The 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 Overview:
The cardiac autonomic control market consists of medical devices that help monitor and regulate the autonomic nervous system of the heart. The autonomic nervous system controls involuntary body functions like heart rate, blood pressure, and respiration. These devices help diagnose and treat cardiovascular conditions by monitoring heart rate variability, which provides insights into autonomic function. Common devices include implantable cardiac pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-Ds). They help improve the quality of life for patients suffering from arrhythmias and heart failure.
Market Key Trends:
One of the key trends fueling the growth of the cardiac autonomic control market is the rising burden of cardiovascular diseases globally. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths worldwide, accounting for over 17.9 million deaths annually. The growing geriatric population is also susceptible to arrhythmias and other heart conditions, thereby driving the demand for cardiac monitoring and treatment devices. Furthermore, technological advancements have led to the development of miniaturized devices with enhanced features. This has increased the scope of clinical applications and facilitated remote monitoring of patients. Major market players are also focusing on new product launches and approvals, which is expected to boost market revenues over the forecast period.
Porter's Analysis
Threat of new entrants: Low set up and manufacturing costs allow new players to enter the market easily. However, strong branding and technological expertise of existing players pose barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. However, branded products and tie-ups with healthcare providers increase loyalty.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components and focus on long-term partnerships among players.
Threat of new substitutes: Substitutes from treatments including medications offer limited threat due to focus on minimally invasive procedures.
Competitive rivalry: Intense due to focus on innovative product launches and geographical expansion among major players.
SWOT Analysis
Strengths: Growing geriatric population suffering from cardiac diseases and focus on minimally invasive surgeries drive the market.
Weaknesses: High cost of treatment limits demand in price-sensitive developing regions. Furthermore, lack of skilled professionals acts as a challenge.
Opportunities: Rising healthcare expenditure in emerging nations and ongoing research & development activities present opportunities over the forecast period.
Threats: Strict regulatory approvals and reimbursement policies hinder market growth to some extent.
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. North America dominates the market currently due to presence of major players and growing focus on early diagnosis.
Regionally, Asia Pacific is expected to showcase fastest growth in the forthcoming years led by expansion of healthcare infrastructure and growing medical tourism in countries including India and China.
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. Focus lies on partnerships, mergers, and new product launches by these manufacturers.
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Aug 09, 2019 (AB Digital via COMTEX) -- Market Trends
The global Cardiac Rehabilitation Devices Market is projected to reach over USD 2,839.9 million by 2023 at 6.2% CAGR during the review period of 2018 to 2023.
Cardiac rehabilitation is a medically managed program designed to improve cardiovascular health.
The rising prevalence of cardiac diseases, adoption of an unhealthy lifestyle and increasing geriatric population are driving the growth of the global cardiac rehabilitation devices market.
However, the factor such as the high cost of cardiac rehabilitation devices and stringent government regulations hinders market growth.
Cardiac Rehabilitation Devices Market Leading Companies:
