Global Cardiac Implantable Electronic Device Market, By Type (Implantable Pacemakers and External Pacemakers), By End User (Hospitals, Specialty Clinics, and Ambulatory Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 22,576.2 million in 2020 and is expected to exhibit a CAGR 7.7% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The rapidly evolving COVID-19 pandemic at global level is impacting the cardiac implantable electronic device market negatively. As the hospital outpatient-based cardiac care departments have been placed in the non-essential group by many hospitals, it has become a difficult situation for the patients with cardiac disease.
Rising incidence of cardiovascular diseases such as cardiac arrhythmia, ischemic heart disease, and hypertension is expected to fuel growth of the cardiac implantable electronic device market. According to WHO report, in 2015, cardiovascular diseases was the leading cause of deaths, which accounted for 17.7 million deaths, worldwide.
Furthermore, technological advancements in cardiac management devices is a major factor driving growth of the market. For instance, adoption of advanced technologies in cardiac pacemakers such as pacemakers with improved battery life and MRI safe-pacemakers delay the progression of persistent atrial fibrillation (AF) in patients suffering from bradycardia. These advancements are gaining significant traction and are expected to fuel demand for cardiac rhythm management devices. For instance, in February 2017, Abbott received the U.S Food and Drug Administration (FDA) approval for its MR-conditional labeling for Assurity MRI pacemaker and the Tendril MRI pacing lead.
Browse 26 Market Data Tables and 25 Figures spread through 195 Pages and in-depth TOC on Cardiac Implantable Electronic Device Market, By Type (Implantable Pacemakers and External Pacemakers), By End User (Hospitals, Specialty Clinics, and Ambulatory Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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Major players are adopting strategies such as mergers and acquisitions to expand their product portfolio. For instance, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sell LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. The LivaNova PLC Company’s CRM product portfolio includes pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices.
Key Takeaways of the Cardiac Implantable Electronic Device Market: