Tachycardia is a condition when the heart beats at unusual faster rate. Some of the major factors that lead to tachycardia are heart related disorders, overactive thyroid, anxiety, excess consumption of alcohol or caffeine and others. People suffering from diabetes or obesity are more prone to cardiac problems. According to the World Health Organization (WHO), 425 million people suffer from diabetes worldwide.
The major market drivers of tachycardia market are increasing prevalence of cardiovascular disease and adoption of deskbound lifestyle. According to WHO, 17.7 million people die each year of cardiovascular disease, due to the excessive consumption of alcohol and smoking, leading to several heart-related disorders.
Nevertheless, the growing geriatric population and increasing physical inactivity leads to several cardiac disorders, which fuels the growth of the tachycardia treatment market. However, the high cost required in the treatment of cardiac disorders is considered a challenge for the growth of the market. The treatment of tachycardia requires expertise and the devices required in the diagnosis are too expensive which makes the treatment costly. For example, the estimated national average cost of an electrocardiogram in USA is $183.
The market possesses tremendous opportunities in future, owing to the limited availability and high cost of treatment. Moreover, several companies are trying to introduce better and cheaper alternatives of treatment. Additionally, some of the companies are engaged in the development of biodegradable drug-eluting scaffold or stent which is expected to boost the market in future.
Globally, the tachycardia treatment market is segmented into four regions: North America, Europe, Asia pacific and LAMEA.
The market in North America is expected to hold the major share during the forecast period, owing to the huge patient pool of cardiac disorders and huge diabetic population. As per the American Diabetes Association, in 2015, 30.3 million Americans suffered from diabetes. Moreover, growing healthcare expenditure and increasing consumption of alcohol & cigarette smoking in the region is also contributing to the growth of the market. According to data of Centers for disease control and prevention (CDC), more than 15 in every 100 U.S adults smoke cigarettes.
European region holds a notable share of the tachycardia market. This is attributed to their advancement in technology and growing cases of cardiovascular diseases. The favorable reimbursement policy in the region and growing diabetic & obese population is also fueling the growth of the market in the European region. As per WHO, in European region, roughly 23% of women and 20% of men were obese in 2008.
During the forecast period, Asia pacific region is predicted to witness the fastest growth in tachycardia market. The growing geriatric population and increasing prevalence of cardiovascular diseases in the region are major drivers of the market. Furthermore, huge population of this region suffers from diabetes and obesity, which also fosters the growth of market. According to International Diabetes Federation (IDF), in 2017, there were over 114 million cases of diabetes in China. The medical facilities of the region are not technically advanced; this creates the opportunity for market players to introduce advanced equipments in the region.
LAMEA region is expected to show slow growth in market during the forecast period, owing to their underdeveloped economies and lack of medical facilities. Among LAMEA, Middle East region is expected to witness the fastest growth as the healthcare facilities are improving in the region. However, the area has huge potential as the patient pool is huge in LAMEA region.
CU medical systems Inc., Cardiac science, Bexen cardio, Pfizer Inc., Heritage pharmaceuticals, Medtronic, Abbott, Merit medical system, Vasorum ltd. , Terumo Corporation Essential Medical Inc , Lepu medical technologies are the key players of the market.
In July 2015, Medtronic has completely acquired Cardio Insight Technologies Inc., which is a
Cleveland based medical device company. It has developed a new approach to improve the mapping of electrical disorders of heart. Cardio Insight will become part of the Medtronic arterial fibrillation solutions business in the cardiac rhythm and heart failure division.
Recently, Abbott has announced complete acquisition of St Jude medical inc. which has established it has leader in medical device arena.
Global market segmentation:
• By Type
• By Treatment
o Emergency Treatment
? Anti arrhythmic drugs
• Class 1 Anti arrhythmic drugs
• Class 2 Anti arrhythmic drugs
• Class 3 Anti arrhythmic drugs
• Local inject able anesthetics
• Cardioselective Beta Blockers
? Direct-Current Cardioversion Therapy
? Electrical Defibrillation
o Long term treatment
? Implanted Cardiovascular Defibrillation (ICD)
? Radiofrequency Catheter Ablation
? Cardiac – Resynchronization Therapy
? Open Heart Surgery
• By end user
o Research institutes& Ambulatory Centers
• By region
o North America
? Rest of Europe
o Asia pacific
? South Korea
? Rest of Asia pacific
? Saudi Africa
? South Africa
? Rest of LAMEA