Cardiac Arrest Therapy Market: Production, Revenue, Price, Growth Rate, Type and Applicability in Healthcare & Pharmaceutical Industry
Transparency Market Research (TMR) has published a new report titled, “Cardiac Arrest Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global cardiac arrest treatment market was valued at US$ 2,650.0 Mn in 2018 and is projected to expand at a CAGR of 4.4% from 2019 to 2027. The global market is driven by increase in awareness & acceptance of cardiac arrest treatment and rise in prevalence rate of sudden cardiac arrest.
The global cardiac arrest treatment market has been segmented based on treatment, sales channel, and region. In terms of treatment, the market has been categorized into drugs and medical devices. The drugs segment has been classified into vasopressors, anti-arrhythmic drugs, anticholinergic drugs, corticosteroids, fibrinolytic drugs, beta blockers, and others (sodium bicarbonate, crystalloids, colloids, etc.). The medical devices segment has been divided into defibrillators, cardiac resynchronization therapy (CRT), and others. Based on sales channel, the global cardiac arrest treatment market has been classified into hospitals, independent pharmacies, and others.
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The global cardiac arrest treatment market is driven by increase in incidence of cardiovascular diseases, rapidly aging baby boomer population, and rise in availability of emergency medical services centers. Awareness campaigns by government and non-profitable organizations have resulted in modest, yet steady growth of the global market. The Government of British Columbia (B.C.) in collaboration with the Heart & Stroke Foundation and the American Heart Association & Cardiac Society of Australia New Zealand has come up with various campaigns and training programs to spread awareness about the importance of defibrillators during sudden cardiac arrest.
Increase in Incidence of Cardiovascular Diseases and Rise in Geriatric Population to Boost Demand for Cardiac Arrest Treatment
Cardiovascular diseases (CVD) are the major cause of death across the world and account for higher number of deaths than those caused by cancer and AIDS in the U.S. and some countries in Europe. CVDs account for over 17.6 million deaths across the globe each year and the number is expected to reach to 23.6 million by 2030. According to the Heart Rhythm Society, of the 300,000 deaths in the U.S., 75% people have had a prior cardiac arrest experience and 80% have had symptoms of coronary artery disease. Globally, primary causes of sudden cardiac arrest include increase in incidence of obesity, smoking, physical inactivity, diabetes, and unhealthy diet.
Increase in the geriatric population is a major driver of the global cardiac arrest treatment market. Elderly individuals increase the patient pool in major regions of the world. According to World Health Organization (WHO) estimates, the global geriatric population is likely to reach 2 billion (22% of the global population) by 2050, which was around 962 million in 2017. The global geriatric population is expected to increase at the fastest rate in developed countries such as the U.S., the U.K., and Japan. Brazil, China, Thailand, and South Korea are expected to have a large geriatric population in the shortest span of time in the near future. This increase in the geriatric population is anticipated to boost the growth of the market, as the population is more prone to various age-related as well as chronic diseases. The need of cardiac arrest treatment among such patients is relatively higher, which increases demand for advanced cardiac arrest treatment.
Defibrillators Sub-segment to Grow at a Rapid Pace
The report offers detailed segmentation of the global cardiac arrest treatment market based on treatment and sales channel. The defibrillators sub-segment is expected to expand at a significant CAGR during the forecast period. Increase in the global geriatric population and rise in incidence and prevalence of sudden cardiac arrest are projected to boost the sub-segment from 2019 to 2027. Additionally, rise in disposable income is anticipated to increase the number sudden cardiac arrest patients owing to sedentary lifestyle. However, slow replacement demand for branded automated external defibrillators for sudden cardiac arrest and low availability of automated external defibrillators in emerging countries are anticipated to restrain the defibrillators sub-segment during the forecast period
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North America Dominated Global Cardiac Arrest Treatment Market
North America was the leading market for cardiac arrest treatment in 2018. According to the National Conference of State Legislatures, around 250,000 people in North America succumb to sudden cardiac arrest (SCA). In North America, acceptance of medical devices such as defibrillators and cardiac resynchronization therapy (CRT) has increased in the past few years. These factors are projected to contribute to the growth of the cardiac arrest treatment market in the region.
Key Players Operating in Global Cardiac Arrest Treatment Market
The report also provides profiles of leading players operating in the global cardiac arrest treatment market. These include Amgen, Inc., Pfizer, Inc., Johnson & Johnson, Novartis AG, Bristol-Myers Squibb Company, Abbott, Bayer AG, Koninklijke Philips N.V., GE Healthcare, Physio-Control, Inc. (Stryker), Boston Scientific Corporation, Cardiac Science Corporation (Aurora Capital Group), and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.