Market Trends of Wearable Cardioverter Defibrillators Industry
This section covers the major market trends shaping the Wearable Cardioverter Defibrillator Market according to our research experts:
Adult Segment Expected to Register a High CAGR in the Studied Market
The adult segment is expected to witness significant growth over the forecast period. The factors attributing to the market growth are the increasing incidence of patients suffering from cardiovascular disorders, such as abnormal heart rhythms or arrhythmias, and an increase in the prevalence of these disorders in adults.
According to an article published by Heart Rhythm in December 2021, it has been observed that adults with congenital heart disease may frequently experience heart failure and arrhythmias. As per the same source, heart failure (HF) is highly prevalent in adults with CHD, particularly those over the age of 40 years, and is the most common cause of mortality. Thus, the high risk of developing tachyarrhythmias and bradyarrhythmias among the adult population suffering from other heart problems is expected to raise the demand for advanced cardioverter defibrillator devices. This is anticipated to fuel the segment's growth.
Furthermore, according to the March 2022 update of the Australian Bureau of Statistics, the prevalence of heart disease in Australia was 4.0% in 2020-2021, which equates to about 1 million people. According to the same source, heart disease increased with age in Australia, from 2.3% of people aged 45-54 years to 23.2% of people aged 75 years and over, with males being the most affected by it in the country. Hence, the rising burden of CVDs and the increasing geriatric population is expected to be the major driving factor for the growth of the studied segment over the forecast period.
Moreover, the rising company's focus on developing technologically advanced wearable cardioverter defibrillator devices to treat cardiac rhythm problems contributes to segment growth. For instance, in April 2022, Kestra Medical Technologies reported that its ASSURE Wearable Cardioverter Defibrillator (WCD) system proves to be the next generation of monitoring and therapy to protect patients at risk of sudden cardiac arrest.
Therefore, the studied segment is expected to increase over the forecast period due to factors such as the increasing burden of cardiovascular diseases coupled with the growing geriatric population and rising company activities.
North America Dominates the Market and Expects to do Same Over the Forecast Period
North America is expected to dominate the market over the forecast period. The factors attributing to the market growth are the rising cardiovascular burden coupled with the growing aging population, high healthcare expenditure and reimbursement policies, and growing adoption of non-invasive devices in the region.
The increasing prevalence of cardiovascular diseases is the key factor driving the demand for cardioverter defibrillator devices. According to the statistics published by the American Heart Association (AHA), about 45% of the adult population in the United States is expected to suffer from cardiovascular disease by 2035. Also, according to the 2022 statistics published by CDC, about 12.1 million people are expected to suffer from atrial fibrillation in the United States by 2030. As per the data posted by the CIHI in June 2021, about 62,000 strokes are reported annually in Canada, making it the third leading cause of death. Furthermore, per an article published in the Cardiovascular and Metabolic Science in July 2021, it has been observed that ischemic heart disease is high in people aged 40 years and above in Mexico. Thus, the expected increase in the number of people with cardiovascular diseases increases the risk of atrial fibrillation and cardiac arrhythmias, which requires regular heart rate monitoring to prevent a heart attack further. This is anticipated to fuel the demand for cardioverter defibrillators over the forecast period, propelling the market growth.
Furthermore, the rising geriatric population in the country is more prone to develop cardiovascular diseases due to increased stiffness of large arteries, which causes hypertension and other heart rhythm-related problems. This is also expected to increase the demand for wearable cardioverter defibrillator devices to monitor cardiac rhythm regularly, bolstering the market growth. For instance, according to the 2022 statistics published by UNPF, about 17% of the population will be 65 years and above in 2022 in the United States. According to the same source, about 19% of the people in Canada and 8% of the population in Mexico will be 65 years or above in 2022.
Therefore, the studied market is expected to increase over the forecast period due to the aforementioned factors, such as the rising prevalence of atrial fibrillation and other cardiovascular diseases, along with the growing geriatric population in the region.
