Market Trends of Cardiac Implants Industry
This section covers the major market trends shaping the Cardiac Implants Market according to our research experts:
Implantable Cardioverter-Defibrillators (ICDs) Segment is Expected to Grow Faster and Dominate the Market Over the Forecast Period
An implantable cardioverter-defibrillator (ICD) is a small battery-powered device placed in the chest to detect and stop irregular heartbeats (arrhythmias). It continuously monitors the heartbeat and delivers electric shocks, when needed, to restore a regular heart rhythm. The implantable cardioverter-defibrillators (ICDs) segment is expected to witness significant growth owing to factors such as increasing cases of cardiovascular diseases and increasing adoption of technologically advanced products.
According to the World Health Organization, in 2020, it is estimated that 17.9 million people die from cardiovascular diseases each year, which is 32% of all global deaths, of which 85% were due to heart attack and stroke. However, it is important to detect cardiovascular diseases as early as possible to minimize their effect on individuals.
Furthermore, as per the study conducted from 2020 to 2021 titled "Prevalence and risk of atrial fibrillation in China: A national cross-sectional epidemiological study" published in June 2022, the prevalence of atrial fibrillation was 1.6% in the Chinese adult population and increased with age. By considering the increase in the prevalence of heart diseases with an increase in the geriatric population, the scope for heart procedures, especially cardiac implants, is estimated to grow over the coming years. Moreover, in January 2020, Medtronic plc received the CE (Conformit茅 Europ茅enne) mark for its Cobalt and Crome portfolio of implantable cardioverter-defibrillators (ICD).
Thus, considering the abovementioned factors, the implantable cardioverter-defibrillators (ICDs) segment is expected to grow over the forecast period.
North America Dominates the Market and is Expected to do Same in the Forecast Period
North America holds the major market share in the cardiac implants market. According to the Centers for Disease Control and Prevention (CDC) updated report 2022, the number of deaths reported due to heart diseases was 659,041 in 2019 and increased to 690,882 in 2020 in the United States. The Centers for Disease Control and Prevention (CDC) stated that the key risk factors for heart disease and stroke are high blood pressure, diabetes, high LDL (bad) cholesterol, and smoking. Also, according to the same above-mentioned source, it is estimated that 12.1 million people in the United States will have atrial fibrillation by 2030. Thus, an increase in the prevalence of cardiovascular diseases will have a positive impact on the usage of cardiac implants and drive the market growth.
New product approvals and launches by the prominent players operating in the market are anticipated to further boost the market's growth in the region. For instance, in February 2022, Abbott received expanded indication approval for the CardioMEMS HF System from the United States Food and Drug Administration (FDA) to support the care of more people living with heart failure. The CardioMEMS HF System is a paperclip-sized sensor implanted in a patient's pulmonary artery using a catheter. Also, in April 2022, Abbott received approval from the United States Food and Drug Administration (FDA) for the Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the United States with slow heart rhythms.
Hence, due to the factors mentioned above and new approvals and launches, North America is expected to witness significant growth in the market over the forecast period.
