April 22, 2024

Cardiac Implantable Electronic Device Market Poised to Prosper due to Rising Burden of Cardiovascular Diseases

These devices are widely used in the treatment of various cardiac conditions including arrhythmias, heart failure, and myocardial infarction. Cardiac implantable electronic devices provide life-saving therapy and help in the management of chronic conditions to improve the overall quality of life of patients.

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 2030.

Key Takeaways
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 Corporation is a leading global medical device company that manufactures wide range of cardiac implantable electronic devices such as implantable cardioverter defibrillators, cardiac resynchronization therapy devices, and pacemakers. GlaxoSmithKline plc. focuses on developing drugs and vaccines for treatment of cardiovascular diseases and reducing associated mortality and morbidity.

Growing demand: The rising prevalence of cardiovascular diseases and other target conditions along with increasing life expectancy is driving the demand for cardiac implantable electronic devices. As per estimates, cardiovascular diseases account for over 17 million deaths every year globally.

Technological advancement: Growing investments in research and development by both public and private players have led to development of advanced technologies. New devices are being developed with smaller sizes, longer battery life, remote monitoring capabilities, and enhanced accuracy in arrhythmia detection facilitating faster treatment decisions.

Market Trends
Remote monitoring capabilities: There is growing popularity of remotely monitored cardiac implantable electronic devices that facilitate constant monitoring of patients’ conditions from afar and prompt medical intervention if needed. This helps reduce hospital visits and improves quality of care.

Real-world data to drive innovation: Device manufacturers are increasingly relying on real-world data from registries and electronic health records to gather insights into clinical effectiveness and safety of devices in real-life settings. This helps identify opportunities and fast-track development of next-gen solutions.

Market Opportunities
Emerging economies: Countries like India, China, Brazil offer immense opportunities owing to rising healthcare expenditure, growing awareness, and increasing focus on non-communicable diseases. Further penetration in these under tapped markets will aid global expansion.

Digital health solutions: Integration of cardiac implantable electronic devices with emerging digital technologies like remote patient monitoring platforms, AI and cloud computing can help optimize patient care management and outcomes through proactive interventions. This presents a lucrative avenue.

Impact of COVID-19 on Cardiac Implantable Electronic Device Market Growth

The COVID-19 pandemic has significantly impacted the growth of the Cardiac Implantable Electronic Device Market Demand . In the initial months of the pandemic, elective surgical procedures and non-emergency patient visits were deferred or canceled in order to prevent the spread of the virus and focus medical resources on treating COVID-19 patients. This resulted in a decline in the volume of implantable device procedures performed during this period. However, emergency implantable device replacement surgeries for high-risk patients continued to be carried out. With the resumption of non-COVID healthcare services, the market is witnessing a gradual recovery. Still, supply chain disruptions and raw material shortages caused by lockdowns are posing challenges. Manufacturers are focusing on ramping up production capacities while ensuring safety protocols. Telemonitoring of patients is helping address postponed follow-ups and remote device programming needs. Overall, the long-term market outlook remains positive, supported by the growing prevalence of cardiovascular diseases and aging population globally.

Geographical Regions with High Concentration of Cardiac Implantable Electronic Device Market Value

Currently, North America accounts for the largest share of the global cardiac implantable electronic device market in terms of value. This can be attributed to factors such as the high prevalence of heart diseases, growing elderly population, rising healthcare expenditure, and presence of leading market players in the region. Within North America, the United States dominates due to its superior healthcare infrastructure and reimbursement system. Europe is another lucrative regional market owing to the rising burden of cardiovascular illnesses and increasing adoption of advanced treatment solutions.

Fastest Growing Regional Market for Cardiac Implantable Electronic Devices

The Asia Pacific region is projected to witness the highest growth in the cardiac implantable electronic device market over the forecast period. This can be accredited to rapidly developing healthcare systems, growing medical tourism, rising income levels, increasing focus of key players on expanding their presence, and surging geriatric population base with cardiovascular ailments in Asia Pacific countries. In particular, China and India will drive the momentum of the market in this region supported by their huge patient pools, growing healthcare expenditures, and flourishing medical technologies sector.

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