Cardiac Implantable Electronic Devices Market

Global Cardiac Implantable Electronic Devices Market Size (2023 To 2028)

The global cardiac implantable electronic devices market size is predicted to grow from USD 36.67 billion by 2028 from USD 24.75 billion in 2023, growing at a CAGR of 8.18% from 2023 to 2028.

Global Cardiac Implantable Electronic Devices Market Share Insights:

• Based on product type, the pacemaker segment held the major share of the global market in 2022.
• Based on application, the arrythmia segment had the largest share of the global market in 2022.
• Based on region, North America accounted for the leading share of the worldwide market in 2022.

Impact of COVID-19 on the cardiac implantable electronic devices market:

The COVID-19 pandemic had a negative impact on the cardiac implantable electronic devices market. The patients infected with the COVID-19 virus were given priority to receive healthcare benefits and available resources. Also due to the risk of getting infected by the virus, the scheduled procedures for cardiac implants were postponed or canceled by the healthcare professionals or by the patients themselves. This has reduced the demand for cardiac implantable electronic devices extensively during the COVID-19 pandemic. However, the market is expected to recover very quickly from the negative impact and is anticipated to register a healthy growth rate in the coming years as the awareness regarding the benefits of maintaining the cardiovascular system rose during the COVID-19 pandemic.

MARKET DRIVERS:

The growing patient population suffering from cardiac disorders such as arrhythmia, sudden cardiac arrest, and heart block worldwide primarily drive the growth of the cardiac implantable electronic devices market. The population suffering from cardiac disorders such as arrhythmia, sudden cardiac arrest, and heart block is growing rapidly worldwide. For instance, atrial fibrillation, a common type of arrhythmia, affects over 33 million people globally says the American Heart Association (AHA). WHO says an estimated 17.9 million people die from cardiovascular diseases. Likewise, these conditions affect millions of people every year worldwide and fueling the need for cardiac implantable electronic devices to improve patient outcomes and quality of life. This trend is likely to accelerate in the coming years and contribute to global market growth.

The growing aging population worldwide further boost the demand levels of cardiac electronic devices and propel the market growth. The prevalence of cardiac disorder is high among the older people compared to the age groups. The aging population is growing rapidly worldwide. As per the estimates published by the WHO, the number of aged people is expected to grow from 1 billion in 2020 to 1.4 billion by 2050. Aged people are more susceptible to cardiac conditions, which is expected to result in the growing adoption of cardiac electronic devices, such as pacemakers and implantable cardioverter-defibrillators (ICDs) and drive the market growth.

Continuous technological advancements support the growth of the cardiac implantable electronic devices market. With the growing number of advancements in the healthcare technologies, several developments in the in the design and functionality of cardiac devices such as pacemakers, implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy devices have been introduced and these advancements further resulted in the improved device performance, increase patient safety, and improve overall treatment outcomes. The growing awareness among the patients and healthcare professionals regarding the benefits of technologically well-developed cardiac implantable electronic devices has been resulting in the increased adoption of these devices and the same trend is expected to continue in the coming years and promote the market growth.

Factors such as supportive reimbursement policies encourage patients to adopt CIEDs, growing adoption of sedentary lifestyles and poor dietary habits, increasing number of awareness initiatives educate patients about available treatment options and growing healthcare spending allows more patients to access CIEDs fuels the growth rate of the cardiac implantable electronic devices market. The growing demand for minimally invasive surgeries and continuous R&D efforts result in more advanced and effective CIED solutions further favor the growth rate of the cardiac implantable electronic devices market.

MARKET RESTRAINTS:

High costs associated with the cardiac implantable electronic devices, inadequate reimbursement policies or restrictions on coverage for cardiac implantable electronic devices and potential risks and complications related to device implantation, such as infections, lead dislodgement, and device malfunction majorly hamper the market growth. Stringent regulatory processes and lengthy approval timelines for new cardiac implantable electronic devices, the shortage of skilled professionals, the availability of alternative treatment options such as non-invasive or pharmaceutical treatments further inhibits the growth rate of the market.

REPORT COVERAGE: 

This research report on global cardiac implantable electronic devices market has been segmented and sub-segmented based on the following categories.

Cardiac Implantable Electronic Devices Market - By Product Type:

• Pacemakers
• Cardiac Loop recorder
• Cardioverter Defibrillator

Based on product type, the pacemaker segment had the largest share of the global cardiac implantable electronic devices market in 2022 and the domination of the segment is likely to continue throughout the forecast period. The growing usage of pacemakers in managing various cardiac rhythm disorders, such as bradycardia and increasing global aging population majorly drive the growth of the pacemaker segment in the global market. The rising prevalence of cardiovascular diseases and associated rhythm disorders, technological advancements and increasing demand for minimally invasive procedures and improved patient outcomes further contribute to the growth of the pacemaker segment in the global market.

The cardioverter defibrillator segment (ICD) segment accounted for second largest share of the worldwide market in 2022 and is anticipated to grow at a prominent CAGR in the coming years. The rising awareness about sudden cardiac death risk and the need for timely intervention, growing incidence of arrhythmias and ventricular fibrillation and technological advancements in cardioverter defibrillators drive the growth of the cardioverter defibrillator segment in the global market.

The cardiac loop recorder segment (CLR) segment is predicted to account for a moderate share of the worldwide market during the forecast period.

Cardiac Implantable Electronic Devices Market - By Application:

• Arrhythmia
• Heart Rhythm Monitoring
• Heart Block

Based on application, the arrhythmia segment is anticipated to lead the market in the coming years. The growing incidence of arrhythmias, growing aging population, lifestyle changes, advances in implantable device technology enabling effective arrhythmia detection and management and rising awareness among healthcare professionals and patients about the benefits of arrhythmia monitoring propel the growth of the arrhythmia segment in the global market.

The heart block segment accounted for a substantial share of the global cardiac implantable electronic devices market in 2022 and is estimated to showcase a healthy CAGR during the forecast period.

The heart rhythm monitoring segment captured a considerable share of the worldwide market in 2022 and is predicted to hold a decent occupancy in the worldwide market in the coming years owing to the growing emphasis on remote patient monitoring to enhance cardiac care outcomes, rapid adoption of implantable devices for continuous heart rhythm tracking and growing demand for early detection and management of conditions like atrial fibrillation.

Cardiac Implantable Electronic Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America is expected to occupy the major share of the global market during the forecast period. Factors such as the rapidly growing aging population which are highly susceptible to the cardiac conditions, growing awareness and access to advanced medical treatments and strong research and development activities in cardiovascular technologies majorly propel the growth of the cardiac implantable electronic devices market in North America. The U.S. will hold the major share of the North American regional market in the coming years due to factors such as advanced healthcare infrastructure, high prevalence of cardiovascular diseases, and technological advancements.

Europe is another notable regional market for cardiac implantable electronic devices and is anticipated to capture a substantial share of the worldwide market in the coming years. The growing prevalence of cardiovascular diseases, especially in the elderly, established healthcare systems and reimbursement policies and increasing collaborations between medical device companies and research institutions primarily propel the European market growth. Germany is expected to capture the leading share of the European market in the coming years owing to the growing adoption of remote monitoring technologies for cardiac implantable devices, increasing healthcare awareness, aging population, and innovative medical technologies.

Asia-Pacific is anticipated to be the fastest growing regional market for cardiac implantable electronic devices owing to the rising prevalence of cardiovascular diseases linked to lifestyle changes, increasing number of improvements in the healthcare infrastructure and investment in medical technologies across the Asia-Pacific region and rising awareness and adoption of advanced cardiac treatments. China followed by India led the market in 2022.

KEY MARKET PLAYERS:

Abbott, Medtronic plc, Biotronic AG, Boston Scientific Corporation, MEDICO S.R.L. and Vitatron are some of the major companies in the global cardiac implantable electronic devices market.

RECENT HAPPENINGS IN THE MARKET:

• In July 2021, Medtronic, plc’s LINQ II Insertable Cardiac Monitor (ICM) got approval from the US FDA for the use of the AccuRhythm AI algorithm. 
• In July 2021, Abbott launched its latest Insertable Cardiac Monitor (ICM) Jot Dx in the US market to view abnormal cardiac rhythm data.