by Cardiac Implantable Electronic Device (CIED) are implantable medical devices that monitor and treat cardiac arrhythmias or abnormalities in heart rate and rhythm. CIED such as pacemakers, implantable cardioverter defibrillators (ICD) and cardiac resynchronization therapy (CRT) deliver electrical therapy such as pacing pulses or defibrillation shocks to regulate abnormal heart rhythms. With increase in chronic diseases due to lifestyle changes and growing geriatric population, the demand for CIED is increasing.
The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Remote monitoring enables continuous data collection of patient’s device and heart condition transmitted through secure connection. This allows timely detection of any issues and prevent hospital visits. It also helps physician to take corrective measures proactively. During the ongoing COVID-19 pandemic, remote monitoring gained significant importance as it reduces exposure risks for high-risk cardiac patients. Going forward, major players are focusing on development of innovative remote monitoring platforms integrated with analytics capabilities which is expected to further accelerate the market growth over the forecast period.
Segment Analysis
The global Cardiac Implantable Electronic Device market is dominated by the pacemakers sub-segment, which accounts for over 30% share of the overall market. Pacemakers are the most widely used cardiac implantable electronic devices owing to the rising prevalence of arrhythmias and technological advancements in pacemaker technology. Integrated pacemakers that combine cardiac resynchronization therapy, implantable cardioverter defibrillators, and pacemaker functions into single devices are gaining popularity.
Key Takeaways
The Global Cardiac Implantable Electronic Device Market Size is expected to witness high growth over the forecast period of 2024 to 2031. Rapidly aging populations and the subsequent rise in cardiovascular diseases across major markets will drive the demand for cardiac implantable electronic devices. The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2031.
Regional analysis
North America currently dominates the global market and is expected to maintain its leading position during the forecast period as well. This can be attributed to the high penetration of cardiac implantable devices and availability of favorable reimbursement policies in the region. Meanwhile, the Asia Pacific region is poised to witness the fastest growth due to growing healthcare expenditures, rising awareness regarding cardiac devices, and improving access to healthcare facilities.
Key players
Key players operating in the Cardiac Implantable Electronic Device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, and Medtronic Plc. Boston Scientific holds the leading market share owing to its robust product portfolio and global sales network. Medtronic also has a significant presence with its broad range of pacemakers, implantable cardioverter defibrillators, and cardiac resynchronization therapy devices.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
