Tachycardia Market size is estimated to be $880.1Mn, in 2018, after growing at a CAGR of 10.1%, during 2019-2024. Growth in prevalence of different types of heart complications, atrial flutter and atrial fibrillation are some of the key factors driving the global tachycardia market over the forecast period.
The hospital & clinics segment held the largest market share with 43.4%, in 2018.
The supraventricular segment held the largest market share with 49.2%, in 2018.
North America held the largest market share with 51.6% revenue wise, in 2018.
Increase in prevalence of various heart arrhythmia, ventricular arrhythmia disease and advancement in the treatment of tachycardia are key factors in driving the market.
By End-Users - Segment Analysis
The global Tachycardia Market by end-users has been segmented into hospitals & clinics, specialty centers and ambulatory surgical centers. The hospital & clinics segment held the largest market share with 43.4%, in 2018. This high revenue share can be attributed to preference of patients to get the initial diagnosis done form the hospital with availability of a wide range of doctors and testing equipment’s all under one roof. Thus the patient does not require to travel form one facility to another. Specialty centers segment followed the hospitals & clinics segment in terms of revenue, in the same year and is also expected to grow at the fastest rate, during the forecast period 2019 to 2024.
By Type - Segment Analysis
The global tachycardia industry by type has been segmented into supraventricular, ventricular and sinus tachycardia. The supraventricular segment held the largest market share with 49.2%, in 2018. This is the most common occurring tachycardia and hence accounted for the largest revenue share. In the supraventricular tachycardia electrical signals in the organ's upper chambers misfire and this increases the heart rate. It starts beating so fast that it can’t fill with blood before it contracts. That reduces blood flow to the rest of the body. The sinus tachycardia is expected to grow at the fastest rate over the forecast period, 2019 to 2024.
Geography - Segment Analysis
The Tachycardia Market by geography has been segmented into North America, South America, Europe, Asia Pacific and Rest of the World. North America held the largest tachycardia market share with 51.6% revenue wise, in 2018. Rise in number of alcohol consumption and growing prevalence of cardiovascular rates is driving the demand for tachycardia diagnosis and treatment in the region, hence resulted in the high revenue share. Europe followed North America in terms of revenue share in the same year, while Asia Pacific is expected to grow the fastest over the forecast period, 2019 to 2024.
Drivers – Tachycardia Market Report
Increase in prevalence of various heart disease
A key factor driving the tachycardia market is the increase in prevalence of various heart diseases. There is a rapid rise in cases of atrial flutter and atrial fibrillation of which is associated with tachycardia. High percentage of old age people is a key factor for increase cases of tachycardia. According to the Centers for Disease Control and Prevention prediction, around 12 million people are expected to have atrial fibrillation by 2050 worldwide. This is a key factor which is expected to fuel the revenue generation in the tachycardia market over the forecast period, 2019 to 2024.
Advancement in technology with focus in research and development is a key factor, further driving the market growth over the forecast period. Latest technology which are available in developed countries has enabled the success rate in the treatment of tachycardia, thus encouraging people to take treatment without and hesitation. Growing cardiovascular rate with rising population which is inclined towards sedentary lifestyle is key factor driving the market further, during this forecast period. According to the European Heart Network, done in 2015, the number of cardiovascular disorder cases accounted for 11.3 million, in Europe.
Challenges – Tachycardia Market Outlook
There are lot of side effects in the treatment of tachycardia and this key factor is restraining the market over the forecast period, 2019 to 2024. There are high risk of the patient having internal bleeding during the treatment of tachycardia. This could be fatal, thus patient are not encouraged to go through the treatment unless it is absolutely required. Further, the treatment of tachycardia can cause toxicity in the brain. This factors are expected to restrain the market growth.
Product innovation with focus in research and development is a key strategy adopted by players in the key players operating in the Tachycardia Market. In 2018, the market for tachycardia was fragmented with the top five players accounting for 20.47% of the share. Tachycardia top 10 companies are TZ Medical, Cardiva Medical Inc, Medtronic plc, Teruno Corporation Essential Medical, Inc, Abbott, Cardinal Healthcare Inc. and Vasorum Ltd.
On December 2019, Cardiva Medical Inc announced that the company has secured PMA approval from the US Food and Drug Administration (FDA) for its Vascade MVP venous vascular closure system. This is expected to give the company competitive advantage over its competitors and expected to boost revenue growth for the company.