by Cardiac autonomic control devices are medical devices used to control conditions related to cardiac autonomic nerves dysfunction. These devices include implantable cardiac pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices. Pacemakers are used to control abnormal heart rhythms or arrhythmias by sending electrical pulses to help regulate the heartbeat. ICDs can detect and treat life-threatening arrhythmias by delivering electric shocks to restore a normal heart rhythm. CRT devices coordinate the contractions of the heart’s lower chambers to improve pumping efficiency in people with heart failure. Factors such as increasing prevalence of cardiovascular diseases, rising geriatric population and innovation in cardiac devices are fueling growth of the cardiac autonomic control market.
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 key trends:
One of the key trends in the cardiac autonomic control market is growing demand for minimally invasive devices. Minimally invasive cardiac procedures require only small incisions as opposed to traditional open-heart surgeries. This provides benefits such as less pain, reduced risk of infection, shorter hospital stay, and faster recovery time as compared to open-heart surgeries. As a result, manufacturers are focusing on developing innovative minimally invasive cardiac rhythm management devices. For instance, MicroPort Scientific Corporation launched ARTISAN RL atrial lead, which is delivered via minimal vascular access technique. Similarly, Medtronic received FDA approval for Micra Transcatheter Pacing System, a leadless pacemaker that can be implanted directly into the heart without needing leads or surgical incisions. Growing preference for minimally invasive procedures is expected to drive demand for minimally invasive cardiac rhythm management devices over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires substantial capital investment and resources to enter into this market. However, new technologies and advancements are facilitating the entry of new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the key customers for this market are hospitals and healthcare facilities. The buyers have alternatives from existing key players and growing generic market.
Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of many component suppliers and raw material suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for cardiac autonomic control devices and technologies. However, alternate therapies are emerging as substitutes.
Competitive rivalry: The competitive rivalry is high owing to the presence of some big players and intensive competition among existing players to gain more market share.
Key Takeaways
The Global Cardiac Autonomic Control Market Size is expected to witness high growth over the forecast period. North America is expected to dominate the market during the forecast period due to advanced healthcare infrastructure, presence of key players and growing prevalence of cardiovascular diseases in the region. The market in Asia Pacific is anticipated to grow at the fastest rate during the forecast period owing to increasing healthcare expenditure, growing medical tourism and economic development.
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 is one of the prominent players offers cardiac autonomic control systems, including implantable cardioverter-defibrillators, cardiac resynchronization therapy defibrillators, and pacemakers that are designed for therapy and monitoring of autonomic control of cardiac function.
Regional analysis: North America is expected to hold the largest share of the cardiac autonomic control market during the forecast period. The growth of the market in this region can be attributed to the advanced healthcare infrastructure, presence of major players and growing prevalence of cardiovascular diseases. As per the American Heart Association statistics, cardiovascular diseases account for over 800,000 deaths in the US annually. Asia Pacific market is anticipated to register the highest CAGR during the forecast period owing to improvement in healthcare policies, economic development and increasing healthcare expenditure.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
