Cardiac Implantable Electronic Devices Market is Estimated to Witness Robust Growth Owing to Growing Incidences of Cardiovascular Diseases

 

Cardiac Implantable Electronic Devices Market

The cardiac implantable electronic device market comprises implantable cardiac pacemakers, implantable cardioverter defibrillators, and cardiac resynchronization therapy devices. These devices help regulate heart rhythms and treat fast, slow, or irregular heartbeats. Pacemakers help maintain a regular heartbeat by delivering electrical signals to the heart. Implantable cardioverter defibrillators monitor and control abnormal heart rhythms by sending electrical signals to correct the abnormal rhythm. Cardiac resynchronization therapy (CRT) devices coordinate the contractions of the left and right ventricles. The growing prevalence of cardiovascular diseases and a rapidly aging population are major factors fueling the demand for cardiac implantable electronic devices.

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 operating in the cardiac implantable electronic device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. These players manufacture a wide range of devices, have a strong geographic presence, and invest heavily in R&D to develop innovative products.

Key opportunities in the market include development of MRI-compatible devices, minimally invasive device delivery systems, and remote monitoring devices. MRI-compatible devices can help reduce risks associated with MRI scans for pacemaker patients. Minimally invasive delivery systems can reduce implantation time and risks. Remote monitoring devices enable continuous monitoring of device functions and early detection of issues.

The market is witnessing rapid expansion in developing regions such as Asia Pacific and Latin America due to growing healthcare investments, increasing affordability, and rising cardiac disease prevalence in these regions. Major players are actively collaborating with regional healthcare providers and establishing manufacturing facilities in these regions to leverage opportunities.

Market Drivers

The growing geriatric population susceptible to cardiac conditions is a major market driver. According to the WHO, the global population aged 60 years and older is projected to grow from 900 million in 2015 to 2 billion in 2050. Additionally, the growing prevalence of risk factors like obesity, smoking, and diabetes is contributing to increasing cardiovascular disease cases globally. This is directly fueling demand for cardiac implantable devices.

PEST Analysis

Political: Healthcare regulations supporting the use of Cardiac Implantable Electronic Device Market Demand  electronic devices for treatment of various cardiovascular diseases. Regulations covering approval and reimbursement of these devices.

Economic: Growing healthcare expenditures in major economies supporting market growth. Rise in disposable incomes in developing nations increasing affordability of such devices.

Social: Increasing incidence of cardiovascular diseases worldwide due to changing lifestyles and growing geriatric population. Growing awareness among patients regarding advantages of these devices.

Technological: Continuous innovations facilitating miniaturization of devices. Emergence of bioresorbable electronics enabling dissolution of devices after treatment completion. Development of devices capable of continuous monitoring of cardiac health through remote patient monitoring.

The market is concentrated in developed regions of North America and Europe in terms of value. North America currently accounts for the largest share due to presence of advanced healthcare infrastructure and rising prevalence of cardiovascular diseases. Europe is the second largest regional market owing to growing elderly population and government support for adoption of therapeutic devices.

The Asia Pacific region is poised to witness the fastest growth over the forecast period with double digit CAGR. Factors such as improving healthcare infrastructure, growing medical tourism industry and rising disposable incomes in developing countries are driving higher adoption of cardiac implantable electronic devices in the region. Additionally, increasing awareness regarding availability of advanced treatment options for cardiovascular diseases is supporting market expansion.

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