MARKET OVERVIEW- GLOBAL CARDIAC MAPPING MARKET
Cardiac mapping is generally helpful in identifying heart problems such as arrhythmia, which is a very common and increasing heart disease worldwide. The Centers for Disease Control and Prevention (CDC) estimates that about 2% of people under the age of 65 have atrial fibrillation, while about 9% of people 65 and older already have atrial fibrillation. The rising prevalence of these heart diseases is expected to drive the market in the future. Moreover, the growing number of innovative devices introduced by various major players is expected to capture the heart mapping industry. The growing number of certified and experienced cardiologists in developing countries are anticipated to provide ample of new growth opportunity for the market.
The global Cardiac Mapping market is expected to witness lucrative growth during the forecast period of 2022-2028. Increasing prevalence and incidence of heart disorder is expected to boost the growth of the market during the forecast period. Moreover, better precession in heart disease diagnostics due to technological advancements in cardiac mapping system is expected to fuel the adoption of cardiac mapping system in the upcoming years. In addition, the developing healthcare infrastructure and the growing importance of cardiac mapping systems in the diagnosis of heart disorders are important elements which are expected to boost the growth of the market. Moreover, government initiatives in preventing and controlling cardiovascular diseases are anticipated to play a critical role in expanding the market. For instance, the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) by the Government of India aims to manage chronic NCDs such as cardiovascular diseases through early diagnosis, treatment, and follow up by setting up NCD clinics.
The market players are focusing on improving different types of the cardiac mapping, and this has increased the opportunities for the market. Moreover, acquisitions, partnerships and collaborations between companies are increasing and these activities have paved way for expansion of business and customer base of market players. The market players from cardiac mapping systems market are anticipated to have lucrative growth opportunities in the future with the rising demand for cardiac mapping systems.
The major restraining factor for the market is lack of awareness about cardiac mapping systems. In developing countries, the high cost is likely to restrain the market growth during the forecast period. Moreover, the lack of information related to that jacket and its maintenance are key factors which are expected to restrain the market growth during the estimated time period.
MARKET GROWTH CHALLENGES
Manufacturers of cardiac mappings are expected to witness hurdles due to maturity in production of several components required for cardiac mapping. Furthermore, lack of government funding for the technology development and infrastructure are expected to be major challenges for the market growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global Cardiac Mapping market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for cardiac mapping in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
CARDIAC MAPPING MARKET SEGMENTAL OVERVIEW
The global Cardiac Mapping market comprises of different market segments like product type, detection type, and geography.
CARDIAC MAPPING MARKET BY PRODUCT TYPE
On the basis of product type, the Cardiac Mapping market includes segments such as
- Non-contact mapping system
- Contact mapping system
- Electro anatomical mapping
- Basket catheter mapping
- Real-time positional management (Cardiac Pathways) EP system
Contact mapping system segment is expected to dominate the market during the forecast period. Advantages of contact cardiac mapping, such as detection of the precise locations of mapping and ablation catheters in a three-dimensional environment, also with multi-electrode basket catheter, recording just a few beats might be enough to uncover the arrhythmia circuit these factors are increasing its adoption.
In addition, non-contact mapping system is expected to grow at a significant rate of during the projected time period. The non-contact mapping system consists of a catheter-mounted multi-electrode array that acts as a probe, a specially designed amplification system, and a computer workstation used to visualize three-dimensional maps of the electrical activity of the heart.
CARDIAC MAPPING MARKET BY DETECTION TYPE
Based on detection, the cardiac mapping market is categorized into
- Atrial flutter
- Atrial fibrillation
- Other types of arrhythmias
Atrial fibrillation segment is expected to dominate the market during the forecast period. The atrial fibrillation segment held the largest share of the market in 2021 a trend that is expected to continue during the forecast period. The large share of this segment can primarily be attributed to the rising incidences of AF throughout the globe.
Atrial flutter is expected to have high demand in the market during the forecast period due to increase in prevalence of atrial tachycardia. Atrial flutter is a condition in which the atria of the heart beat rapidly and regularly due to an abnormality in the heart's electrical system that usually causes a tachycardia.
CARDIAC MAPPING MARKET BY GEOGRAPHY
The global Cardiac Mapping market is studied for the following regions
- North America
- Rest of the world (RoW)
The North America is anticipated as fastest growing region of the market in during the forecast period. North America held the largest share of the market in 2021 and is projected to continue to do so during the forecast period. Factors such as the increase in approval rate of mapping systems and clinical trials validating cardiac mapping systems in the US, high incidence of CVDs, growing focus of government organizations on providing funding for research, and increasing geriatric population in Canada are driving the North American cardiac mapping market.
The need for heart mapping is high in the Europe region due to an aging population that is constantly at risk for heart disease. According to Eurostat, in 2016 almost two-fifths (38.7%) of all deaths of older people in the EU-28 were due to circulatory diseases, compared to almost a quarter (23.8%) due to cancer and less than a tenth (8.9%) in respiratory diseases. Asia-Pacific is expect to grow at the fastest rate over the forecast period due to a largest population and a rapid growth in the health sector.
COVID-19 IMPACT ANALYSIS ON GLOBAL CARDIAC MAPPING MARKET
A 360 degree analysis of micro and macro-economic factors on the global Cardiac Mapping market is provided in this exclusive report generated by Axiom MRC. In addition, complete analysis of changes on the global Cardiac Mapping market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic has had a negative impact on the Cardiac Mapping market. Several studies have been published to provide insight into the impact of the pandemic on the market. For example, a research study published in January 2021 titled "Cardiac Involvement of COVID-19: A Comprehensive Review," stated that COVID-19 can significantly affect patients' cardiovascular systems. Death from COVID-19 is strongly associated with cardiovascular disease, diabetes and hypertension. Therefore, patients suffering from cardiovascular disease should take more precautions against COVID-19, which may require the approval of cardiac mapping. Similarly, the September 2020 article titled "Impact of COVID-19 on the Cardiovascular System: A Review of Available Reports" found increased morbidity and mortality in patients suffering from both cardiovascular complications and COVID-19. . Therefore, more attention is needed for cardiac damage related to viral infection during treatment. With such studies, the market is likely to increase as it provides the need for cardiac mapping due to the COVID-19 pandemic. This is expected to provide new opportunities for the market in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Cardiac Mapping market is majorly focused on expanding the global growth of cardiac mapping sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in cardiac mapping industry has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumers which is further contributing healthy growth in the market.
The key players studied in market are
- International Safety Products Ltd
- Survitec Hansen Protection AS
- Biosense Webster
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- EP Solutions SA
- Acutus Medical
- Koninklijke Philips N.V.
- Lepu Medical, BIOTRONIK,
- BioSig Technologies
- APN Health
- CoreMap, Kardium
- Catheter Precision
January 2022: Abbott had received the clearance from the US Food and Drug Administrtaion (FDA) for the EnSITE X EP system with EnSite Omnipolar Technology, a cardiac mapping platform in United States.
January 2022: Medtronic PLC, had announced that it had entered into a definitive agreement to acquire Affera, Inc., a Boston area-based, privately held medical technology company, at USD 925 million. After designing and manufacturing cardiac mapping and navigation systems and catheter-based cardiac ablation technologies, including a differentiated, focal pulsed-field ablation solution, for treating patients with cardiac arrhythmias (irregular heartbeats) such as atrial fibrillation (AF).
August 2020: Boston Scientific had developed the LUX-Dx implantable cardiac monitoring (ICM) system for the long-term diagnosis of arrhythmias associated with conditions such as atrial fibrillation and syncope. It had received clearance for commercialization in the US under the Class II medical device category in June 2020.