Global Cardiac Implants Market, by Device Type, (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve, Others), by Application, (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infraction, Congestive Heart Failure, Others) , by End User, (Hospitals Specialty Clinics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 35,795.6 Mn in 2022 and is expected to exhibit a CAGR of 8.1% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Governments around the world are focused on initiatives to help manage cardiovascular diseases. This is expected to fuel the growth of the global cardiac implants market over the forecast period. For instance, Million Hearts is a national initiative co-led by the Centers for Medicare & Medicaid Services (CMS) and Centers for Disease Control and Prevention (CDC) to prevent one million preventable cardiovascular disease events in the next five years (January 2022–December 2026) in the U.S. Hence, government initiative to control the increasing heart disorder is propelling the global cardiac implants market over forecast period.
Global Cardiac Implant Market– Impact of Coronavirus (COVID-19) Pandemic
Amidst the COVID-19 pandemic, lockdowns imposed in various regions led to a reduction in the research and development activites performed in the initial phase of COVID-19 pandemic. The COVID-19 outbreak has affected various industries globally. Economy in countries all over the world such as the U.K., India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat spread of coronavirus since 2020. The COVID-19 pandemic significantly hampered the research and development activities in the field of cardiac implants, due to closure of clinical trial sites and limited in-person reporting of cardiovascular adverse events such as cardiac arrest, cardiac implant related infection, and others. For instance according to an article published in by the Journal of the American College of Cardiology in November 2020, the COVID-19 pandemic has adversely affected patient care and the conduct of clinical trials in all fields of healthcare, including cardiology. The same source estimates that in April 2020, around 90% of clinical trial sites were closed to enrollment worldwide, with a 95% decline in cardiovascular trial activity.
Browse 67 Market Data Tables and 84 Figures spread through 355 Pages and in-depth TOC on “Global Cardiac Implant Market”- Forecast to 2030, Global Cardiac Implant Market, by Device Type, (Pacemaker Devices, Cardiac Resynchronization Therapy Devices, Implantable Hemodynamic Monitoring Devices, Implanted Heart Rhythm Monitors, Coronary Stents, Implantable Cardioverter Defibrillator, Heart Valve, Others), by Application, (Arrhythmias, Myocardial Ischemia, Acute Myocardial Infraction, Congestive Heart Failure, Others) , by End User, (Hospitals Specialty Clinics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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The upcoming new strategies by key players to expand the product portfolio has seen to drive the market growth over the forecast period. For instance, on January 10, 2022, Medtronic plc, a global leader in healthcare technology, announced that the company has entered into a definitive agreement to acquire Affera, Inc., a Boston area-based privately held medical technology company. Affera designs and manufactures cardiac mapping and navigation systems and catheter-based cardiac ablation technologies, including a differentiated, focal pulsed field ablation solution, for the treatment of patients with cardiac arrhythmias (irregular heartbeats) such as atrial fibrillation (AF).
Key Takeaways of the Global Cardiac Implants Market:
- Among regions, North America is estimated to hold a dominant position in the market in 2022, owing to the presence of key market players with significant product portfolio and early approval of technologically advanced cardiac implants by regulatory authorities. For instance, in December 2020, Medtronic Canada ULC, a subsidiary of Medtronic plc, received a Health Canada licence for Micra AV (Atrioventricular block). It is a smallest pacemaker used to treat AV block.
- Major players operating in the global cardiac implants market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd. , Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation.