Cardiac rhythm management device performs functions such as cardiac resynchronization for heart failure, bradycardia pacing, defibrillation, monitoring for arrhythmias, and anti-tachycardia pacing for tachyarrhythmias. Patients suffering from abnormal heart rhythms often require implants that help manage and control the abnormal cardiac rhythms. The devices that help achieve this aim are called implantable cardiac rhythm management devices. After the implant of such devices in the heart of a patient, he can lead a more active and normal lifestyle with a reduced risk of death due to heart failure and heart attacks. However, certain cautions must be exercised by the patient in some cases such as being away from appliances that cause electromagnetic interference.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in December, 2019. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19, the supply chain of the raw materials required to manufacture implantable cardiac rhythm management devices has been disrupted in many countries. In addition, the market growth of implantable cardiac rhythm management devices is also declining as the manufacturers of these devices have slowed down their production because of the pandemic. Therefore, COVID 19 is expected to have a significant impact on the implantable cardiac rhythm management market.
Top Impacting Factors
The rise in geriatric population all across the world is acting as a driver for the growth of the implantable cardiac rhythm management market. This is because old people are more susceptible to develop cardiac conditions and disorders.
Rise in incidents of heart stroke due to a sedentary and fast-paced lifestyle is one of the factors that foster the growth of the implantable cardiac rhythm management market.
In addition, the rising advancement in the healthcare and medical device sectors has also fueled the growth in the implantable cardiac rhythm management market.
However, limited insurance coverage for implantable cardiac rhythm management devices and the high cost associated with these implants are some of the factors that can impede the market growth during the forecast period.
Key Market Trends
North America has the major share of the implantable cardiac rhythm management market owing to the existence of sophisticated healthcare infrastructure and a high adoption rate for miniaturized healthcare technologies.
The Asia-Pacific market for implantable cardiac rhythm management is expected to undergo a high growth rate during the forecast period due to the rise in prevalence of cardiac disorders and surge in geriatric population, especially in China.
Revolutionary technological progress in developing advanced implantable cardiac rhythm management devices is transforming the market. This has been made possible due to the increased investments in R&D of these devices by key players in the market.
Furthermore, the major players of the implantable cardiac rhythm management market are focused on strategies such as mergers, acquisitions, and collaborations with other growing players to launch better implantable cardiac rhythm management devices.
Key Benefits of the Report
- This study presents the analytical depiction of the implantable cardiac rhythm management industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the implantable cardiac rhythm management market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the implantable cardiac rhythm management market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Implantable Cardiac Rhythm Management Report
- Which are the leading players active in the implantable cardiac rhythm management market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the implantable cardiac rhythm management market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What is implantable cardiac rhythm management?
- What are the current and predicted trends of the market?
Implantable Cardiac Rhythm Management Market Report Highlights
By Product Type
By End User
Key Market Players
Asahi Kasei Corporation, ABIOMED, Berlin Heart, Integer Holdings Corporation, MicroPort Scientific Corporation., Koninklijke Philips N.V., Jarvik Heart, Inc., NIHON KOHDEN CORPORATION, Boston Scientific Corporation, ZOLL Medical Corporation