The Cardiac Autonomic Control Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Cardiovascular Diseases
The cardiac autonomic control market is estimated to be valued at US$ 16.84 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac autonomic control refers to products and devices used for automated monitoring and regulating of cardiac activity. This includes implantable pacemakers, defibrillators, cardiac contractility modulation, bio-impedance cardiography, and electric nerve stimulation devices. These devices help track and manage abnormal heart rhythm conditions and cardiovascular diseases.
Market Dynamics:
Increasing geriatric population and rising cases of cardiovascular diseases are expected to drive the growth of cardiac autonomic control market. According to the World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Growing preference for minimally invasive devices and increasing healthcare spending are also expected to boost the market growth over the forecast period.
Additionally, technological advancements in cardiac monitoring devices with features such as continuous monitoring, remote data transmission, and enhanced accuracy will also propel the market growth. However, stringent regulatory approval process and high costs associated with innovative medical devices may hamper the market growth.
SWOT Analysis
Strength: The cardiac autonomic control market is characterised by rising research and development activities and new product launches. This provides more effective solutions to treat various cardiovascular diseases. Growing awareness regarding irregular heart rhythms is also spurring demand.
Weakness: High costs associated with cardiac autonomic control devices might restrict their adoption in developing nations. Lengthy approval processes for new devices can delay their commercialization.
Opportunity: Rising geriatric population suffering from cardiovascular diseases creates growth prospects. Untapped opportunities in emerging markets of Asia Pacific and Latin America will drive future profits. Growing implantation of insertable cardiac monitors also presents opportunities.
Threats: Stringent regulatory framework for approval and commercialization of new devices poses threats. Reimbursement issues associated with costly devices can undermine revenue. Alternative treatment options further intensifies market competition.
Key Takeaways
The Global Cardiac Autonomic Control Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of cardiovascular diseases. According to WHO, cardiovascular diseases are the leading cause of deaths globally, causing over 17.9 million deaths annually.
Regional analysis - North America dominated the cardiac autonomic control market and is expected to maintain its lead, growing at a CAGR of 6.1% during the forecast period. This is attributed to rising geriatric population, increasing healthcare spending, and new product launches. Asia Pacific exhibits the fastest growth due to growing medical tourism, improving healthcare infrastructure and rising spending capacity.
Key players - Key players operating in the cardiac autonomic control market are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, MicroPort Scientific Corporation, LivaNova PLC, Nihon Kohden Corporation, Schiller AG, Johnson & Johnson, GE Healthcare. Medtronic and Abbott collectively hold over 55% market share due to their robust product portfolios and global footprint.
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