|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The cardiac implants market studied is expected to witness an estimated CAGR of 7.2% over the forecast period.
The COVID-19 outbreak greatly impacted every aspect of the medical device industry, including the cardiac implants devices market. The number of patient visits during the pandemic has drastically reduced, despite having access to emergency in the cardiology department. Even the treatment proximity to infected patients with COVID-19 is a challenge for cardiologists. The access is restricted to essential care only, and the temporary closure of cardiology centers has drastically reduced cardiac surgeries, as the total healthcare providers are engaged with COVID-19. Major players in the cardiac implants industry, such as Medtronic PLC, have reported a decline in revenue of 6 billion USD in Q4 2020.
Diabetes, overweight and obesity, unhealthy diet, physical inactivity, excessive alcohol use are the main causes of heart diseases. The increase in the incidence of cardiovascular diseases and the geriatric population are the driving factors for the cardiac implants market. The World Health Organization stated that cardiovascular diseases (CVDs) are the number one cause of death, globally, which are a group of disorders of the heart and blood vessels that include coronary heart disease, rheumatic heart disease, cerebrovascular disease, and other conditions. In December 2020, a study on ‘CV Disease Burden, Deaths Rising Around the World’ by the American College of Cardiology reported that cardiovascular disease nearly doubled to 523 million in 2019 from 271 million in 1990. Cardiovascular disease deaths steadily increased to 18.6 million in 2019 from 12.1 million in 1990, with ischemic heart disease and stroke being the majority of cardiovascular disease deaths, globally, in 2019. It also stated that the Global Burden of Diseases study continues to track and benchmark the progress of cardiovascular diseases and acts as a platform in the reduction/control of cardiovascular disease and risk factor burden.
Cardiac implants are considered to be a great asset for heart patients, which regularly helps monitor patient’s heartbeat and detect irregularities in the cardiac rhythms. Implantable cardioverter-defibrillator (ICD) is one such cardiac implant that supports weak cardiac patients with programs, like low-energy pacing and high-energy shock. An increase in the prevalence of cardiovascular diseases, advancements in surgical techniques, and awareness of preventive care are propelling the market growth. Hence, owing to the factors mentioned above, the market is expected to witness significant growth in the future.
Scope of the Report
As per the scope of the report, the cardiac implant is a mechanical circulatory support device that helps pump blood from the heart to the rest of the body. Cardiac implants are used for individuals with a weak heart or heart failure and in diseases, like atherosclerosis, congestive heart failure, coronary artery disease, hypertension, and vascular stenosis. The cardiac implants market is segmented by product (implantable cardioverter-defibrillators (ICDs), pacemakers, coronary stents, implantable heart rhythm monitors, implantable hemodynamic monitors, and other products), application (arrhythmias, acute myocardial infarction, myocardial ischemia, and other applications), end user (hospitals, cardiology centers, and other end users), and geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|Implantable Cardioverter-defibrillators (ICDs)|
|Implantable Heart Rhythm Monitors|
|Implantable Hemodynamic Monitors|
|Acute Myocardial Infarction|
|By End Users|
|Other End Users|
Key Market Trends
Implantable Cardioverter-Defibrillators (ICDs) Segment is Expected to Grow Faster and Dominate the Market Over the Forecast Period
According to the World Health Organization, in 2020, it is estimated that 17.9 million people died from cardiovascular diseases each year, which is 32% of all global deaths, out of which 85% were due to heart attack and stroke. It also stated that by addressing behavioral risk factors, such as tobacco use, physical inactivity, unhealthy diet and obesity, and harmful use of alcohol, most cardiovascular diseases may be prevented. However, it is important to detect cardiovascular diseases as early as possible to minimize their effect on individuals. Smoking is a major key factor that leads to heart diseases.
The American Heart Association stated that in 2018, 53,895 deaths are caused due to arrhythmias as the primary cause. The prevalence of atrial fibrillation in the United States was estimated to be 12.1 million by 2030. By considering the increase in the prevalence of heart diseases and the increase in the geriatric population, the scope for heart procedures, especially cardiac implants, is estimated to have a positive wave.
In May 2020, Philips announced FDA approval for the product 'Philips HeartStart FR3 Defibrillator and Accessories'. The HeartStart FR3 models 861388 and 861389 are used to treat ventricular fibrillation, which is said to be abnormal heart rhythms, the most common cause of cardiac arrest. Additionally, in 2019, Stryker Corporation, one of the leading market players in cardiac implants, launched the product, LIFEPAK CR2 defibrillator, with LIFELINKcentral AED program manager, in the United States. Thus, by considering the above conditions, the market is expected to pave a positive direction.
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North America Dominates the Market and is Expected to do Same in the Forecast Period
North America holds the major market share in the cardiac implants market. According to the Centers for Disease Control and Prevention (CDC), the number of deaths reported due to heart diseases was 659,041 in 2019 got increased to 690,882 in 2020 in the United States. The Centers for Disease Control and Prevention (CDC) stated that the key risk factors for heart disease and stroke are high blood pressure, diabetes, high LDL (bad) cholesterol, and smoking.
According to the American Heart Association, the prevalence of cigarette use increased by 2.3% in 2019, among middle and high school students in the United States. The use of electronic cigarettes increased from 1.5% to 27.4% between 2011 and 2019, globally, which caused 8.7 million deaths, worldwide, due to smoking, in 2019. Heart diseases include stroke, congenital heart disease, rhythm disorders, subclinical atherosclerosis, coronary heart disease [CHD], heart failure [HF], valvular heart disease, venous disease, and peripheral artery disease.
The United States Food and Drug Administration in August 2019 approved the Barostim Neo System for patients with advanced heart failure. This is approved for those patients who are not suitable for treatment with other devices associated with heart failure, like resynchronization therapy. Hence, due to the factors mentioned above and technological advancements, the cardiac implants market is expected to witness significant growth in the future.
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The cardiac implants market is moderately competitive, with several players across the world. In terms of market share, few of the major players currently dominate the market. With the rising incidence of cardiovascular diseases and rising awareness and use of cardiac implants, globally, many key players are expected to be part of the cardiac implants market over the forecast period. Some of the major players of the market are Medtronic PLC, Boston Scientific Corporation, Stryker Corporation (Physio-Control Inc.), Biotronik, Zoll Medical Corporation, Shree Pacetronix Ltd, etc.
In February 2020, Abbott announced that it had received CE Mark for the new Gallant Implantable Cardioverter-Defibrillator (ICD) and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices, with the most advanced heart rhythm management capabilities.
In January 2020, Biotronik announced the market release of its new injectable cardiac monitor (ICM), BIOMONITOR III, which is a novel device designed to help patients with irregular heart rhythms.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Incidence of Cardiovascular Diseases
4.2.2 Increase in Adoption of Torpid Lifestyle and Rising Incidence of Geriatric Population
4.2.3 Favourable Government Policies for Reimbursement
4.3 Market Restraints
4.3.1 High Cost of Cardiac Implants
4.3.2 Side Effects due to Cardiac Implants
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Implantable Cardioverter-defibrillators (ICDs)
5.1.3 Coronary Stents
5.1.4 Implantable Heart Rhythm Monitors
5.1.5 Implantable Hemodynamic Monitors
5.1.6 Other Products
5.2 By Application
5.2.2 Acute Myocardial Infarction
5.2.3 Myocardial Ischemia
5.2.4 Other Applications
5.3 By End Users
5.3.2 Cardiology Centers
5.3.3 Other End Users
5.4 By Geography
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.4.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Medtronic PLC
6.1.2 Boston Scientific Corporation
6.1.3 Stryker Corporation (Physio-Control Inc.)
6.1.5 Zoll Medical Corporation
6.1.6 Shree Pacetronix Ltd
6.1.7 Schiller AG
6.1.8 Koninklijke Philips NV
6.1.9 LivaNova PLC
6.1.10 Abbott Laborateries
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Cardiac Implants Market market is studied from 2018 - 2026.
What is the growth rate of Global Cardiac Implants Market?
The Global Cardiac Implants Market is growing at a CAGR of 7.2% over the next 5 years.
Which region has highest growth rate in Global Cardiac Implants Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cardiac Implants Market?
North America holds highest share in 2020.
Who are the key players in Global Cardiac Implants Market?
Boston Scientific Corporation, Biotronik, Zoll Medical Corporation, Medtronic PLC, Stryker Corporation (Physio-Control Inc.) are the major companies operating in Global Cardiac Implants Market.