Oct 28 2004
The cardiac rhythm management (CRM) market is poised for phenomenal growth with about 22 million cardiac patients worldwide and more people dying of sudden cardiac arrest than from lung/breast cancer and AIDS combined.
The expanding patient pool and increasingly sophisticated technological innovations make it imperative to impart training and improve awareness about the technology and results of clinical trials among the primary care physicians.
New analysis from Frost & Sullivan, World Cardiac Rhythm Management Market, reveals that the market earned revenue of $7.25 billion in 2003. It is estimated to reach $17.52 billion in 2008.
If you are interested in a virtual brochure, which provides manufacturers, end-users and other industry participants an overview of the latest analysis of the World Cardiac Rhythm Management Market - then send an email to Danielle White - Corporate Communications at [email protected] with the following information: your full name, company name, title, telephone number, fax number, and email. Upon receipt of the above information, an overview will be sent to you via e-mail.
Several clinical trials have helped to identify more patients and there is a significant move toward increased awareness of CRM technology among electrophysiologists. However, the key challenge lies at the primary care physician level since general practitioners are usually the first points of reference for patients.
"In the United States, a large percentage of the population is unable to access the right treatment due to a lack of awareness among general practitioners," says Frost & Sullivan Research Analyst Vaishnavi Ananthanarayanan. "Therefore, it is imperative to train both primary care physicians and electrophysiologists on the technology and to update them when new products enter the market."
Companies are now using this strategy globally. Although countries such as Germany and France have a higher percentage of trained physicians than the United States, the lack of awareness and penetration in nations such as Spain lowers the total European average.
An emerging technology - the remote monitoring system - is likely to remedy the issue of limited presence of CRM devices and difficulty in regional coverage. It does this by monitoring patients in the comfort of their homes, and thus, is simultaneously encouraging compliance.
Electrophysiologists and physicians involved with the remote monitoring facility need to be extremely well trained since their awareness of the technology can assist in improving the patient uptake of CRM.
Technologies that are making rapid strides - especially in the European market - are pacemakers and implantable cardioverter defibrillators (ICDs).
Germany is the largest market for CRM in Europe, predominantly since it is the most populous nation in Europe and is highly advanced in cardiology. France is also a very influential country and is a particularly strong market for pacemakers.
The success of the devices in the German-speaking countries and France may be attributed to them being financed through labor parties and insurance companies. Healthcare organizations have realized the importance of improving reimbursement as a tool for providing more cost-competitive options to patients.
"Italy, Spain, Belgium, and the Netherlands have several autonomous health authorities that help in funding," says Ananthanarayanan. "Although these regions have a good market for CRM, they show less revenue due to their small population."
The enormous success of CRM devices in various countries can be traced to their technological benefits and their clinical advantages. The market scope of the CRM equipment is likely to increase further, especially with heart failures having an annual worldwide incidence of nearly 1.5 million.