The cardiac arrest treatment market studied was anticipated to witness a CAGR of nearly 4.8%, during the forecast period. The major factors driving the growth of the market are the increasing prevalence of various coronary heart diseases, cardiomyopathy, which is leading to cardiac arrest deaths, favorable reimbursement initiatives, and a rise in the geriatric population. For instance, according to Global Health and Wellness Report published in 2018, nearly 40% of the adult population in the United States were diagnosed with a cardiovascular condition, which directly resulted in higher demand for highly efficient, immediate treatment, and better technological advanced cardiovascular devices, which is expected to fuel the growth of the market throughout the forecast period.
Key Market Trends
The Drug Segment is Expected to Hold the Largest Market Share in the Cardiac Arrest Treatment Market
- The drug segment is expected to witness the largest market share in the cardiac arrest treatment market during the forecast period. This dominance is due to the increased use of various drugs such as anticholinergics, beta-blockers, vasopressors, and fibrinolytic drugs owing to the rise in prescriptions by the cardiologists.
- Furthermore, anti-arrhythmic drugs are widely used by most patients for the treatment of potential arrhythmia and during emergencies to save the person from heart failure or cardiac arrest. On the other hand, medical devices such as defibrillators and cardiac resynchronization therapy (CRT) are gaining attraction in recent years. They are anticipated to witness significant growth in the forecast period due to rising awareness among the patients. Furthermore, the growth can be attributed to the rise in usage by the people who are expected to face cardiac arrest problems in the near future.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall cardiac arrest treatment market throughout the forecast period. The major factors attributing to the growth are a rise in the global prevalence of multiple cardiovascular indications like CAD, strokes, and atrial fibrillation, along with the increase of chronic diseases, such as diabetes and obesity, necessitating efficient cardiac arrest treatment. For instance, according to The American Heart Association, in 2018, nearly 92.1 million individuals in the country suffered from cardiovascular diseases. CAD was the primary cause of death that resulted in higher demand for better treatment technologies, driving the market in the United States and contributing to the outstanding share of revenue; thus, propelling the global cardiac arrest treatment market throughout the forecast period.
The cardiac arrest market is moderately competitive and consists of several major players. Few of the key players are developing the novel product and technologies to compete with the existing products while others are acquiring and partnering with the other companies trending in the market. For instance, in January 2017, Abbott acquired St. Jude Medical and expanded its medical device segment globally by adding breakthrough inventions of SJM to its existing product portfolio of cardiovascular devices, such as the Quadra Allure MP CRT-P, used as cardiac resynchronization therapy in managing cardiac failure, which is further expected to foster the global cardiac arrest market growth throughout the forecast period. Some of the companies which are currently dominating the market are Koninklijke Philips NV, Abbott Laboratories, Medtronic PLC, Boston Scientific Corporation, and Novartis AG.
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