Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
Cardiac Implantable Electronic Device Market Report Coverage
||Market Size in 2019:
||US$ 22,576.22 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 38,027.8 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Type: Implantable Pacemakers, External Pacemakers.
- By End User: Hospitals, Specialty Clinics, Ambulatory Care Settings.
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.
- Increasing incidence of cardiac arrhythmias
- Increasing launches of cardiac implantable electronic device
|Restraints & Challenges:
- Infections associated with installation of pacemakers
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..