Wilmington, Delaware, United States, June 12, 2023 (GLOBE NEWSWIRE) -- The global cardiac implantable electronic devices market was valued at USD 10.8 Bn in 2021 and is projected to reach more than USD 16.1 Bn by 2031.
Intense focus on early detection of heart diseases, including valvular heart disease, heart failure, and coronary artery disease, has bolstered the demand for CIEDs. Surge in number of implanted cardiovascular devices in the elderly patient population is augmenting cardiac implantable electronic devices market growth.
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Surge in utilization of miniaturized cardiac rhythm management devices for continuous and long-term atrial fibrillation (AF) can be ascribed to their effectiveness in managing AF. There is a considerable demand for insertable cardiac monitors for long-term monitoring of heart conditions with high precision. Rise in demand for advanced implantable devices for the diagnosis of unexplained syncope, arrhythmias, and cryptogenic stroke is likely to accelerate market development. A number of ongoing studies on the development of wearable technology for cardiac rhythm monitoring is expected to broaden market outlook in the near future.
Key Findings of Study
- Rapid Technological Advancements in Implantable Cardioverter Defibrillators (ICDs): Based on product, implantable cardiac loop recorders and implantable cardioverter defibrillators (ICDs) are lucrative segments. The implantable cardioverter defibrillators (ICDs) segment accounted for the dominant market share in 2021. Considerable adoption of ICDs in the patient population is ascribed to their utilization in monitoring as well as therapeutic applications. Surge in demand for CIEDs for the management/treatment of ventricular tachycardia or fibrillation is projected to bolster demand for automatic ICDs and broaden overall market outlook. Based on end-user, the hospital segment constituted a major market share of 60.0% in 2021. Rapid increase in availability of permanent pacemakers, advanced ICDs, and subcutaneous cardiac monitoring devices in hospital settings is expected to propel the segment.
- Significant Demand for Implantable Loop Recorders: Surge in demand for advanced diagnostics for monitoring cardiac conditions is anticipated to offer lucrative opportunities to companies in the market. The implantable cardiac loop recorders product segment is anticipated to expand at a rapid pace from 2022 to 2031. Considerable demand for advanced monitoring devices for difficult-to-analyze conditions, such as unexplained syncope or palpitations, is anticipated to drive the segment. Introduction of subcutaneous implantable loop recorders presents significant growth opportunities to companies in the market. Implantable loop recorders are gaining traction for monitoring arrhythmias and cryptogenic stroke and thus is used to predict AF episodes.
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Key Growth Drivers: Cardiac Implantable Electronic Devices Market
- Rapidly aging global population is a key factor driving demand for CIEDs for the management/treatment of tachyarrhythmia and bradyarrhythmia. An array of CIEDs such as ICDs, pacemakers, and implantable loop recorders have been adopted by the elderly patient population (with cardiac diseases) to improve quality of life and enhance longevity.
- Consistent technological advancements in cardiac rhythm management devices, such as introduction of leadless cardiac pacemakers and wearable cardioverter–defibrillators, over the past few years is anticipated to drive market evolution. Medtech companies are deigning novel devices to reduce risk of complications associated with CIED therapies. An instance is the launch of extravascular cardioverter-defibrillators to lower common complications found with transvenous leads. Steady improvements in implantation techniques are poised to boost the cardiac implantable electronic devices industry.
Regional Growth Dynamics
North America constituted a major market share in 2021. Prominence of the market in the region is ascribed to rapid adoption of CIEDs in patients suffering from congestive heart failure and atrial arrhythmias. Furthermore, considerable advancements in cardiac rhythm and monitoring technologies are anticipated to augment market size in North America in the near future.
Asia Pacific is a lucrative market for CIEDs. Rise in awareness about effectiveness of pacemakers and implantable cardioverter defibrillators in managing range of cardiac conditions is likely to fuel the market in the region. Surge in demand for cardiac resynchronization therapy (CRT) and subcutaneous cardioverter defibrillator in the patient population is expected to propel the market in the near future.
Competition Landscape
Key players are focusing on new product development and accelerating approvals of novel products in order to strengthen their positions in the cardiac implantable electronic devices market. Prominent companies operating in the market are Abbott, Medtronic plc, Boston Scientific Corporation, Biotronic AG, Angel Medical Systems, Inc., MicroPort, Cook Medical Inc., Vitatron, and MEDICO S.R.L.
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Cardiac Implantable Electronic Devices Market Segmentation
Product
- Pacemaker
- Single-chamber
- Dual-chamber
- Biventricular
- Implantable Cardioverter Defibrillators
- Transvenous ICD
- Subcutaneous ICD
- Implantable Cardiac Loop Recorders
Application
- Arrhythmia
- Heart Rhythm Monitoring
- Heart Block/Failure
End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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