The global cardiac implant market, by Device (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve and Others ), by Application (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infraction, Congestive Heart Failure, and Others), by End User (Hospitals, Emergency Medical Centers, Ambulatory Surgical Center, Home Care Settings, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 34,783.4 million in 2018, and is projected to exhibit a CAGR of 11.6%, during the forecast period (2019-2026), as highlighted in a new report published by Coherent Market Insights.
Increasing adoption of inorganic growth strategies such as partnerships and collaborations by key players and healthcare providers to enhance their cardiac devices portfolio is expected to contribute to growth of the global cardiac implant market. For instance, in December 2018, Ochsner Health System and Geneva Health Solutions (GHS) entered a strategic partnership. Under this partnership, GHS’ cloud-based technology platform and remote monitoring service for patients with cardiac implants will be utilized by Ochsner’s patients in specific states including Louisiana, Arkansas, Mississippi, Alabama and Georgia.
Moreover, launch of innovative technologies supporting cardiac implants is driving the market growth. For instance, in May 2019, Abbott launched the Confirm RX Implantable Cardiac Monitor, which is a new, smarter heart monitor for better arrhythmia detection. The device is designed for patients who are at risk of irregular heartbeats. Abbots received the CE marking for the Confirm RX Implantable Cardiac Monitor (ICM) in May 2017, allowing the company to market the product in the Europe market.
Browse 32 Market Data Tables and 30 Figures spread through 173 Pages and in-depth TOC on "Cardiac Implant Market, by Device (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve, and Others), by Application (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infraction, Congestive Heart Failure, and Others), by End User (Hospitals, Emergency Medical Centers, Ambulatory Surgical Center, Home Care Settings, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Global Forecast to 2026"
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Rising investments by key players in order to develop innovative cardiac implantable devices is expected to be another driving factor for the cardiac implant market growth. For instance, in August 2016, V-Wave, an Israel-based startup which specializes in implantable devices for chronic heart failure (CHF), received a US$ 28 million investment from Johnson & Johnson Innovation (JJDC). This investment is expected to fund the clinical trials that are being conducted for cardiac devices to get regulatory approval in the U.S. Moreover, the V-Wave implant was developed in Israel, and since 2014 over 30 patients successfully were implanted with the device.
However, increasing number product recalls for cardiac implants is expected to hamper growth of the cardiac implant market. For instance, in March 2019, U.S. Food and Drug Administration issued a product recall notice for implantable electrophysiology (EP) cardiac devices, developed by Medtronic Plc plc, due to some cybersecurity vulnerabilities in the wireless telemetry technology used for communication between the device and their programming and monitoring systems. Many manufacturers are currently emphasizing on security issues in designing the products.
Key Takeaways of the Global Cardiac Implant Market:
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