June 18, 2024
Cardiac Implantable Electronic Device Market

The Cardiac Implantable Electronic Device Market is Estimated to Witness High Growth Owing to Rising Prevalence of Cardiovascular Diseases

Cardiac implantable electronic devices are medical devices implanted inside the body that help monitor and treat abnormal heart rhythms and certain heart failures. These devices include implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy devices (CRT-Ds), and pacemakers. ICDs help regulate abnormal heart rhythms that can cause sudden cardiac arrest by delivering electrical pulses or shocks to restore a normal heartbeat. Pacemakers are used to manage slow or irregular heart rhythms by delivering small electrical impulses to stimulate the heart. Rising prevalence of cardiovascular diseases such as heart failure, atrial fibrillation, and coronary artery disease has increased the demand for cardiac implantable electronic devices worldwide.

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 Dynamics:

One of the key drivers of the Cardiac Implantable Electronic Device Market is the rising prevalence of cardiovascular diseases globally which has increased the demand for devices that treat abnormal heart rhythms and certain types of heart failure. According to the World Health Organization, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Risk factors for cardiovascular diseases such as obesity, diabetes, and hypertension are also on the rise which is expected to drive the need for cardiac implantable electronic devices over the forecast period. Furthermore, technological advancements in cardiac devices with features such as remote monitoring capabilities and better battery lives are fueling market growth. However, high cost of these devices and lack of reimbursement policies in some countries may restrain the market to a certain extent.

SWOT Analysis

Strength: Cardiac implantable electronic devices help monitor heart rate, detect irregular heartbeats and deliver electrical pulses to regulate abnormal heart rhythms. They allow patients to lead an active lifestyle. Some devices also allow remote monitoring which enables early detection of potential issues. Over the years, innovation has led to smaller and more powerful devices with enhanced features.

Weakness: Dependence on battery power remains a limitation. Replacing batteries requires surgery which poses health risks. Younger patients face lifetime replacements which increases costs over time. Device recalls can occur if safety issues are found which disrupts treatment.

Opportunity: Rising cardiovascular diseases and aging population in developed nations drives demand. Untapped potential exists in developing world due to limited access and awareness. Telehealth and remote monitoring capabilities offer opportunities for improved services.

Threats: Stringent regulatory approvals and recalls delay market entry. Reimbursement policies vary globally affecting uptake. Alternative drug and surgical treatments pose competition. Economic slowdowns can defer discretionary procedures.

Key Takeaways

The Global Cardiac Implantable Electronic Device Market Size is expected to witness high growth. The rising prevalence of cardiovascular diseases drives the need for devices to regulate heart rhythms. Favorable reimbursement and guidelines in developed nations support uptake. Innovation is expected to deliver miniaturized devices with longer battery lives and enhanced features. 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.

North America dominates due to advanced healthcare systems and supportive reimbursement environment in countries like the United States. However, Asia Pacific is poised to grow at a higher pace due to rising healthcare expenditures, huge patient pools and improving access in emerging economies.

Key players operating in the Cardiac Implantable Electronic Device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, and Medtronic Plc. They are engaged in new product launches and strategic deals to strengthen market position.

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