The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 28.1 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiac implantable electronic devices are medical devices implanted in patients who suffer from cardiac arrhythmias or irregular heartbeats that interfere with proper circulation. These devices monitor the heart activity continuously and provide electrical pulses to regulate abnormal rhythms and help maintain proper heart function. Some common cardiac implantable electronic devices include pacemakers, implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT). They help ensure proper blood flow and prevent dangerous arrhythmias like ventricular tachycardia that can lead to cardiac arrest. The increasing prevalence of cardiovascular diseases and technological advancements in device performance are expected to drive the demand for cardiac implantable electronic devices over the forecast period.
Market Key Trends:
One of the key trends in the cardiac implantable electronic device market is the development of MRI-conditional devices. Previously, patients implanted with traditional devices had to avoid magnetic resonance imaging (MRI) scans which limited diagnostic options. However, recent innovations have led to devices that are compatible with MRIs under certain guidelines. This enables improved patient management. Another significant trend is the growing preference for leadless pacemakers that do not require venous access or placement of leads in the heart. This reduces risks of infections and improves longevity. Manufacturers are also focusing on developing biocompatible materials and miniature designs to enhance comfort and compatibility with active lifestyles.
Porter’s Analysis
Threat of new entrants: The cardiac implantable electronic device market has strict regulations from regulatory bodies for new entrants. High R&D and manufacturing costs also deter new companies from entering this market easily.
Bargaining power of buyers: Cardiac implantable electronic devices are essential medical devices, so the bargaining power of patients and hospitals is relatively low.
Bargaining power of suppliers: A few major players dominate the supply of raw materials and components in this market. This gives them significant bargaining power over manufacturers.
Threat of new substitutes: Currently, there are no perfect substitutes available for cardiac implantable electronic devices. Alternatives have significant limitations.
Competitive rivalry: Being a highly consolidated market with few large players, competitive rivalry in the cardiac implantable electronic device market is intense. Companies compete on innovation, quality, and pricing.
Key Takeaways
The global Cardiac Implantable Electronic Device Market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing prevalence of cardiovascular diseases.
Regional analysis:
North America is currently the largest market for cardiac implantable electronic devices due to the advanced healthcare infrastructure and high adoption rate of new technologies in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rapidly increasing patient population, healthcare spending and improving access to healthcare in emerging economies.
Key players operating in the cardiac implantable electronic device market are 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. Medtronic currently dominates the global cardiac implantable electronic devices market.
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