North America Cardiac Rhythm Management Market, By Product Type (Defibrillators, Pacemakers, Cardiac Resynchronization Therapy Devices), End-User (Hospitals, Clinics, and Cardiac Centers, Ambulatory Surgical Centers and Others) - Industry Trends and Forecast to 2029
Market Analysis and Insights: North America Cardiac Rhythm Management Market
According to report by Centers for Disease Control and Prevention, approximately 735,000 Americans have reported to have a heart attack. Cardiac rhythm management refers to a part of electrophysiology that is extensively utilized for managing the functioning of the heart. Cardiac resynchronisation therapy, implantable cardioverter defibrillators, cardiac rhythm management devices and pacemakers, among others are cardiac rhythm management devices.
General practitioners (GP) are highly involved in follow-up and management of patients with these devices. Data Bridge Market Research analyses that cardiac rhythm management market is expected to grow with a CAGR of 4.58% during the forecast period.
North America Cardiac Rhythm Management Market Dynamics
Drivers
- Rise in prevalence of Cardiovascular Diseases
The rapid rise in prevalence of various cardiovascular diseases, such as atrial fibrillation and arrhythmia, among others acts one of the major factors driving the growth of cardiac rhythm management market. About 25% deaths are due to cardiovascular diseases according to the CDC.
- Physical Inactivity
Physical inactivity is considered public health concern as it is the second most death causative agent in the U.S. that leads to morbidity and development of chronic conditions including, diabetes and cardiac disorders in U.S.
- Favorable Reimbursement Policies
The presence of favorable reimbursement policies leading to higher adoption of medical devices by patients in emerging countries, such as Canada, and the U.S.
- Government investments
The increase in the funding by the federal government to drive the adoption of these services further influence the market.
Additionally, surge in healthcare expenditure, high investment in research and development, surge in funding on healthcare infrastructure and advanced healthcare healthcare regulatory scenarios positively affect the cardiac rhythm management market.
Opportunities
Furthermore, introduction of new developing technologies extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, adoption of new CRM technologies will further expand the cardiac rhythm management market’s growth rate in the future.
Restraints/Challenges
- On the other hand, high cost associated with the cardiac drugs and pacemakers is expected to obstruct the market growth. Also, dearth of skilled professionals is projected to challenge the cardiac rhythm management market in the forecast period of 2022 to 2029.
This cardiac rhythm management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on cardiac rhythm management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Cardiac Rhythm Management Market
The COVID-19 pandemic had a negative impact on the cardiac rhythm management market. The disruption in the supply chain due to the sudden outbreak of the pandemic, and low production rate affected the market. The decline in the number of surgeries to preserve resources such as, operating rooms, doctors and beds, among others treatment of COVID-19 patients, and risks associated with the contamination of the infection reduced surgeries.
North America Cardiac Rhythm Management Market Scope and Market Size
The cardiac rhythm management market is segmented on the basis of product type and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Defibrillators
- Pacemakers
- Cardiac Resynchronization Therapy Devices
On the basis of product type, the cardiac rhythm management market is segmented into Defibrillators is further segmented into implantable cardioverter defibrillators (ICDS) and external defibrillators. External defibrillators is further sub-segmented into manual external defibrillators (MEDS) and automated external defibrillators (AEDS). Pacemakers is further segmented into implantable cardiac pacemaker and external cardiac pacemaker. Cardiac resynchronization therapy devices is further segmented into cardiac resynchronization therapy defibrillators (CRT-D) and cardiac resynchronization therapy pacemakers (CRT-P).
End-User
- Hospitals
- Clinics
- Cardiac Centers
- Ambulatory Surgical Centers
- Others
- On the basis of end-user, the cardiac rhythm management market is segmented into hospitals, clinics, and cardiac centers, ambulatory surgical centers and others.
North America Cardiac Rhythm Management Market Regional Analysis/Insights
The cardiac rhythm management market is analyzed and market size insights and trends are provided by country, product type and end-user as referenced above.
The countries covered in the cardiac rhythm management market report are U.S., Canada and Mexico in North America.
U.S. dominates the North America cardiac rhythm management market due to advanced healthcare infrastructure and high prevalence of cardiovascular disease within the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The North America cardiac rhythm management market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for North America cardiac rhythm management market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the North America cardiac rhythm management market. The data is available for historic period 2010-2020.
Competitive Landscape and North America Cardiac Rhythm Management Market Share Analysis
The cardiac rhythm management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to cardiac rhythm management market.
Some of the major players operating in the cardiac rhythm management market report are SCHILLER, NIHON KOHDEN CORPORATION, Hill-Rom Services Inc., MicroPort Scientific Corporation, Asahi Kasei Corporation, Biotronik, Koninklijke Philips N.V., GENERAL ELECTRIC, Boston Scientific Corporation, Medtronic, Abbott, LivaNova PLC, Lepu Medical Technology (Beijing) Co., Shree Pacetronix Ltd, OSYPKA MEDICAL, MEDICO S.p.A., OSCOR Inc., Cardinal Health, Vitatron Holding B.V., Medline Industries, Inc., Cook, ZOLL Medical Corporation, and Integer Holdings Corporation among others.
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