July 14, 2024

Cardiac Implantable Electronic Device Market Growth Owing To Rising Prevalence Of Cardiovascular Diseases

Market Overview:

Cardiac implantable electronic devices (CIEDs) refer to medical devices implanted in the body for cardiac rhythm management. The major devices include implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy devices (CRTs), and implantable loop recorders. ICDs help monitor heart rhythms continuously and treat abnormal rhythms by delivering electrical pulses or shocks. CRT devices help synchronize the contractions of the left and right ventricles of the heart in patients with heart failure.

Market Dynamics:

The cardiac implantable electronic device market is expected to grow owing to the rising prevalence of cardiovascular diseases across the globe. As per the World Health Organization (WHO), cardiovascular diseases are the leading cause of death globally, accounting for over 17.9 million deaths each year. The increasing geriatric population is also expected to drive market growth as age is one of the key risk factors for cardiovascular diseases. For instance, according to the United Nations, the number of people aged 60 years or older is expected to more than double, from 962 million globally in 2017 to 2.1 billion in 2050. Additionally, technological advancements in CIED devices leading to miniaturized and multifunctional devices will augment the demand over the forecast period. However, side effects and complications associated with CIEDs such as infection at the implant site, device malfunction, erosion of skin near implant may hinder market growth.

The cardiac implantable electronic device market is highly competitive with presence of key players. The companies are involved in new product launches, mergers and acquisitions to strengthen their market position. For instance, in September 2020, Medtronic acquired cardiac monitoring technology company Aktiia and strengthened its portfolio of patient monitoring solutions to help prevent sudden cardiac death.

SWOT Analysis

Strength:
– The cardiac Implantable electronic device market has witnessed significant technological advancements in recent years which has improved product efficacy and efficiency. Products are now more reliable and easy to use.
– Growing awareness about cardiovascular diseases and availability of reimbursement policies are encouraging the adoption of cardiac implantable electronic devices.
– Presence of major players and continuous investments in R&D are contributing to new product launches.

Weakness:
– High costs associated with cardiac implantable electronic devices limit their adoption in price sensitive markets. Post procedure care and device replacement/upgrades also increase the total cost of treatment.
– Device recalls and complications involving implantable devices can negatively impact brand image and demand for the products.

Opportunity:
– Emerging economies with large patient pools and growing healthcare investments present significant growth opportunities. Favorable regulations are further supporting market expansion in emerging nations.
– Growing geriatric population worldwide prone to heart conditions will drive the need for cardiac implantable devices in the forecast period.

Threats:
– Stringent regulatory approvals and clinical trial requirements delay market entry of new devices.
– Intense competition amongst existing players limits pricing flexibility and profit margins.

Key Takeaways

The global Cardiac Implantable Electronic Device Market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing prevalence of cardiovascular diseases worldwide. Heart attacks, strokes and other heart conditions are major causes of mortality globally. Rapid lifestyle changes and growing geriatric demographic prone to these conditions are driving demand.

Regional analysis

North America dominates the cardiac Implantable electronic device market currently, supported by high healthcare spending, favorable reimbursement policies, and growing prevalence of heart diseases. However, Asia Pacific region is projected to experience highest growth rate owing to improving access to healthcare facilities, rising healthcare investments and large patient population base in countries like China and India.

Key players

Key players operating in the cardiac Implantable electronic device market are Medtronic, Biotronik, Boston Scientific Corporation, Pacetronix.com, Integer Holdings Corporation, Cook Group, Braile Biomédica, Abbott, LivaNova PLC, OSYPKA Medical, Galix Biomedical Instrumentation Inc., OSCOR Inc., LifeTech Scientific Corporation, MicroPort Scientific Corporation, and Ceryx Medical. These players are focusing on new product development and geographical expansion to consolidate their market shares.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it