The Europe Cardiac Rhythm Management Devices Market is expected to register a CAGR of 4.5% during the forecast period. The market has shown consistent growth owing to the increasing prevalence of cardiovascular disorders, technological advancements, and rise in the use of ambulatory and home services for cardiac monitoring.
The increasing prevalence of cardiovascular disorders is one of the major factors driving the cardiac rhythm management devices market. According to the European Cardiovascular Disease Statistics 2017, each year cardiovascular disease (CVD) causes approximately 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU). Therefore CVDs occur almost equally in men and women.
With the rise in the aging population in Europe, a number of patients suffering from heart rhythm disorders are likely to witness an increase and this is a cause of concern. There are also technological innovations in product delivery which is anticipated to witness strong growth with product innovation.
Key Market Trends
Defibrillator Segment is Expected to Hold a Major Share During the Forecast Period
Defibrillator is a medical device that restores a normal heartbeat by sending an electric pulse or shock to the heart. This device is used to treat cardiac conditions such as arrhythmia, a heartbeat that is uneven or that is too slow or too fast. The use of a defibrillator is increasing due to its efficacy in treating cardiac arrest.
According to the European Cardiovascular Disease Statistics 2017, cardiovascular disease (CVD) accounts for 45% of all deaths in Europe and 37% of all deaths in the European Union (EU). Moreover, death rates from both ischaemic heart disease (IHD) and stroke are generally higher in Central and Eastern Europe than in Northern, Southern, and Western Europe. Furthermore, there is also an expansion in the market for external defibrillators as governments in developed economies have been working on making countries more cardio-friendly, which improves the usage of defibrillators across single and multispeciality hospitals.
The European cardiac rhythm management devices market is highly competitive and consists of a few major players. Companies like Abbott, Abiomed, Biotronik SE & Co KG, Boston Scientific Corporation, Koninklijke Philips NV, LivaNova Plc, Medtronic PLC, SchillerAG, Shenzhen Mindray Biomedical Electronics Co. Ltd, among others, hold the substantial market share in the cardiac rhythm management devices market. Geographical expansion, collaboration, mergers and acquisitions, and new product development are some of the key undertakings of players in the cardiac rhythm management devices market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support