April 21, 2024
Cardiac Implantable Electronic Device

Cardiac Implantable Electronic Device Market Driven By Growing Prevalence Of Cardiovascular Diseases

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 size 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, 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 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.

*Note:

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