Outlook on the Implantable Cardioverter Defibrillators Global Market to 2026 – Increasing Incidence of Cardiovascular Diseases in People is Driving…

Posted: Published on August 14th, 2021

This post was added by Alex Diaz-Granados

DUBLIN, Aug. 13, 2021 /PRNewswire/ -- The "Implantable Cardioverter Defibrillators Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

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The implantable cardioverter defibrillators market was valued at US$8.625 billion in 2019 and is projected to expand at a CAGR of 5.52% over the forecast period to reach US$12.565 billion by 2026.

An implantable cardioverter defibrillator is an implantable electronic device that is used for treatment in case of sudden cardiac arrest and arrhythmia. The device can be used to detect an abnormal heart rate and to deliver electric shocks if required to the patients. The rapidly increasing geriatric population in many regions across the globe is a major factor responsible for the growth of the implantable cardioverter defibrillators market. According to Forbes, 2019, the number of individuals 65 years and older increased by 33%, from 37.2 to 49.2 million people between 2007 to 2017. The number is further expected to continue rising, doubling to 98 million by 2060. Further, the 85 years and older population are expected to increase by more than 8 million by 2040, which will drive the market growth as more patients will require implantable cardioverter defibrillators for their treatment.

In addition, the rising incidence of sudden cardiac arrests due to ventricular arrhythmia or any other reason is spurring the demand for advanced implantable cardioverter defibrillators which can keep a track of the patient's heartbeat and restore normal heartbeat when an abnormal beating is detected. For instance, according to the British Heart Foundation, 2019, in the United Kingdom, there are over 30,000 out-of-hospital cardiac arrests, a year where emergency medical services attempt to resuscitate the victim. In such situations, the implantable cardioverter defibrillators can serve as lifesavers and reduce the number of deaths.

Furthermore, the continuous improvements in technology will increase the efficiency and reliability of the implantable cardioverter defibrillators, thereby bolstering their adoption by the end-users during the forecast period.

By type, the Transvenous ICD segment is expected to have a dominant market share as it is highly being adopted and used, especially in developing countries, and has a higher acquisition cost. By end-user, the hospitals and clinics are estimated to hold a significant market share owing to the increasing prevalence of cardiac arrests, across the globe. Geographically, the European region is projected to hold a notable market share due to higher adoption of ICDs and increasing awareness amongst the patients regarding the ICDs. The Asia Pacific and North America are further expected to grow at a high CAGR due to the rise in the geriatric population and the increasing incidence of cardiac arrests in the regions.

Growth Factors

Story continues

Increasing incidence of cardiovascular diseases in people.

The number of patients suffering from cardiovascular diseases (CVD) nationwide has been on a stable rise. The constant increase in the numbers is likely to increase the demand for implantable cardioverter defibrillators. According to the American Heart Association, in the United States in 2019, coronary events are expected to occur in about 1,055,000 individuals, including 720,000 new and 335,000 recurrent coronary events. The number of people dying from cardiac arrests, worldwide has been increasing. According to the World Health Organization, cardiac diseases are the main source of death globally. Around, 17.9 million individuals die due to cardiovascular diseases consistently over the globe, which records roughly 31% of deaths globally. The implantable cardioverter defibrillators can effectively be used to decrease these numbers by providing electric shocks to the patients to revive them. The increasing incidence of cardiovascular diseases and cardiac arrests in people will drive the market growth during the forecast period.

Increase in the geriatric population.

The increase in the geriatric population across the globe is expected to drive the market growth of implantable cardioverter defibrillators market as the population aged above the age of 65 years are more prone to cardiovascular diseases and cardiac arrests. According to the United Nations, in 2019, the geriatric population was 703 million persons, nationwide. The number of older persons is projected to double to 1.5 billion in 2050, this will fuel the market growth as the number of patients requiring implantable cardioverter defibrillators will spike in the market.

Impact of COVID-19.

The Covid-19 pandemic positively impacted the global implantable cardioverter defibrillators market as the patients suffering from cardiovascular diseases witnessed a huge spike in numbers due to being affected by the virus, which in turn increased the demand for implantable cardioverter defibrillators in the short run. The novel coronavirus has the potency to directly affect the heart of the patients which results in causing a cardiac arrest due to which the number of people suffering from cardiac arrest witnessed an exponential spike in numbers.

Competitive Insights

The market leaders for the global implantable cardioverter defibrillators market consist of Boston Scientific Corporation, Medtronic, PLC, MicroPort Scientific Corporation, LivaNova PLC, and Abbott Laboratories. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For Instance, in May 2021, MicroPort Scientific Corporation, a global medical device developer and manufacturer, signed a distribution agreement with Implicity, Inc. to enhance its offerings in the U.S. with Implicity's cloud-based and AI-driven universal cardiac remote monitoring platform to provide high-value services to healthcare providers.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics 4.1. Market Drivers 4.2. Market Restraints 4.3. Porters Five Forces Analysis 4.4. Industry Value Chain Analysis

5. Implantable Cardioverter Defibrillators Market Analysis, By Chamber 5.1. Introduction 5.2. Single Chambered 5.3. Dual Chambered

6. Implantable Cardioverter Defibrillators Market Analysis, By Type 6.1. Introduction 6.2. Subcutaneous ICD 6.3. Transvenous ICD 6.4. Cardiac Resynchronization Therapy Defibrillator

7. Implantable Cardioverter Defibrillators Market Analysis, By End-User 7.1. Introduction 7.2. Hospitals & Clinics 7.3. Ambulatory Care Centre

8. Implantable Cardioverter Defibrillators Market Analysis, By Geography 8.1. Introduction 8.2. North America 8.2.1. United States 8.2.2. Canada 8.2.3. Mexico 8.2.4. Others 8.3. South America 8.3.1. Brazil 8.3.2. Argentina 8.3.3. Others 8.4. Europe 8.4.1. United Kingdom 8.4.2. Germany 8.4.3. France 8.4.4. Italy 8.4.5. Spain 8.5. The Middle East and Africa 8.5.1. Saudi Arabia 8.5.2. Israel 8.5.3. Others 8.6. Asia Pacific 8.6.1. Japan 8.6.2. China 8.6.3. India 8.6.4. Indonesia 8.6.5. Taiwan 8.6.6. Thailand 8.6.7. Others

9. Competitive Intelligence 9.1. Competitive Benchmarking and Analysis 9.2. Recent Investment and Deals 9.3. Strategies of Key Players

10. Company Profiles 10.1. Boston Scientific Corporation 10.2. Medtronic, PLC 10.3. MicroPort Scientific Corporation 10.4. LivaNova PLC 10.5. Abbott Laboratories

For more information about this report visit https://www.researchandmarkets.com/r/qxsczr

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