Implantable Defibrillators Market to generate $5.61 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research
Increase in incidences of sudden cardiac arrest (SCA) and technological advancements drive the growth of the global implantable defibrillators market.
PORTLAND, Ore., March 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Implantable Defibrillators Market by Product Type [Transvenous Implantable Cardioverter-Defibrillator (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillators (S-ICDS), and Cardiac Resynchronization Therapy Defibrillator (CRT-D)]: Global Opportunity Analysis and Industry Forecast, 2020–2030." According to the report, the global implantable defibrillators industry generated $3.30 billion in 2020, and is estimated to reach $5.61 billion by 2030, witnessing a CAGR of 5.3% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Increase in incidences of sudden cardiac arrest (SCA) and technological advancements drive the growth of the global implantable defibrillators market. However, high cost and unfavorable reimbursement policies restrain the market growth. On the other hand, increase in demand for ICDs for patients with nonischemic cardiomyopathy presents new opportunities in the coming years.
Covid-19 Scenario
- The Covid-19 infection impacts the cardiovascular system. It leads to myocardial injury, arrhythmias, intravascular thrombosis, and sudden cardiac death. As reports have found the link between Covid-19 activity and cardiac arrests, the demand for implantable defibrillators increased during the pandemic.
- The cases of sudden cardiac arrest (SCA) in Covid-19 patients increased and raised concerns for clinicians. The episodes of defibrillator shocks increased during the hospitalization of patients suffering from Covid-19 infection. This, in turn, led to increased demand for implantable defibrillators.
The subcutaneous implantable cardioverter defibrillators (S-ICDs) segment to maintain its lead position by 2030
Based on type, the subcutaneous implantable cardioverter defibrillators (S-ICDs) segment accounted for the highest market share in 2020, contributing to more than half of the global implantable defibrillators market, and is expected to maintain its lead position by 2030. This is attributed to its usage for treatment of heart disorders for high precision and targeted functioning. However, the cardiac resynchronization therapy defibrillator (Crt-D) segment is projected to register the highest CAGR of 5.9% during the forecast period, owing to rise in adoption rate with growing incidences of heart diseases and failures.
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North America to maintain its dominance throughout the forecast period
Based on region, North America contributed to the largest market share in 2020, accounting for nearly two-fifths of the total market share of the global implantable defibrillators market, and is projected to maintain its dominance throughout the forecast period. This is due to surge in incidence of sudden cardiac arrest (SCA), increase in the adoption of S-ICDs, and availability of advanced healthcare facilities. However, Asia-Pacific is estimated to witness the largest CAGR of 6.0% during the forecast period, owing to high population base and improvement in patient awareness about ICD devices.
Leading Market Players
- Abbott
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- Fukuda Denshi Co. Ltd.
- Imricor Medical Systems
- Koninklijke Philips N.V.
- LivaNova Plc Company
- Medtronic Plc
- Microport Scientific Corporation
- Nihon Kohden Corporation
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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