Cardiac implants are implantable medical devices which rectify the arrhythmias in patient suffering from heart disorders such as ventricular tachycardia, ventricular fibrillation, heart failure. Implantable cardiac electronic devices as well as, biventricular pacemakers, cardiac loop recorders, implantable cardioverter defibrillator (ICD),pacemakers are manufactured to detect the abnormal heart rate and cardiac disorders. In 1960, first electronic cardiac pacemaker was invented by John Hopps. For the proper functioning of heart and blood vessels cardiovascular implants should remain inside patient’s body. Cardiac implants can be used for various heart disorders such as arrhythmias, myocardial ischemia, acute myocardial infraction, congestive heart failure, peripheral artery disease among others. The patients treated with cardiac implantable devices needs regular device follow-up.
Global cardiac implants market is estimated to be valued at US$ 35,795.6 million in 2022 and is expected to exhibit a CAGR of 8.1% during the forecast period (2022-2030).
Figure 1. Global Cardiac Implants Market in Terms of Value (US$ million), By Region, 2022
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Increasing risk of cardiovascular disease due to change in lifestyle and dietary habits is expected to drive the market growth over the forecast period
There has been steady rise in cardiovascular disease due to the change in dietary habits and fast lifestyle. For instance, according to the Society of Thoracic Surgeons 2021, per month, approximately 24,000 cardiac surgeries were performed in the U.S. during December 2018 to December 2019. Hence the growing burden of heart failure, arrhythmias, etc. is expected to increase number of cardiac surgeries and thereby, drive growth of the cardiac implants market.
Cardiac Implants Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2022: | US$ 35,795.6 Mn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 8.1% | 2030 Value Projection: | US$ 66,953.4 Mn |
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Companies covered: |
Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd. , Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation. |
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Restraints & Challenges: |
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Figure 2. Global Cardiac Implants Market Share (%), By Device Type, 2022
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Technological innovations in the field of cardiac implants is expected to evidence remarkable growth over the forecast period.
The cardiac implants market is expected to witness significant growth over the forecast period, owing to increasing focus of market players on technological innovations in the field of cardiac implants. For instance, in February 2022, Abbott, a U.S.-based medical device company, announced the initiation of its clinical trial study for evaluating the clinical effectiveness and safety of its Aveir DR Leadless Pacemaker System indicated for cardiovascular conditions such as cardiac rhythm disorder and bradycardia. This study is expected to be completed by November 2025. Aveir DR Leadless Pacemaker System is designed to provide synchronous, beat-by-beat pacing of the right atrium and right ventricle of the heart. This pacemaker is equipped with proprietary implant-to-implant (i2i) device technology, which is used for communication between two implanted leadless pacemakers, in order to regulate the heart rate.
Global Cardiac Implants Market– Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic is the most recent outbreak, which was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 a pandemic on March 11, 2020.The COVID-19 pandemic has caused nationwide lockdowns & governments gave measures for mapping containment zones, self-quarantine, contact tracing, and other measures for curtailing spread of the disease. COVID-19 pandemic is expected to have a negative effect on the overall global cardiac implants market, due to drastic decrease in the number of cardiac devices implantation. For instance, according to an article published in the Medicinal journal, a peer-reviewed, scientific journal, in May 2021, during the COVID-19 pandemic, a drastic decrease of up to 75% of all procedures of new intra-cardiac devices implantation was reported in diabetic as well as non-diabetic patients in Western Romania. Hence due to decrease in number of cardiac device implantation there is negative impact on global cardiac implants market.
Global Cardiac Implants Market: Restraint
The global cardiac implants market growth is expected to be hampered in the near future, owing to increasing product recalls and cardiac implant related infection. For instance, in February 2021, Medtronic, a U.S.-based medical device company announced that it had recalled its Evera, Viva, Brava, Claria, Amplia, Compia, and Visia Implantable Cardioverter Defibrillators (ICDs) and Cardiac Resynchronization Therapy (CRT-Ds) devices due to an unexpected and rapid decrease in battery life. This decrease in battery life is caused by a short circuit resulting in some devices to produce first warning that the battery is low earlier than expected. There have been 444 complaints regarding these ICDs and CRT-Ds in the U.S
Key Players
Major players operating in the global cardiac implant market include Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd. , Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation.
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