Cardiac Implants Market Size

Cardiac Implants Market Analysis

The Cardiac Implants Market size is estimated at USD 38.68 billion in 2024, and is expected to reach USD 58.25 billion by 2029, growing at a CAGR of 8.53% during the forecast period (2024-2029).

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 was drastically reduced, despite having access to emergency care in the cardiology department. Even the treatment proximity to infected patients with COVID-19 was a challenge for cardiologists. Access was restricted to essential care only, and the temporary closure of cardiology centers considerably reduced cardiac surgeries, as the healthcare providers were engaged with COVID-19 patients. Major players in the cardiac implant industry, such as Medtronic PLC, reported a decline in revenue of 6 billion USD in Q4 2020. But the revenue was slightly increased by 1.6 billion USD in the fiscal year 2022 compared with the fiscal year 2021. This was due to the recovery of global procedure volumes from the downturn experienced in the first and second quarters of the fiscal year 2021 as a result of the COVID-19 pandemic. Hence, the impact of COVID-19 on the market's growth was adverse in the initial phase of the outbreak, however, as surgeries and treatments have resumed worldwide, the market is anticipated to gain traction to its pre-pandemic levels in the near future.

The increase in the incidence of cardiovascular diseases and the geriatric population are the driving factors for the cardiac implants market. For instance, as per the report of the American Heart Association published in February 2022, globally, it was estimated that in 2020, 244.1 million people had ischemic heart disease (IHD), and it was more prevalent in males than in females (141.0 and 103.1 million people, respectively). Likewise, according to the Centers for Disease Control and Prevention, in June 2022 update, about 20.1 million adults aged 20 and older had coronary heart disease (CAD) in 2020 in the United States. It also stated that coronary heart disease is the most common type of heart disease in the United States. Diabetes, overweight or obesity, an unhealthy diet, physical inactivity, and excessive alcohol use were the main causes of heart disease. As a result of the increasing frequency of heart illnesses worldwide, people who are affected by them are increasingly embracing surgical procedures, including cardiac implants, which is fueling the market's growth.

In addition, advancements in technology and new product approvals and launches drive the market's growth during the study period. For instance, in October 2020, Abbott launched its new implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices in India for abnormal heart rhythms and heart failure.

Hence, owing to the factors mentioned above, the market is expected to witness significant growth in the future. However, the high cost of cardiac implants and the side effects associated with cardiac implants are some of the factors that may restrain the market's growth.