Cardiac Implantable Electronic Devices (CIEDs) refer to devices such as pacemakers and implantable cardioverter defibrillators (ICDs) that are implanted in patients to treat conditions like arrhythmias and heart failure. These devices help regulate heart rhythms through electrical impulses. The need for CIEDs has increased significantly over the years owing to growing prevalence of cardiovascular diseases across the world. Factors such as increasing geriatric population, rising obesity and sedentary lifestyles have contributed to the growing incidence of heart diseases. This has fueled demand for Cardiac Implantable Electronic Devices for treatment and management of various cardiovascular conditions.

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 Opportunity
According to World Health Organization, cardiovascular diseases are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. It is projected that over 23.6 million people will die from cardiovascular diseases by 2030. The rising disease burden of heart conditions has significantly increased the demand for pacemakers and implantable cardioverter defibrillators for treatment and management of arrhythmias. This growing incidence rate of cardiovascular diseases is expected to drive significant growth in demand for Cardiac Implantable Electronic Devices over the forecast period. With limited treatment options available, the CIED market is anticipated to witness lucrative growth opportunities owing to increasing patient pool of heart diseases.

Porter's Analysis

Threat of new entrants: The cardiac implantable electronic device market size requires high investment for R&D, manufacturing, marketing and distribution which makes it difficult for new players to enter. However, some small players focussing on specific devices or therapies may still try to enter.

Bargaining power of buyers: Individual consumers have less bargaining power due to inelastic nature of demand for lifesaving cardiac devices. However, large healthcare providers and insurers have significant bargaining power to negotiate on prices.

Bargaining power of suppliers: A few large multinational companies dominate the supply of key components like batteries, sensors etc limiting negotiation power of device manufacturers. Suppliers may consolidate further.

Threat of new substitutes: Though research is ongoing, there are limited substitutes for implantable cardiac devices currently. Alternatives like drugs require lifetime usage unlike implants.

Competitive rivalry: The market is highly competitive with large global players. Players compete based on innovation, product efficacy, servicing and pricing.

SWOT Analysis
Strength: High unmet needs in cardiac care. Growing geriatric population prone to cardiac ailments. Rapid technological advancements enabling miniaturization and remote monitoring.

Weakness: High R&D costs. Stringent regulatory approvals. Reimbursement and access challenges in developing nations. Device recalls and failures remain a concern.

Opportunity: Untapped growth potential in emerging markets in Asia Pacific and Latin America. Expanding indications like arrhythmia and heart failure management. Integration of AI/ML for personalized therapies.

Threats: Pricing pressures due to healthcare reforms. Trade barriers and politics impacting global supply chains. Long product lifecycles until patent expiries allow entry of biosimilars. Cyber security threats to connected devices.

Key Takeaways

The global Cardiac Implantable Electronic Device Market is expected to witness high growth over the forecast period 2023 to 2030. 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.

North America dominates currently due to presence of major players, favourable reimbursements, and regulatory approvals. However, Asia Pacific is poised to grow at the fastest pace led by China, Japan and India on back of rising incomes,Awareness and access to care.

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. Large global players are focusing on new product development and geographical expansions to cement leadership. Inorganic growth through M&As remains a key strategy. Patent expiries in coming years may open opportunities for biosimilars especially in developing nations.

Get more insights on this topic: https://www.newswirestats.com/cardiac-implantable-electronic-device-market-size-and-opportunity-analysis-2023-2030/