (ICD) technologies.
The Asia Pacific CRM devices market is expected to grow at a lucrative rate during the forecast period. The market is determined by high R&D investments by international players such as Organizations such as China Cardiovascular Association and American College of Cardiology are working together to develop ground-breaking technologies for cardiac care. Moreover, increasing efforts to create awareness, such as Japan’s smoke-free policy implemented for the 2020 Olympic Games, are expected to propel market growth.
The industry is marked by the presence of various large and small businesses. It is dominated by participants such as Medtronic, Abbott, Boston Scientific Corporation, Koninklijke Philips N.V., and others. Key players are focusing on executing innovative strategies such as mergers and acquisitions, market penetration, partnerships and distribution agreements to increase their market foothold. For instance, In January 2019, Medtronic acquired EPIX Therapeutics. This merger was aimed at expanding the company’s cardiac ablation portfolio to treat patients with cardiac arrhythmias.
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