Ischemic heart disease and stroke are the two most common reasons that contribute towards more than 80 % of all cardiovascular disease-related deaths. In accordance with a report published by Center for Diseases Control and Prevention in 2017, nearly 800,000 deaths occurred owing to cardiovascular diseases.
In addition to that, coronary heart disease was responsible for most of thecardiovascular deaths, trailed by heart failure and stroke. As such, the economic burden of cardiovascular disease is massive. Implantable devices are thus implanted into heart tissue to detect unusual rhythm of heart and deliver shock to retrieve the normal heartbeat.
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Old people are prone to heart diseases. As such, the expanding base of geriatric populationis foreseento bolster the growth for global implantable cardiac rhythm management device market. Nonetheless, high incidences of cardiac diseases across all ages are the merging trend and it is projected to bolster the growth of global implantable cardiac rhythm management device market.
Constant technological innovations are likely to shoot up the demand for the implantable cardiac rhythm management devices market. For Instance, in 2017, Abbott Laboratories obtained approval from FDA for Assurity MRI Pacemaker. This deviceremove pre- and post-scan pacemaker reprogramming.
In another instance, Philips and Dubai Health Authority came up a customized project in 2017, which aims to distribute defibrillation and Cardiopulmonary Resuscitation (CPR) within four-minutes time to better the survival rate. Such initiatives are likely to increase awareness and better patient care practices, boosting the global implantable cardiac rhythm management device market.
In addition, encouraging reimbursement policies are amongst the main factors fuelling the demand for pacemakers. For example, Medicare Physician Fee Schedule Final Rule 2019 is expected to offer reimbursement for implantation and removal of pacemaker. Such a move reduces the overall surgery cost. Reimbursements are available for devices, such as biventricular, double chamber, and single chamber pacemakers.
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The global implantable cardiac rhythm management device market is mainly a consolidated one and is dominated by a few companies. Abbott Laboratories, Biotronik, and Medtronic are few of the leading names in the global implantable cardiac rhythm management device market.