Cardiac Implantable Device Market to Grow with Rise in Cardiovascular Diseases

 

Cardiac Implantable Device Market

The cardiac implantable electronic device market comprises implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy devices (CRT-Ds), and pacemakers. ICDs are used to treat life-threatening cardiac arrhythmias whereas pacemakers are implanted to maintain a regular heart rate through electrical pulses. CRT-Ds assist both functions of pacing and defibrillation. The growing burden of cardiovascular diseases worldwide has increased the demand for these devices in recent years.

The global cardiac implantable electronic device market is estimated to be valued at US$ 32.38 billion in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the cardiac implantable electronic device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. Boston Scientific Corporation holds the largest market share owing to its robust product portfolio and global distribution network.

The rising awareness regarding benefits of Cardiac Implantable Electronic Device Market Trends diagnosis and treatment presents lucrative growth opportunities in emerging markets. Moreover, favorable reimbursement policies and increasing healthcare spending in developing nations will aid the market expansion.

Major players are focusing on geographical expansion through mergers and acquisitions to enhance their presence across Asia Pacific, Latin America, and Middle East & Africa. Medtronic Plc recently acquired Mazor Robotics to strengthen its surgical robotics business and expand globally.

Market Drivers

Growing geriatric population susceptible to cardiac ailments is the major market driver. As per WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. This will significantly spur the demand for cardiac implantable electronic devices for treatment and management of arrhythmias, heart failures, and other conditions.

Market Restrains

High cost of these devices may limit their adoption in price-sensitive developing and underdeveloped regions. Various implantable devices range from $20,000 to $30,000, posing affordability challenges for a large section, especially in remote areas with low focus on cardiovascular healthcare. Stringent regulatory approvals along with longer product recall and replacement cycles also hinder the market growth to some extent.

Segment Analysis

The cardiac implantable electronic device market is dominated by two main devices - cardiac pacemakers and implantable cardioverter defibrillators (ICDs). Cardiac pacemakers account for the largest market share as they are used more frequently for conditions like bradycardia. ICDs are expected to witness higher growth during the forecast period due to rising incidence of sudden cardiac arrest. Within pacemakers, single chamber pacemakers generate most demand due to their effectiveness in treating Bradycardia of the upper chambers of the heart. Dual chamber pacemakers are gaining traction owing to added benefits like maintaining optimal heart rate.

Global Analysis

On a regional basis, North America dominates the cardiac implantable electronic device market due to high awareness, developed healthcare infrastructure and rising prevalence of cardiac diseases in the US and Canada. The Asia Pacific region is projected to witness the fastest growth over the forecast period supported by growing medical tourism, rising healthcare spending and expanding patient pool in developing countries like China and India. Major players are focusing on strengthening their presence in emerging markets through new product launches and enhancements suited for patient needs. Additionally, manufacturers are involved in collaborative partnerships to develop advanced devices for treatment of complex arrhythmias.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)