Market Challenges And Opportunities

Global Cardiac Implantable Electronic Device Market– Drivers

Increasing Incidence of Cardiac Arrhythmia

Increasing prevalence of cardiac arrhythmia is expected to drive global cardiac implantable electronic device market growth over the forecast period. For instance, in April 2020, according to the Journal of Cardiovascular Diagnosis and Therapy, in the U.S, sudden cardiac death (SCD) causes 300,000 deaths annually. In the general population with cardiac issues, the reported incidence of SCD in Europe and North America ranges between 50 and 100 per 100,000. Ventricular tachyarrhythmia’s [ventricular tachycardia (VT) and ventricular fibrillation (VF)] are the most common mechanisms of SCD.

Increasing Launches of Cardiac Implantable Electronic Device

Increasing product launches to expand the portfolio is expected to drive the market growth over the forecast period. For instance, on June 12, 2023, Biotronik, a leader in implantable medical device technology, announced the first global implantation of its Biomonitor IV implantable cardiac monitor (ICM). Biomonitor IV is a cutting-edge ICM that combines artificial intelligence with Biotronik's Smart ECG technology to eliminate all false positive detections by 86% while keeping 98% of genuine events. It is also the only ICM that is capable of distinguishing between premature atrial contractions (PACs) and premature ventricular contractions (PVCs) to provide healthcare professionals with better tools for risk stratification and diagnosis.

Global Cardiac Implantable Electronic Device Market- Cross Sectional Analysis

Among type, the implantable pacemakers segment held a dominant position in North America region over the forecast period due to increasing number of cardiovascular diseases such as atrial fibrillation, and geriatric population. So, the market key players are focusing on the strategies such as acquisition and partnership for the market growth over the forecast period. For instance, on April 20, 2023, Aziyo Biologics, Inc., a company that develops and commercializes biologic products to improve compatibility between medical devices and the patients, announced that it had entered into a distribution agreement with LeMaitre Vascular, Inc., a provider of vascular devices, implants, and services. Under this agreement terms, Aziyo Biologics, Inc. will grant LeMaitre Vascular the exclusive U.S. distribution rights for the products within its cardiovascular segment.

Global Cardiac Implantable Electronic Device Market- Key Trends

Innovation in Implantable Electronic Devices

Innovation in implantable electronic devices is expected to drive the global implantable electronic device market growth over the forecast period. For instance, in June 2021, Medtronic, a medical technology company thatengages in the development, manufacturing, distribution, and sale of device-based medical therapies, announced the initiation of the DEFINE AFib study, the company's first app-based research study. By suing data collected from the LINQ family of insertable cardiac monitors (ICMs), the purpose of the study is to explore unresolved issues about the burden of atrial fibrillation (AF) and its effects on patient outcomes, quality of life, and healthcare use.

Global Cardiac Implantable Electronic Device Market: Restraints

Product Recall by the Key Players and Regulatory Authority

Product recall by the key market players and regulatory authority is expected to restrict the global cardiac implantable electronic device market growth over the forecast period. For instance, in February 2021, Medtronic, a medical technology company that engages in the development, manufacturing, distribution, and sale of device-based medical therapies, issued a recall notice for Evera, Viva, Brava, Claria, Amplia, Compia, and Visia Implantable Cardioverter Defibrillators (ICDs), and Cardiac Resynchronization Therapy (CRT-Ds) due to risk of shortened battery life. The company had issue a notice about the compensation for the buyers due to the urgent recall of the medical devices. So, to avoid this, a large battery life devices to be employed as a pacemakers.

Global Cardiac Implantable Electronic Device Market- Key Developments

In February 2022, Medtronic, a medical technology company that engages in the development, manufacturing, distribution, and sale of device-based medical therapies, announced that the Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters are the first and only ablation catheters approved by the U.S. Food and Drug Administration in August 2020 (FDA) to treat the growing prevalence of pediatric atrioventricular nodal reentrant tachycardia (AVNRT).