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Arrhythmia Market 2024: Key Growth Drivers and Industry Insights
Arrhythmia Market 2024
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According to The Business Research Company's, The arrhythmia market size has grown strongly in recent years. It will grow from $7.43 billion in 2023 to $8.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased lifestyle-related risk factors, rise in cardiovascular diseases, improvements in implantable devices, global increase in cardiac surgery, growing demand for remote monitoring, research and development in antiarrhythmic drugs.
The arrhythmia market size is expected to see strong growth in the next few years. It will grow to $10.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to expanding awareness and education, personalized medicine approaches, expansion of electrophysiology labs, focus on early detection and prevention, genetic screening for familial arrhythmias, healthcare infrastructure development. Major trends in the forecast period include advancements in cardiac monitoring technologies, telehealth and remote patient monitoring, focus on atrial fibrillation (af) detection and management, implantable devices for arrhythmia management, innovations in ecg monitoring devices, regulatory focus on medical device approvals.
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Market Drivers and Trends:
The increasing aging population is expected to propel the growth of arrythmia market going forward. An aging population refers to a demographic phenomenon characterized by an increasing proportion of elderly individuals within a society or population. The demand for diagnostic and therapeutic solutions for arrhythmia management is expected to surge as aging is a key risk factor for the development of irregular heart rhythms. The expansion of the aging demographic underscores the importance of innovative technologies and treatments within the arrhythmia market, driving research, development, and market penetration of related medical interventions to address the specific healthcare needs of the elderly population. For instance, in October 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, projected that by the year 2030, one out of every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the aging population is driving the arrythmia market.
New therapies for treatment are a key trend in the arrhythmia market. Major players operating in the market are advancing toward developing new therapies, such as cryoablation therapy, an innovative treatment used in patients with arrhythmias. For instance, in November 2021, Aster Medcity, an India-based quaternary care healthcare center, launched the state-of-the-art heart disease treatment Cryoablation Therapy, an innovative procedure that inhibits abnormal electrical pathways that cause strokes and heart failures and restores a normal heartbeat. Using advanced imaging technology, the catheter is passed through a blood vessel in the patient's leg and routed to the heart. Nitrous oxide gas is injected into a cryoballoon, which cools the tissue and produces ablation lesions inside the heart. By using a balloon and a low temperature, this treatment is capable of completing the process without damaging other cells.
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Major Key Players of the Market:
Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, AliveCor Inc., Biotronik SE & Co. KG, Biotricity Inc., GE Healthcare, Koninklijke Philips N.V., Nihon Kohden Corporation, Spacelabs Healthcare, Welch Allyn Inc., Mylan N.V., Lepu Medical Technology Co. Ltd., iRhythm Technologies Inc., BioTelemetry Inc., Fukuda Denshi Co. Ltd., Smart Solutions Technologies Inc., Biosense Webster Inc., Cardiac Science Corporation, CardioComm Solutions Inc., CardioNet LLC, NUUBO SMART SOLUTIONS S.L., Cardiva Medical Inc., Osypka AG, Johnson & Johnson Services Inc., Pfizer Inc, Teva Pharmaceutical Industries Ltd, Applied Cardiac Systems, Acutus Medical, EP Solutions SA
Arrhythmia Market 2024 Key Insights:
• The arrhythmia market size is expected to see strong growth in the next few years. It will grow to $10.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Cardiac Disease Epidemic Fuels The Growth Of The Arrhythmia Market
• Revolutionary Therapies Offers Promising Advancements In Arrhythmia Treatment.
• North America was the largest region in the arrhythmia market in 2023
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