Global Cardiac Implantable Electronic Device Market, By Type (Implantable Pacemakers and External Pacemakers), By End User (Hospitals, Specialty Clinics, and Ambulatory Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 28.1 Billion in 2023 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting growth strategies such as product launch and partnerships, and this is expected to drive the global cardiac implantable electronic device market growth during the forecast period. For instance, in July 2021, Medtronic, a medical technology company thatengages in the development, manufacturing, distribution, and sale of device-based medical therapies, announced the U.S. Food and Drug Administration (FDA) clearance for two AccuRhythm AI algorithms for use with the LINQ II insertable cardiac monitor (ICM). Heart rhythm event data gathered by LINQ II is processed by AccuRhythm AI using artificial intelligence (AI), improving the accuracy of information physicians receive to better diagnose and treat abnormal heart rhythms. AccuRhythm AI validation data is presented at Heart Rhythm 2021, the Heart Rhythm Society's annual Heart Rhythm meeting in U.S.
Global Cardiac Implantable Electronic Device Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China,) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had negative impact on the global cardiac implantable electronic device market. Due to the COVID-19 outbreak, there had been decrease in the screening for cardiac diseases and cardiac rhythm monitoring. For instance, in August 2021, according to a study published by Journal of American Journal of Cardiovascular Diseases, a study from Spain demonstrated 35% total decrease in pacemaker implantations but implantations in urgent cases such as patients with syncope and/or severe bradycardia abnormalities were not significantly affected during the first wave of COVID-19. Post Covid-19, there had been increase in the demand for cardiac implantable devices.
Global Cardiac Implantable Electronic Device Market: Key Developments
In January 2020, Medtronic, a medical technology company that engages in the development, manufacturing, distribution, and sale of device-based medical therapies, announced it had received the U.S. Food and Drug Administration (FDA) approval for Micra AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony. Micra AV is indicated for the treatment of patients with AV block, a condition in which the electrical signals between the chambers of the heart (the atria and the ventricle) are impaired. Medtronic now offers the first and only U.S. FDA-approved leadless pacemaker portfolio, expanding the number of potential candidates for this groundbreaking technology in the U.S.
In April 2021, The American College of Cardiology (ACC) situated in U.S launched the (Electrophysiology) EP Device Implant Registry thatinclude data on ICD (implantable defibrillator) and CRT-D (cardiac resynchronization therapy defibrillator) procedures previously captured in the National Cardiovascular Data Registry ICD Registry, andprovide the flexibility to capture novel pacemaker procedures. The registry is aligned with the ACC’s Electrophysiology Accreditation programme, fully supporting the program’s data requirements.
In December 2021, LifeTech Scientific Corporation, a developer, manufacturer, and vendor of advanced minimally invasive medical devices for cardiovascular and peripheral vascular diseases and disorders, announced that it has expanded its contracts with Medtronic to further their strategic partnership on the "HeartTone domestic pacemaker project" and to launch their joint development of locally produced, MRI-conditional pacemakers.. Together with MRI-conditional leads, these products will address growing MRI-related therapeutic needs in China. The agreements also include the extension of the partnership on the "HeartTone domestic pacemaker project" to 2028. Similar to its collaboration on the first generation of HeartTone pacemakers, Medtronic will provide a series of specialized technical consulting services for the MRI-conditional products project.
Browse 32 Market Data Tables and 26 Figures spread through 210 Pages and in-depth TOC on “Global Cardiac Implantable Electronic Device Market”- Forecast to 2030, Global Cardiac Implantable Electronic Device Market, By Type (Implantable Pacemakers and External Pacemakers), By End User (Hospitals, Specialty Clinics, and Ambulatory Care Settings), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Cardiac Implantable Electronic Device Market:
- Global cardiac implantable electronic device market is expected to exhibit a CAGR of 8% during the forecast period. The collaboration with emerging economies offers lucrative growth opportunities for players in the global cardiac implantable electronic device market.
- Among end user, the hospitals segment is expected to dominate global cardiac implantable electronic device market over the forecast period, owing to rising cardiac arrhythmia and other cardiac diseases that increases hospital admission rates and hospital visits. For instance, on June 06, 2023, according to the Minnesota Department of Health, more than 46,000 heart disease-related hospitalizations were reported in the U.S. in 2021, translating to a hospitalization rate of more than 668 per 100,000 individuals.
- Among type, the implantable pacemakers segment is expected to hold a dominant position in the global cardiac implantable electronic device market during the forecast period a due to rising demand for implantable pacemaker. Thus, key players are focusing on strategies such as product launch for the global cardiac implantable electronic device market growth. For instance, in July 2021, Abbott, a multinational medical devices and health care company, announced the U.S. launch of Jot Dx, the company’s latest insertable cardiac monitor (ICM). Through a special feature that lets users access either all abnormal heart rhythm data or only the irregular heart rhythms that are recorded with a "key episodes" option, the Jot Dx ICM gives physicians and hospitals discretion over how they handle the flow of information. This technology allows remote detection and improved diagnosis accuracy of cardiac arrhythmia in patients. Jot Dx ICM is supported by SyncUP, a personalized service that delivers one-on-one training and education to help patients to get connected and stay connected to their ICM.
- Major players operating in the global cardiac implantable electronic device market include Medtronic, Biotronik, Boston Scientific Corporation or its affiliates, Pacetronix.com, Integer Holdings Corporation, Cook Group, Braile Biomédica, Abbott, LivaNova PLC, OSYPKA Medical, Galix Biomedical Instrumentation Inc., OSCOR Inc., LifeTech Scientific Corporation, MicroPort Scientific Corporation, and Ceryx Medical.
