Unhealthy Lifestyles Contribute to Boom in Cardiac Rhythm Management Market
A hearty combination of technological leaps and unhealthy lifestyle choices are driving sales of the cardiac rhythm monitoring (CRM) devices, a new report by GBI Research has found.
The new report, 'Cardiac Rhythm Management Devices Market to 2017 - Technological Innovations, Regulatory Approvals and Increasing Disease Prevalence Present Growth Opportunities', shows that the CRM devices market is expected to be driven in future by an increasing patient population and the launch of technologically advanced products, which will increase the ease and efficiency with which doctors can correct irregular patient heartbeats.
Cardiovascular diseases (CVDs), such as heart failure and cardiac arrhythmia, are snowballing, with the World Health Organization (WHO) estimating that around 23.6 million people will die annually from CVDs and strokes by 2030. Heart conditions are normally associated with hypertension, diabetes, obesity and smoking, alongside the natural ageing process.
An increasing population of patients with cardiac arrhythmias and congestive heart failure (CHF) conditions are expected to drive demand in the future global CRM devices market, as guidelines from the American Heart Association (AHA) and American College of Cardiology recommend the timely implantation of devices in heart failure patients who are at significant risk of unexpected cardiac conditions. Available devices include cardiac resynchronization therapy (CRT) devices, implantable cardioverter defibrillators (ICDs) and pacemaker systems.
The global healthcare arena is witnessing the launch and development of new products incorporated with novel innovative technologies, including miniaturized, magnetic resonance imaging (MRI) compatible and wireless devices, which offer remote patient monitoring.
Manufacturers are engaged in developing innovative technologies that offer additional benefits to their patients and conducting clinical studies to provide robust clinical data for safety and efficacy profiles. This has enabled the use of CRM devices in expanded indications, leading to increased adoption.
Over 60 products are currently in the pipeline, including first-in-market product developments, reflecting the increasing focus of manufacturers on research and development efforts.
The global CRM devices market was valued at $11.3 billion in 2010, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.2% to reach a market value of $15.1 billion in 2017. The US is the biggest market for CRM devices, accounting for almost half of the global market in 2010. The CRM devices market in the US is forecast to reach a market value of $6.5 billion in 2017.
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