The Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 28.1 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cardiac implantable electronic device market comprises pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-Ds). Pacemakers are small implantable devices that help maintain proper heart rhythm and improve symptoms for people who may experience bradycardia or irregular heart rhythms. ICDs help control vulnerable or life-threatening abnormal heart rhythms. CRT-Ds combine a pacemaker and an ICD and are used to treat heart failure. Growing prevalence of cardiovascular diseases and technological advancements in devices are major factors expected to drive market growth.
Market Dynamics:
Rising Geriatric Population: The aging population is more prone to develop cardiovascular diseases due to age-related physiological changes in the heart. This increases the demand for cardiac implantable electronic devices. For instance, according to the United Nations, the population aged over 60 years is expected to double from 12% to 22% between 2015 and 2050. This growing aging demographic will significantly contribute to the market growth over the forecast period.
Increasing Incidence of Cardiovascular Diseases: Growing prevalence of cardiovascular diseases is a key factor boosting demand for cardiac implantable electronic devices. As per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for over 17.9 million deaths each year. This high incidence of heart conditions necessitates the need for devices such as pacemakers, defibrillators, and resynchronization therapy devices, thus propelling the market growth.
Segment Analysis
The global cardiac implantable electronic device market is dominated by implantable pacemakers segment. Pacemakers are small implantable devices that regulate the beating of the heart by delivering electrical stimulations to the heart. They help in regulating the heartbeat by controlling the electrical signals that trigger contractions of the heart muscles. Advancements in technology have led to the introduction of leadless pacemakers which eliminate the need for cardiac leads offering benefits such as increased patient comfort and mobility. Growing geriatric population which is more prone to cardiovascular diseases and increasing prevalence of cardiovascular disorders are some of the key factors augmenting the growth of this segment.
PEST Analysis
Political: Regulations regarding the approval process and use of cardiac implantable devices vary across countries. Favorable regulations and guidelines by regulatory bodies stimulate market growth.
Economic: Rising healthcare spending coupled with growing economy is increasing the affordability of cardiac implantable devices in developing nations, positively impacting the market.
Social: Increasing public awareness about early detection and treatment of cardiovascular diseases is driving the demand for cardiac implants.
Technological: Advancements in technologies such as leadless pacemakers, subcutaneous ICDs are enhancing patient outcomes. Miniaturization of devices is improving efficacy and patient compliance.
Key Takeaways
The global cardiac implantable electronic device market is expected to witness high growth exhibiting CAGR of 7.8% over the forecast period 2023 to 2030, driven by rising geriatric population and growing prevalence of CVDs globally. The market was valued at US$ 28.1 Bn in 2023.
North America dominated the market with largest share in 2023 attributed to rising healthcare expenditure, developed healthcare infrastructure and growing need for advanced cardiac implants in the region. Asia Pacific is anticipated to exhibit fastest growth due to large patient pool, improvements in healthcare facilities, and increasing disposable incomes.
Key players operating in the cardiac implantable electronic device market include Medtronic, Biotronik, Boston Scientific Corporation and its affiliates, Pacetronix.com, Integer Holdings Corporation, Cook Group, Braile Biomédica, Abbott, LivaNova PLC, OSYPKA Medical, Galix Biomedical Instrumentation Inc., OSCOR Inc., LifeTech Scientific Corporation, MicroPort Scientific Corporation, and Ceryx Medical. The market is highly consolidated with top players accounting for major share. Industry players are focused on new product launches, geographic expansions and collaborations to strengthen their market position.
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The Global Implantable Cardiac Monitor Market held USD 521.41 million in 2019 and is predicted to reach USD 1,179.10 million by 2030 with a CAGR of 7.7% from 2020-2030.The implantable cardiac monitor is also known as the implantable loop recorder.
The implantable cardiac monitor technology eliminates the need for bulks external monitors that require wire leads attached to the patient.
This has boosted the implantable cardiac monitor market size.Access Full Description of this report at:- https://www.nextmsc.com/report/implantable-cardiac-monitor-market Top Companies: General Electric Company, Koninklijke Philips N.V., Abbott Laboratories, Biotronik SE & Co. KG, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Boston Scientific Corporation, Edwards Lifescience Corporation, Phoenix Heart Center and others.The implantable cardiac monitor market is segmented on the basis of indication, end user, and geography.
On the basis of end user, the market covers hospitals, cardiac centers & clinics, ambulatory surgical centers.
Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.Request free sample copy of this report at:- https://www.nextmsc.com/Implantable-Cardiac-Monitor-Market/request-sample North America denotes a higher adoption of the implantable cardiac monitor and is anticipated to hold the highest implantable cardiac monitor market share during the forecast period.
This is attributable to the factors including the high adoption rate of technologically advanced implantable cardiac monitors, the presence of major key healthcare companies, high consumer awareness, and favorable reimbursement framework.
