Cardiac Implantable Electronic Device Market
Number of pages: 100 | Report Format: PDF | Published date: May 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 11.12 million |
|
Revenue Forecast in 2031 |
US$ 15.16 million |
|
CAGR |
3.50% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Products, Applications, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac implantable electronic device market was valued at US$ 11.12 million in 2022 and is expected to register a revenue CAGR of 3.50% to reach US$ 15.16 million by 2031.
Cardiac Implantable Electronic Device Market Fundamentals
Cardiac implantable electronic devices are advanced medical implants designed to monitor and regulate the heart’s electrical activity. These devices are implanted and are connected to the heart through leads, which provide continuous monitoring and therapeutic interventions. The latest advancements in ICED technology have revolutionized the cardiology field, making it possible to provide more effective and personalized care to patients with heart conditions. With technological progress, medical devices are becoming smaller yet more advanced, offering better diagnostic capabilities and ensuring patient comfort. Moreover, wireless connectivity has enabled healthcare providers to monitor patients, enabling them to intervene proactively and assess cardiac health remotely.
Additionally, market players are increasingly focusing on research and development to introduce innovative features and technologies that differentiate their products from competitors. Moreover, they are expanding their market presence by forming strategic partnerships and collaborations with healthcare providers, aiming to increase the adoption of cardiac implantable electronic devices. The global cardiac implantable electronic device industry analysis report comprehensively analyzes the market, with factors that either aid or impede its growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the cardiac implantable electronic device market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments contributing to the growth of cardiac implantable electronic devices. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
Cardiac Implantable Electronic Device Market Dynamics
A significant surge in cardiac disorders is the major factor in increasing the revenue share of the global cardiac implantable electronic devices market. According to the Centers for Disease Control and Prevention (CDC), cardiovascular diseases (CVDs) will be a leading cause of death in the United States by February 2022. CVDs are responsible for one-fourth of all fatalities. Stroke and ischemic heart disease account for over 80% of CVD-related fatalities. Moreover, technological advancements in cardiac implants are expected to increase the revenue share of the cardiac implantable electronic device market in the forecast years. For instance, the development of leadless pacemakers that can be implanted directly into the heart without requiring a surgical pocket has revolutionized the treatment of bradycardia. These devices have a smaller form factor, longer battery life, and fewer complications than traditional pacemakers.
However, major challenges in the cardiac implantable electronic device market include high costs, lack of reimbursement policies, strict regulatory requirements, and limited availability of skilled healthcare professionals.
Cardiac Implantable Electronic Device Market Ecosystem
Cardiac Implantable Electronic Device Market, by Products
Cardiac Implantable Electronic Device Market, by Applications
Cardiac Implantable Electronic Device Market, by End User
Cardiac Implantable Electronic Device Market by Products
The implantable cardioverter defibrillators segment has dominated the global cardiac implantable electronic device market with ~44.7% share. This is due to its ability to prevent sudden cardiac death and treat arrhythmias effectively. The implantable cardioverter defibrillators have advanced features such as remote monitoring, longer battery life, and smaller size, increasing their patient adoption rate. The rising prevalence of cardiovascular diseases such as ventricular tachycardia and the growing geriatric population is also driving the growth of the global cardiac implantable electronic device market. The National Center for Biotechnology Information stated in 2023 that ventricular tachycardia and ventricular fibrillation are the two main diseases behind sudden cardiac death, which unfortunately leads to approximately 300,000 deaths each year in the United States.
The market segmentation sections provide the cardiac implantable electronic device market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as products, applications, end user, and region. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data also helps identify potential cardiac implantable electronic device market demand opportunities.
Cardiac Implantable Electronic Device Market by Region
North America dominated the cardiac implantable electronic devices market with 44% of the cardiac implantable electronic device market. This can be attributed to the region's high prevalence of cardiac diseases, advanced healthcare infrastructure, and favorable reimbursement policies. According to a 2023 update by American Heart Association, Inc., cardiovascular disease-related fatalities increased from 874,613 in 2019 to 928,741 in 2020, the biggest single-year rise since 2015. Additionally, the rising geriatric population and increasing awareness about the benefits of cardiac implantable electronic devices are driving market growth in North America.
The Asia Pacific region is expected to witness a substantial increase in revenue in the cardiac implantable electronic devices market in the forecast years. This growth is mainly due to various factors shaping the region’s healthcare sector. The rising prevalence of cardiovascular diseases, mostly in the adult population, is leading to a surge in demand for cardiac implantable devices in Asia. The journal of the American College of Cardiology in 2021 states that CVD is the leading cause of death in Asia and is on the rise. In 2019, CVD was Asia’s main cause of mortality, accounting for 10.8 million fatalities, or nearly 35% of all regional deaths. Almost 39% of these CVD fatalities were premature (death before age 70). Moreover, healthcare expenditure is increasing, and healthcare infrastructure is improving in countries such as China, India, and Japan, which is further contributing to the expansion of the market.
Based on the regions, the global cardiac implantable electronic device market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of cardiac implantable electronic device industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level Cardiac Implantable Electronic Device market overview.
Key Components of the Report
Cardiac Implantable Electronic Device Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Cardiac Implantable Electronic Device Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Cardiac implantable electronic devices are advanced medical implants designed to monitor and regulate the heart’s electrical activity.
The global cardiac implantable electronic device market was valued at US$ 11.12 million in 2022.
North America will have the largest cardiac implantable electronic device market size during the forecast period from 2023 to 2031.
The global cardiac implantable electronic device market is expected to register a revenue CAGR of 3.50% during the forecast period from 2023 to 2031.
The global cardiac implantable electronic device market was valued at US$ 15.16 million in 2031.
Technological advancements such as wireless implants are the most prominent cardiac implantable electronic device industry trend.
The global cardiac implantable electronic device market is expected to grow significantly in the coming years due to the increasing prevalence of cardiovascular diseases. Additionally, the rise in the geriatric population and the growing demand for minimally invasive surgeries are also contributing to the growth of this market.
High costs, lack of reimbursement policies, strict regulatory requirements, and limited availability of skilled healthcare professionals are the key challenges hamper the growth of the global cardiac implantable electronic device market.
Product innovation, cost optimization, strategic partnerships, collaborations, and expanding their market reach through mergers and acquisitions. Companies also focus on enhancing their brand image through effective marketing campaigns and providing exceptional customer service to retain their existing customers.
*Insights on financial performance are subject to the availability of information in the public domain