Global Implantable Cardioverter Defibrillator Market Size to Reach USD 9.80 Billion in 2032 | Emergen Research

Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Implantable Cardioverter Defibrillator (ICD) market size is expected to reach USD 9.80 Billion at a steady CAGR of 2.7% in 2032, according to latest analysis by Emergen Research. Global implantable cardioverter defibrillator market revenue growth is driven by rising focus on public-access defibrillators and training and awareness programs on ICDs. Changing lifestyle and habits, increasing alcohol consumption and tobacco smoking are some other major factors expected to contribute significantly to market revenue growth.

ICDs are used to prevent sudden death in patients due to fibrillation or continuous ventricular tachycardia. ICDs can prevent cardiac arrest in patients who are at high-risk of life-threatening arrhythmias. Next generation ICDs can also play a role of pacemaker. The pacemaker feature can stimulate the heart to beat if the heart rate slows down.

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Heart disease is one of the major causes of death globally. Cardiovascular disease is the cause of over 17.9 million deaths, and more than 655,000 Americans die from heart disease each year. Surge in number of deaths due to heart diseases each year is resulting in rising focus on reducing these numbers, which is driving demand for ICDs in countries across the globe. Rising incidence of obesity is resulting in various heart complications, which is supporting demand for ICDs.

However, risks such as infection in the implanted areas, and damage to veins where ICDs are placed are factors that restrain deployment and preference among some patients, which can hamper market revenue growth to some extent. Increased investments in R&D for improved and more effective ICDs is also expected to contribute to revenue growth of the market.

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Scope of Research

MAJOR COMPANIES and Competitive Landscape

The global implantable cardioverter defibrillator market is consolidated, with few small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the implantable cardioverter defibrillator market. Some prominent players operating in the market are:

• Boston Scientific Corporation
• Abbott Laboratories
• Biotronik
• Medtronic PLC
• LivaNova PLC
• MicroPort
• Sorin Group
• Koninklijke Philips N.V.
• Fukuda Denshi Co. Ltd.
• Physio-Control, Inc.

Strategic Development

• In February 2020, Abbott announced that it received CE Mark for Gallant implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator devices, bringing advanced heart rhythm management capabilities to countries in Europe. The new device provides opportunities for remote monitoring and patient engagement through connected applications. Other benefits of the product include improved battery life, patient preferred design, and MRI compatibility.

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Some Key Highlights From the Report

• In June 2020, Biotronik and Acutus Medical announced entering into partnership to collaborate on specific electrophysiology-related products. Biotronik is engaged in development of devices for cardiac rhythm management with primary focus on implantable devices. Under the partnership, Acutus will market Biotronik’s electrophysiology ablation products under a private label. The partnership will enable provision of powerful clinical solutions for people suffering from atrial fibrillation and heart rhythm disorders.
• Transvenous implantable cardioverter defibrillator segment accounted for a significantly large revenue share in 2020. Transvenous ICD were developed to simplify the implant procedure and to reduce morbidity of thoracotomy for implantation. These ICDs have improved mortality rate in multiple randomized, controlled trials over the past two decades. Transvenous ICDs segment is further segmented into single chamber ICD, dual chamber ICD, and CRT-D.
• Hospitals & clinics segment accounted for largest revenue share in 2020 as these facilities are equipped with more advanced and automated ICD devices. Government initiatives to improve healthcare facilities and integrate modern technologies to help save lives of patients suffering from various heart diseases is also driving revenue growth of this segment. Emergence of new hospitals in developing countries will also contribute significantly to market revenue growth going ahead.
• North America accounted for largest revenue share in 2020 due to high demand from the U.S. Rapid adoption of advanced technologies in the U.S. and integration of Artificial Intelligence (AI) and Machine Learning (ML) in the healthcare sector is contributing to high demand for ICDs in countries in the region. Rapidly increasing geriatric population and increase in prevalence of cardiac diseases are key factors fueling North America market revenue growth.

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Emergen Research has segmented the global implantable cardioverter defibrillator market on the basis of product type, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019–2032)
  • Transvenous ICD
    1. Single Chamber ICD
    2. Dual Chamber ICD
    3. CRT-D (cardiac resynchronization therapy-defibrillator)
  • Subcutaneous ICD
• End-use Channel Outlook (Revenue, USD Billion; 2019–2032)
  • Hospitals & Clinics
  • Ambulatory Surgery Centers
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Italy
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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