Cardiac Autonomic Control Market is Estimated to Witness High Growth Owing to Technological Advancements
Cardiac autonomic control refers to neural mechanisms that regulate heart function automatically. It involves adjustment of heart rate and rhythm in response to physiological demands via sympathetic and parasympathetic signals. The market consists of implantable pacemakers, defibrillators, and cardiac resynchronization therapy (CRT) devices. These devices monitor heart's electrical activities and provide impulses to restore normal heart rhythm if any abnormality is detected.
The global cardiac autonomic control market is estimated to be valued at US$ 16.84 Bn 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 Dynamics:
Technological advancements is one of the major drivers propelling the growth of the Global Cardiac Autonomic Control Market Size. Manufacturers are focusing on developing innovative devices with advanced features such as remote monitoring, Bluetooth low energy connectivity, and artificial intelligence. For instance, Medtronic launched Micra Transcatheter Pacing System, the world's smallest pacemaker which is less than the size of a vitamin. Abbott also rolled out Infinity DBS, the world's first MRI full-body compatible deep brain stimulation system. Such innovative devices offer several benefits such as increased comfort and quality of life to patients along with reduced healthcare costs through remote monitoring capabilities.
The increasing geriatric population is another key driver fueling the market growth. According to the United Nations, by 2050 around 16.7% of the global population will be aged 65 years and above. This demographic shift will significantly contribute to the rising incidence of cardiovascular diseases. According to the American Heart Association, around 92.1 million American adults suffer from some form of cardiovascular disease. Cardiovascular diseases are more common among the geriatric population majorly due to age-related physiological changes in cardiovascular function. Thus, the surge in the aging population will propel the demand for cardiac autonomic control devices over the forecast period.
SWOT Analysis
Strength: Cardiac Autonomic Control Market offers minimally invasive treatments that are superior to conventional drug therapies. The technologies provide precise and targeted treatment reducing risks and complications for patients. They enable improved diagnosis and monitoring of cardiac conditions improving patient outcomes.
Weakness: The high costs associated with cardiac autonomic control devices and therapies can limit their adoption. There is also a lack of awareness among physicians and patients regarding newer minimally invasive options. Traditional drug therapies also continue to capture a larger share of the market currently.
Opportunity: The rising geriatric population worldwide and growing prevalence of cardiovascular diseases present a massive patient pool driving market growth. Untapped opportunities exist in developing regions as healthcare infrastructure and accessibility improves. Technological advancements are also expanding the applications of cardiac autonomic control therapies.
Threats: Stringent regulatory processes and clinical trial requirements delay the launch of new products. Reimbursement challenges also impact the Cardiac Autonomic Control Market. Competition from alternatives like drug eluting stents and development of newer technologies also pose threats.
Key Takeaways
The global Cardiac Autonomic Control Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is forecasted to reach US$ 16.84 Billion by 2023 expanding at a CAGR of 7.4% during the projected years.
Regional analysis: North America currently dominates the cardiac autonomic control market accounting for the largest share. This is attributed to advanced healthcare infrastructure, rising healthcare spending, and growing elderly population in the region diagnosed with CVDs. Asia Pacific is expected to grow the fastest in the forecast period. Countries like China, India, South Korea, and Japan are rapidly developing major medical device hubs driving market growth.
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 Laboratories have emerged as leaders with wide product portfolios and global commercialization capabilities.
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