by Some key products in this market include implantable cardioverter defibrillators (ICDs), cardiac resynchronization therapy devices (CRT-Ds), and implantable cardiac pacemakers. ICDs continually monitor the heart and can deliver an electric shock to treat life-threatening arrhythmias like ventricular fibrillation. CRT-Ds help coordinate the heart’s lower chambers for more efficient pumping. Meanwhile, pacemakers help regulate abnormal heart rhythms using low-energy electrical pulses. The growing burden of cardiovascular diseases worldwide has been a major driver of demand for these implantable 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. Key players are focusing on developing advanced devices with enhanced functionality and miniaturized designs for improved patient outcomes.
The market is witnessing growing demand driven by the rising incidence of heart diseases worldwide coupled with improving accessibility of devices. According to WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Increasing risk factors like obesity, lack of physical activity, and stress are expected to further propel the need for implantable devices.
Globally, the market is also witnessing strong growth with expanding access and awareness in developing regions. Various initiatives are being taken up to improve diagnosis and treatment of cardiac disorders in countries like India, China, and Brazil. This is expected to widen addressable market opportunities over the forecast period.
Market drivers
The main driver fueling growth of the cardiac implantable electronic device market is the huge and growing burden of cardiovascular diseases worldwide. Heart diseases are currently one of the biggest causes of mortality and rising, attributed to rapidly aging populations and changing lifestyles. Furthermore, advancing technologies are enabling development of more effective yet Minimally invasive implantable devices. Latest devices are more compact, long-lasting and able to seamlessly integrate and communicate healthcare provider networks to facilitate remote monitoring and rapid treatment in case of emergencies. This is helping drive higher product volumes.
Geopolitical impacts on Cardiac Implantable Electronic Device Market growth
The Cardiac Implantable Electronic Device Market Demand is facing challenges due to the geopolitical tensions and conflicts across various regions. The rising instability and security issues in Eastern Europe and Asia Pacific countries are disrupting the supply chain operations of leading market players. Moreover, the economic sanctions and trade restrictions imposed by major economies like US and EU on Russia and China are negatively impacting the medical device imports and exports. This is hampering the availability of advanced cardiac implantable devices in the Russian and Chinese healthcare sectors. Furthermore, the ongoing Russia-Ukraine war has destabilized the European economy and diverted significant healthcare investments towards military and humanitarian aid. The rising inflationary pressures and currency fluctuations are also raising the overall cost of doing business for global market stakeholders.
To sustain profitable growth in this uncertain environment, companies need to diversify their manufacturing and supplier base across multiple low risk countries. Establishing local production facilities instead of relying entirely on imports can enhance geopolitical risk mitigation. Market players must also focus on expanding into relatively stable growth markets in Middle East, Latin America and Asia to offset losses from volatile regions. Adopting innovative pricing and fundraising strategies coupled with strategic partnerships will help companies maintain financial flexibility to withstand geopolitical shocks in the long run.
Cardiac implantable device market concentration in key regions
In terms of value, North America represents the largest regional market for cardiac implantable electronic devices, accounting for over 35% share of the global revenues. This can be attributed to the rising prevalence of cardiovascular diseases, growing geriatric population susceptible to heart conditions, and strong healthcare infrastructure and reimbursement framework in the US and Canada. Within the region, the US dominates due to the presence of leading global players and higher adoption of technologically advanced cardiac devices.
Europe is the second largest lucrative market, driven by the increasing focus on active lifestyle management to curb heart ailments. Countries like Germany, UK, France and Italy have witnessed rapid uptake of implantable defibrillators and pacemakers in the recent past. Countries across Asia Pacific and Latin America are emerging as the fastest growing regional markets, offering substantial untapped opportunities for long-term returns on investments.
Fastest growing region in the Cardiac Implantable Electronic Device Market
The Asia Pacific region is poised to exhibit the highest growth rate in the global cardiac implantable electronic device market during the forecast period. This rapid expansion can be attributed to factors like increasing geriatric population prone to heart diseases, growing public awareness about cardiac event prevention, rising healthcare investments towards advanced medical technologies, and favorable government policies supporting cardiovascular care and research.
Emerging Asian economies like India, China, South Korea, Indonesia and Vietnam provide lucrative opportunities due to their large unmet medical needs. At the same time, improving regulatory standards, low manufacturing costs, and skilled workforce have been attracting major global medical device giants to invest in regional manufacturing facilities. Overall, enhanced access, affordability and availability of implantable cardiac devices across Asia Pacific are strengthening the region’s position as the fastest expanding market worldwide.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
