The Cardiac Implants Market is projected to reach USD 24.83 Billion by 2030 at 6.30% CAGR during the forecast period 2022-2030.Cardiac Implants are devices that can monitor the normal functions of the heart, detect fluctuations, and gives information about the heart. These implants are implanted in the heart to know the information about the heart. Moreover, the cardiac monitoring device implants can be used in the treatment of heart diseases like arrhythmias, myocardial ischemia, and acute myocardial infarction, among others.Â
Across the globe, the growing prevalence of cardiac diseases and rise in the older adult population are the major drivers that boost the growth of the market. The high-cost implant devices and risk of injection may be the restraints of the market growth over the forecast period.
COVID-19 Analysis:
Due to the COVID-19 outbreak, most of the markets like chemicals, automobiles, energy & power, agriculture, electronics, and medical implants are witnessing that reduction in growth rate. Due to government directions and hospital guidelines to the COVID-19 affected areas, the vascular procedures are reduced to life or limb salvaging cases. A new vascular procedure, endovascular therapy for triage of vascular surgery patients, should be introduced, but it was postponed due to the coronavirus effect.
The advanced technologies in medical implants can raise the growth of the Cardiac Implants industry. Additionally, availability of good medical facilities, hike in disposable income, awareness about the different types of medical implants is the factors helpful for the Cardiac Implants market growth. With government support, providing medical insurance coverage to downtrodden people for their better health leads to the demand for medical implants.
The Cardiac Implants Market is expected to register a CAGR of 7.82% and is anticipated to reach USD 38,054.3 million by 2023. Cardiac implants are devices implanted in the heart which monitor and maintain the normal functions of the heart. Cardiac implants monitor the condition of the heart, detect fluctuations, and provide this information to the doctor or the health care provider. Additionally, they are used in the treatment of heart diseases such as myocardial ischemia, arrhythmias, and acute myocardial infarction, among others.
The factors boosting the growth of the cardiac implants market include the growing prevalence of cardiac diseases and the growing population of older adults across the globe. Despite the drivers, the high cost associated with cardiac implants and risk of injections due to these implants may restrain the market growth over the forecast period.
Synopsis/Market Dynamics
The growth of the cardiac implants industry is driven by factors such as growing geriatric population coupled with the increasing prevalence of cardiac diseases. Generally, the older population is more susceptible to diseases as with aging, the heart and blood vessels become stiff which can lead to conditions such as heart failure, coronary artery disease, and atrial fibrillation, among others. Â According to the data published by the Centers for Disease Control and Prevention (CDC) in 2017, about 2.7 to 6.1 million people in the US had atrial fibrillation, a common form of heart arrhythmia. However, the high cost of cardiac implants are a risk of injections is likely to affect the growth of the market.
Segmentation
Market Dynamics:
Driver:
Rising Prevalence of Cardiac Disease and Geriatric Population
The rise in older adults and the rising prevalence of chronic diseases are the major drivers of the cardiac implant devices. Geriatric people are highly susceptible to chronic diseases like cardiovascular diseases, endovascular diseases, orthopedic disorders, and dental disorders, which are having the major need for medical implants. Generally, for aged people, dental disorder was a common problem. Hence with a rise in aged people, demand for tooth loss may increase. At the risk of a patient’s cardiac disorder, most healthcare organizations and hospitals prefer cardiovascular implants to provide artificial control on the patient’s heartbeat.
Restraint:
High Cost of Treatment and stringent approval process
Some cardiac patients may affect infections with implantable pacemakers, which makes them avoid these products. Thus reduces the demand for cardiac implants. The high cost of treatment is also a big burden for the normal ones. Hence the demand for cardiovascular implants growth decreases.
Opportunities:
Increase in Awareness and technological advancements
By increasing the awareness of different types of medical implants among healthcare professionals can boost the growth of the cardiac implants industry. By introducing the new advanced technologies in medical implants, the availability of better medical facilities, a large number of cases with damaged organs caused due to different types of accidents are the opportunities to increase the cardiac implants market share.
Cardiac Implants Market Share, by Region, 2017 (%)
Technology Analysis
The new advanced technologies in medical implants are expected to increase the growth of the Cardiac Implants Industry.
Study Objectives -
Segment Overview:
The segmentation of the cardiac implants market was done based on the indication, device, region, and end-user.
Based on Indication
Based on Indication, the global market is segmented into Arrhythmias, myocardial ischemia, acute myocardial infarction, heart failure, and others.
Based on Device
The cardiac implant devices are segmented into implantable loop recorder, cardiac rhythm management devices, coronary stents, ventricular assist devices, and others.
Based on end-users
On the basis of the end-users, market of cardiac implants is segmented into cardiac care centers, ambulatory centers, hospitals, academic institutes, home care, and others.
Based on Region
Based on the region, the cardiac implants market is segmented to America, Europe, Asia-Pacific, and the Middle East & Africa. Further, America is segmented into North America and South America, Europe is segmented into Western Europe and Eastern Europe. Out of these, North America is holding the largest market share.
Regional Analysis -
The Cardiac Implants Market is segmented based on the regions as Europe, America, Asia-Pacific, Middle East & Africa. Later, America is segmented into North America and South America. North America is expected to hold the largest market share for its high adoption rates of cardiac implantable electronic devices and an increase in the prevalence of cardiac diseases. In Europe, the global market is to grow for factors like increasing the government’s healthcare sector funds and increasing the number of initiatives for heart patients by the insurance companies.
In Europe 2017, Italy accounted for a market share of 9.9%. Asia-pacific is said to be the fastest-growing market for its increasing geriatric population, increasing medical tourism and change in lifestyle. For the presence of poor and slow developing countries in the Africa region, the Middle East & Africa accounts the least market share.
Competitive Landscape
The prominent and efficient key players in the market are as follows:
The key strategies followed by the players are product development, innovation, acquisition, and expansion.
One of the leading companies, Medtronic launched an advanced technology ICD device that allows patients to gather information by holding an antenna over the implanted cardiac device.
Recent Developments
Report Overview:
The full report is inclusive of the following:
Segmentation Table
The research in the segmentation of the global renal disease market is done based on indication, device, end-users, and region.
By Device Type
Coronary stents, Cardiac rhythm management devices, prosthetic heart valve devices, implantable loop recorder, and others.
By Indication Type
Myocardial ischemia, arrhythmias, acute myocardial infarction, heart failure and others.
By end-user
Hospitals, ambulatory centers, cardiac care centers, & home care, and others
By Region
America, Europe, Asia-Pacific, and the Middle-East & Africa
Cardiac Implants Market Highlights:
Frequently Asked Questions (FAQ) :
Cardiac implants market is expected to rise to a valuation of more than USD 24.83 Billion by 2030.
The global market is expected to exhibit a strong 6.30% CAGR over the forecast period.
The increasing geriatric population and the increasing prevalence of chronic heart conditions are the major drivers for the global cardiac implants market.
The high costs of cardiac implants are the key restraint against the global cardiac implants market.
North America is likely to hold the largest share in the global cardiac implants market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
