The cardiac implantable electronic device market comprises of implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy defibrillators (CRT-Ds), and pacemakers used for management of cardiac arrhythmias and heart failures. These devices help in proper functioning of the heart and maintain normal heart rate through electrical impulses. Growing geriatric population suffering from cardiovascular diseases and technological advancement in cardiac devices are fueling the demand for cardiac implantable electronic devices.
The global 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 key trends:
Surge in adoption for cardiac rhythm management devices: The demand for cardiac rhythm management devices especially implantable cardioverter defibrillators and cardiac resynchronization therapy defibrillators has increased significantly over the past few years owing to growing aging population prone to target arrhythmia indications. These devices help in monitoring abnormalities in heart rhythm and provide electric shocks to restore normal heart beating. Growing awareness regarding availability of innovative cardiac devices and rising funding for research & development of advanced products are some major factors catalyzing the growth of this market segment.
SWOT Analysis
Strength: Cardiac Implantable Electronic Devices have improved patient outcomes and quality of life. The advances in technology have made devices smaller and more effective at monitoring and regulating heart rhythms.
Weakness: The cost of these devices and ongoing treatment can be prohibitive for some patients. Device replacement and lack of reimbursement also present challenges.
Opportunity: An aging population and rising rates of heart disease creates opportunities for market expansion. Growth in developing countries also has strong potential as accessibility increases.
Threats: Stringent regulatory guidelines and recalls pose risks. Technological developments by competitors could impact market share over time if superior alternatives emerge.
Key Takeaways
The global Cardiac Implantable Electronic Device market size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 28.1 billion by 2023, growing at a CAGR of 7.8% during the forecast period.
Regional analysis
North America currently dominates the market, led by the United States. This is attributed to factors such as the rising geriatric population, growing incidence of cardiovascular diseases, and well-established healthcare systems. However, Asia Pacific is expected to grow at the fastest pace due to improving access to healthcare facilities and increasing awareness.
Key players
Key players operating in the Cardiac Implantable Electronic Device market are Medtronic, Biotronik, Boston Scientific Corporation, 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. Medtronic holds the highest market share currently due to its diverse product portfolio and strong geographical presence.
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