Wilmington, Delaware, United States, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rapidly changing lifestyles have led to the prevalence of multiple lifestyle diseases such as diabetes, heart conditions, and obesity. Increase in the geriatric population and their vulnerability to heart diseases is a major factor augmenting the global cardiac implantable electronic device market during the forecast period.
The global cardiac implantable electronic device market is projected to grow at a CAGR of 4.3% from 2022 to 2031. Cardiac implantable electronic devices, or CIEDs, are medical devices that are battery-powered and help to monitor or control arrhythmias in patients suffering from conduction disorders. These devices offer enhanced quality of life and higher survival chances. A few examples of CIED include loop recorders, pacemakers, and defibrillators (ICDs).
According to TMR report, the global cardiac implantable electronic device market was valued at US$ 10.8 Bn in 2021 and is likely to reach US$ 16.1 Bn between 2022 and 2031. Rise in usage of cardiac implantable electronic devices for long-term monitoring of atrial fibrillation post-ablation is projected to help create new business opportunities in the global market in the next few years.
Key Findings of Study
- Increase in Need for Early Detection of Heart Issues to Boost Growth: People’s sedentary lifestyles, as well as their irregular eating or drinking habits, are more likely to lead to serious cardiac disorders if not detected at an early stage. Thus, it is important to detect heart issues early in order to control and treat the illness at the earliest. Advancements in medical technology and launch of multiple medical devices in the cardiology segment are projected to augment the market for implantable electronic devices.
- Advent and Success Rates of Latest Cardiac Monitoring Devices to Fuel Market Expansion: Rise in prevalence of stroke, especially among the elderly population, augments the demand for cardiac monitoring. Launch of devices such as electrocardiogram monitoring, or ECG; implantable cardiac monitors, or ICM; and others have led to positive results among patients in developed countries. This success rate has led healthcare authorities in developing countries to adopt these devices to improve the statistics on the prevalence of cardiac disorders. Success rates of such advanced medical equipment for treating heart diseases are anticipated to bolster the cardiac implantable electronic device market during the forecast period.
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Key Drivers
- Rise in prevalence of cardiac disorders among the geriatric population is estimated to drive the cardiac implantable electronic device market
- Increase in disposable income coupled with a willingness to spend on better therapeutic devices is likely to spur the market during the forecast period
Regional Growth Dynamics
- North America held a significant market share in 2021, attributed to the availability of and substantial awareness about advanced medical treatment in developed nations
- The region is projected to dominate the global market during the forecast period due to increase in incidence of chronic diseases coupled with rise in government efforts to ensure better healthcare facilities for their citizens
- The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period owing to presence of large geriatric population and increase in rate of cardiac disorder cases among them. Surge in incidence rate of chronic diseases in emerging economies is likely to augment the market in Asia Pacific.
Key Players
Notable players in the global cardiac implantable electronic device market are MEDICO S.R., Vitatron, Lepu Medical Technology Co. Ltd., Cook Medical, Inc., MicroPort, Angel Medical Systems Inc., Boston Scientific Corporation, Abbott, Biotronic AG, and Medtronic plc.
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Cardiac Implantable Electronic Device Market Segmentation
Product
- Pacemakers
- 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-use
- Hospitals
- Ambulatory Surgical Centers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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