Cardiac implantable electronic devices include implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy defibrillators (CRT-Ds), and pacemakers. These devices are used for monitoring heart rhythm abnormalities and providing electric shocks or impulses to regulate abnormal heart rhythms. The growing prevalence of cardiovascular diseases such as ischemic heart disease, stroke, heart failure, and congenital heart disease has increased the demand for cardiac implantable electronic devices for treatment. Cardiovascular diseases are the leading cause of mortality worldwide with an estimated 17.9 million people dying annually from the diseases.
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:
One of the key trends in the cardiac implantable electronic device market is growing preference for wireless cardiac implantable electronic devices. Wireless cardiac implants such as implantable loop recorders and implantable cardiac monitors help in remote monitoring of patients' heart health without the need for device replacements. This reduces risks associated with surgical device replacements and improves patient comfort and mobility. Another major trend is the reduction in the size of cardiac implantable devices. Continuous technology advancement is enabling significant miniaturization of devices without compromising on functionality. Miniaturized devices are less invasive and offer better comfort to patients.
Porter's Analysis
Threat of new entrants: Low. High capital requirements and regulatory requirements create significant barriers for new players to enter this mature market.
Bargaining power of buyers: Moderate. Given the life-saving nature of these devices, buyers have limited options but major players have established brands.
Bargaining power of suppliers: Low. Key components have few substitutes and suppliers face high switching costs.
Threat of new substitutes: Low. No major substitute available for cardiac devices currently.
Competitive rivalry: High. Major players compete on innovation, customer service and brand reputation.
Key Takeaways
The Global Cardiac Implantable Electronic Device Market Size is expected to witness high growth. The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2024 and is expected to exhibit a CAGR of 2.2% over the forecast period 2024 to 2031.
Regional analysis: North America dominates currently due to supportive insurance coverage and regulatory framework. However, Asia Pacific is expected to witness fastest growth due to rising medical tourism and focus on addressing cardiac issues.
Key players: Key players operating in the Cardiac Implantable Electronic Device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. Boston Scientific holds the leading position with wide product portfolio and global presence. Players compete on the basis of continuous innovation to develop less invasive products with longer battery life. Partnerships for development of smart, connected devices also remains a key focus area.
For more Insights, Read –
The Global Implantable Cardiac Monitor Market held USD 521.41 million in 2019 and is predicted to reach USD 1,179.10 million by 2030 with a CAGR of 7.7% from 2020-2030.The implantable cardiac monitor is also known as the implantable loop recorder.
The implantable cardiac monitor technology eliminates the need for bulks external monitors that require wire leads attached to the patient.
This has boosted the implantable cardiac monitor market size.Access Full Description of this report at:- https://www.nextmsc.com/report/implantable-cardiac-monitor-market Top Companies: General Electric Company, Koninklijke Philips N.V., Abbott Laboratories, Biotronik SE & Co. KG, LivaNova PLC, Medtronic plc, Nihon Kohden Corporation, Boston Scientific Corporation, Edwards Lifescience Corporation, Phoenix Heart Center and others.The implantable cardiac monitor market is segmented on the basis of indication, end user, and geography.
On the basis of end user, the market covers hospitals, cardiac centers & clinics, ambulatory surgical centers.
Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.Request free sample copy of this report at:- https://www.nextmsc.com/Implantable-Cardiac-Monitor-Market/request-sample North America denotes a higher adoption of the implantable cardiac monitor and is anticipated to hold the highest implantable cardiac monitor market share during the forecast period.
This is attributable to the factors including the high adoption rate of technologically advanced implantable cardiac monitors, the presence of major key healthcare companies, high consumer awareness, and favorable reimbursement framework.
