Cardiovascular implantable electronic device (CIED) consists of pacemakers for bradyarrhythmia treatment, implantable cardioverter defibrillators (ICDs) for tachyarrhythmia management, and cardiac resynchronization therapy (CRT) devices for systolic dysfunction with conduction delays. Cardiac implant devices include pacemakers, implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy, implantable hemodynamic monitoring, and implanted heart rhythm monitors that are also known as loop recorders. These implants are used for treating myocardial ischemia, arrhythmias, and acute myocardial infraction.
Aging population and demographic changes across the world are expected to increase prevalence of heart disease, which in turn, is expected to increase demand for cardiac implantable electronic devices over the forecast period. According to the American College of Cardiology, as of 2017, cardiovascular diseases accounted for around 800,000 deaths in the U.S and it remains the leading cause of death in the country.
Cardiac Implantable Electronic Device Market - Impact of Coronavirus (Covid-19) Pandemic
During this COVID-19 pandemic situation, the global cardiac implantable electronic device market has caused an influx of patients in hospitals and acute care facilities. As a result, any procedure or service is being shut down immediately. Many hospitals have already categorized cardiac implantable device as ‘non-essential’. Patients with cardiovascular disease are at high risk of being affected by COVID-19 infection, which can lead to death.
The global cardiac implantable electronic device market is estimated to be valued at US$ 22,576.22 million in 2020 and is expected to exhibit a CAGR of 7.7% during the forecast period (2020-2027).
Figure 1: Global Cardiac Implantable Electronic Device Market Share (%) Analysis, By Type, 2020
Increasing launches of cardiac implantable electronic devices are expected to drive growth of the global cardiac implantable electronic device market
New product launches by market players, owing to technological advancements in implantable cardiac pacemakers is expected to drive growth of the market. For instance, in 2017, Boston Scientific Corporation launched the Resonate family of implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems featuring the Heart Logic Heart Failure Diagnostic to help physicians improve heart failure (HF) management and also, the device was approved in 2017 by the U.S. FDA for conditional use in a magnetic resonance imaging (MRI) environment.
Global Cardiac Implantable Electronic Device Market - Restraints
However, implantable pacemaker associated infections in cardiac patients can deter patients from using this product, which is expected to negatively impact growth of the market.
|Base Year:||2019||Market Size in 2019:||US$ 22,576.22 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||7.7%||2027 Value Projection:||US$ 38,027.8 Mn|
Medtronic plc., Biotronik, Boston Scientific Corporation, Shree Pacetronix Ltd., CCC Medical Devices, Cook Group Incorporated, Braile Biomédica, Abbott Laboratories, Sorin Group, Osypka Medical GmbH, Galix Biomedical Instrumentation Inc., and Oscor Inc.
|Restraints & Challenges:||
Global Cardiac Implantable Electronic Device Market – Regional Analysis
North America accounted for the largest share in the global cardiac implantable electronic device market in 2019, owing to increasing prevalence of cardiovascular diseases in the region. According to the American Heart Association (AHA), 2017, around 92.1 million adults in the U.S. are suffering from some form of cardiovascular disease or the after-effects of stroke.
Furthermore, Asia Pacific is also expected to witness significant growth in the global cardiac implantable electronic device market, owing to high demand for technologically advanced products for cardiac rhythm management and rising healthcare concern for stroke prevention associated with atrial fibrillation. According to the Japanese Heart Rhythm Society in 2017, the Asian population with atrial fibrillation (AF) is estimated to reach 72 million by 2050, of which 2.9 million may suffer from AF-associated strokes.
Figure 2: Global Cardiac Implantable Electronic Device Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Global Cardiac Implantable Electronic Device Market - Competitive Landscape
Key players operating in the global cardiac implantable electronic device market include Medtronic plc., Biotronik, Boston Scientific Corporation, Shree Pacetronix Ltd., CCC Medical Devices, Cook Group Incorporated, Braile Biomédica, Abbott Laboratories, Sorin Group, Osypka Medical GmbH, Galix Biomedical Instrumentation Inc., and Oscor Inc
Cardiac implants are devices that are implanted in the heart tissue, in order to control irregular heart function. Cardiac implants such as pacemakers, defibrillator implants, and cardiac rhythm monitoring implants are available in the market to treat cardiac dysfunction such as heart rhythm disorders, arrhythmias, and other heart related disorders. These cardiac implants are majorly prescribed to patients with heart failure. Cardiac implants have been developed with innovative technical features in the recent years, which has improved quality of life in patients with heart failure.
The increasing incidence of cardiac arrhythmia is expected to drive growth of the cardiac implantable electronic device market. For instance, according to the Anesthesia Patient Safety Foundation 2013, around 14.4 million patients in the U.S. suffer from cardiac arrhythmia and it accounts for around 40,700 deaths, annually.
However, factors such as chances of infections associated with the installation of pacemakers in cardiac patients can hamper the cardiac implantable electronic device market growth. Pacemaker surgery can also lead to various complications such as bleeding, bruising or swelling at the of area of pacemaker implantation leading to blood vessel or nerve damage, which in turn can reduce the adoption of cardiac implants by patients.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.