The rising prevalence of cardiac diseases, increasing funds and grants provided for research and development and the growing elderly population across the world are some primary factors which are expected to drive the market in the forecast period.
According to the current analysis of Reports and Data, the global Cardiac Function Market was valued at USD 1.37 billion in 2019 and is expected to reach USD 2.66 billion by the year 2027, at a CAGR of 8.5%. Cardiac function is the development of detection of the temporal and spatial divisions of myocardial electrical potentials during a heart rhythm.
Cardiac function is broadly useful to identify heart issues such as arrythmia which is a very common heart disorder and is growing across the world. According to the estimations provided by the Centers for Disease Control and Prevention (CDC), around 2 percent of people younger than 65 years old are expected to suffer from atrial fibrillation while about 9 percentage of people aged 65 and older already have the disorder. The rising prevalence of such heart conditions is expected to the fuel the market in the future. Furthermore, the rising number of innovative devices introduced by various key players is expected to dive the cardiac function industry. The growing number of certified and experienced cardiologists in the developing economies is also a primary factor driving the market.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Abbott, Boston Scientific Corporation, Medtronic, EP Solutions SA, Acutus Medical, Biosense Webster, Koninklijke Philips N.V., Epmap-System, MicroPort Scientific Corporation and CoreMap
Market Segmentation by Types:
Technology Outlook (Revenue in Million USD; 2017–2027)
- Contact Cardiac Function
- Basket Catheter Function
- Electroanatomical function
- Real-time Positional Management (RPM) EP System
- Traditional Endocardial Catheter Function
- Non- Contact Cardiac Function
Application Outlook (Revenue in Million USD; 2017–2027)
- Atrial Fibrillation
- Atrial flutter
- AV-nodal reentrant tachycardia (AVNRT)
End-use Outlook (Revenue in Million USD; 2017–2027)
- Diagnostic and Imaging Centers
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Cardiac Function market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Further key findings from the report suggest
- Increasing merger and acquisitions are expected to drive he market growth in future. For instance, in 2019, Acutuc medical entered into a collaboration with Peerbridge health. The merger facilitates use of AcQMap system in combination with Peerbridge Cor, an ECG product that detects different types of arrythmias.
- In January 2019, Abbott received and FDA approval for its TactiCath catheter, which is capable of implying 3D function and can be significantly used to treat atrial fibrillation. Such approval for innovative devices could fuel the market extensively.
- In September 2019, a cardiovascular tech developer Ablacon Inc. announced that they released an updated version of their existing technology under the company’s CE mark. Ablamap uses a novel and proprietary algorithm, operated by artificial intelligence, to visualize the flow of electrical activity within the heart. Once visualized, the Electrographic Flow map can be used to guide the application of ablation therapy to target potential sources of atrial fibrillation
- Various key players have launched their products in different regions to expand their sales. For instance, in November 2019, a cardiology devices developer, Baylis Medical launched its 2 French (2F) EPstar fixed electrophysiology catheter in the United States.
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