Global Arrhythmia Market: Snapshot
The global arrhythmia market is envisaged to seek reliable growth opportunities from the rapidly growing significance of electrophysiology, a cardiology subspecialty, in the discovery of new treatments and cures for almost all cases of the heart condition. Electrophysiology is studied to have excelled in conducting a critical assessment of the electrical function of the human heart, according to the University of California San Francisco (UCSF) Medical Center. Besides this, the UCSF Medical Center led the way in the implementation of catheter ablation, which is a type of treatment that eliminates or upsets parts of electrical pathways that cause arrhythmia.
The rising demand for monitoring devices in the treatment of arrhythmia is expected to help industry players boost their growth in the years to come. Implantable cardiac monitors could rake in a telling demand during the course of the forecast timeframe. Catheter ablation, on the other hand, is anticipated to attract a whole lot of demand in the near future on account of its effectiveness to treat a wide range of arrhythmia cases with a minimal recovery time and minor incision.
Some of the commanding factors predicted to hold a crucial significance in the growth of the global arrhythmia market include the increasing cases of obesity, upward trend of irrigated radiofrequency (RF) ablation catheter devices, and spiraling economic development. Although North America could record a higher growth in the market, emerging regions such as Asia Pacific are envisioned to offer favorable prospects on the back of their unmet medical needs and bettering healthcare infrastructure.
Arrhythmia drugs are used to treat cardiac arrhythmia, an abnormal heart rhythm which results in an extremely slow or extremely quick heartbeat. It is caused as a result of a heart disease or a disorder which affects the function of the heart. The goal of antiarrhythmic drug therapy is to restore normal cardiac function and prevent life-threatening consequences. Arrhythmia is classified into two basic types: bradycardia and tachycardia. When the heartbeat is too slow, i.e., less than 60 beats per minute, it is known as bradycardia and when it is too fast, i.e., more than 100 beats per minute, it is known as tachycardia.
Arrhythmia drugs are categorized based on their effects on the electrical behavior of myocardial cells during physical activity. Bradycardia causes lightheadedness, fatigue, fainting or near-fainting spells, dizziness, and at times cardiac arrest. Tachycardia leads to shortness of breath, reduced ability of the heart to pump blood, chest pain, and lightheadedness or loss of consciousness. If severe, it could also induce a heart attack or death. Some cardiac arrhythmias are triggered by the generation of an abnormal number of electrical impulses. The geriatric population is more affected by arrhythmia compared to younger people.
Factors such as the rising pool of patients suffering from obesity, increasing number of chronic diseases, rising consumption of alcohol & cigarettes, work pressure, and unhealthy lifestyles are predicted to drive the overall arrhythmia drug market. According to the Centers for Disease Control and Prevention, more than one-third (36.5%) of the adults in the U.S. suffer from obesity. The increasing research and development activities, growing geriatric populations, and extensive product pipeline are likely to propel the global arrhythmia drug market. On the other hand, the intense competition and stringent regulatory scenario are estimated to hinder the market.
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The arrhythmia drugs market has been segmented by product type into the following categories: Class I (sodium-channel blockers), Class II (beta-blockers), Class III (potassium-channel blockers), Class IV (calcium-channel blockers), and miscellaneous (adenosine & electrolyte supplements). In terms of arrhythmia type, the market is divided into the bradycardia and tachycardia varieties. Based on distribution channel, the arrhythmia drugs market is classified into the following groups: hospitals pharmacies, retail pharmacies, and online pharmacies.
Geographically, the arrhythmia drugs market is distributed over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the market due to the presence of the top market players, rapid rise in geriatric population, and growing prevalence of cardiac diseases in the region. According to CDC, an estimated 2.7 to 6.1 million people in the U.S. experience atrial fibrillation. Europe is the second leading market for arrhythmia drugs owing to the increasing number of research & development activities and rising consumption of tobacco in the region. According to the World Health Organization, Europe exhibits high prevalence of tobacco smoking among adults. The market in Asia Pacific is likely to expand at a higher rate due to the presence of a high target patient pool, mounting prevalence of cardiovascular diseases, rising disposable incomes, increasing government initiatives, and growing awareness. According to the World Health organization, in 2010, the burden of type-2 diabetes in India stood at 51 million and is projected to amount to 87 million in 2030. Emerging regions such as Latin America and Middle East & Africa are predicted to create major opportunities for the global arrhythmia drugs market.
Key players operating in this market include Teva Pharmaceutical Industries, Mylan N.V., GlaxoSmithKline LLC, Mayne Pharma, Upsher-Smith Laboratories LLC, Sanofi S.A., and Novartis International AG.