Implantable cardioverter defibrillator market revenue growth is driven by rising focus on public-access defibrillators & training and awareness programs on ICDs
VANCOUVER, BC, CANADA, May 9, 2022 /EINPresswire.com/ — The Global Implantable Cardioverter Defibrillator Market research study published by Emergen Research is an extensive collection of insightful information about the Implantable Cardioverter Defibrillator industry. The report covers the Implantable Cardioverter Defibrillator Market segmentation along with a detailed outline of the Implantable Cardioverter Defibrillator market size with regards to volume and valuation. The report provides comprehensive coverage of the Implantable Cardioverter Defibrillator market scenario for the current period and forecast timeline of 2020-2027. The Implantable Cardioverter Defibrillator market report contains an in-depth analysis of the historical, current, and projected revenues for every industry vertical, segment, end-use industries, applications, and regions.
The global Implantable Cardioverter Defibrillator (ICD) market size is expected to reach USD 8.81 Billion at a steady CAGR of 2.7% in 2028, according to latest analysis by Emergen Research. The market for implantable cardioverter defibrillators is growing due to an increase in prevalence of cardiac diseases. Surge in risk factors such as obesity and rise in sedentary lifestyle are other key factors driving the growth of ICD market.
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Implantable cardioverter defibrillator is a small battery powered device placed on an individual’s chest to monitor heart rhythm and detect abnormal heartbeats. The device can deliver electric shocks via wires to fix heart arrhythmias. Rising prevalence of cardiovascular diseases and increase in global geriatric population are factors fueling growth of the market to a significant extent. Emergence of MRI-compatible implantable cardioverter defibrillator is also expected to contribute to market revenue growth. Upsurge in adoption of subcutaneous ICDs due to various benefits is also expected to fuel market revenue growth.
Large number of healthcare facilities are rapidly adopting advanced technologies into their patient monitoring programs. Latest generation of ICDs are compatible with automated, web-based, remote monitoring systems. Integration of Machine Learning (ML) and Artificial Intelligence (AI) with these technologies is expected to continue to support revenue growth of the market. However, high cost of ICDs and low awareness regarding the benefits of these devices is expected to restrain market revenue growth to some extent. Risk of device malfunction is also a factor expected to hamper growth of the market.
Top competitors of the Implantable Cardioverter Defibrillator Market profiled in the report include:
Boston Scientific Corporation, Abbott Laboratories, Biotronik, Medtronic PLC, LivaNova PLC, MicroPort, Sorin Group, Koninklijke Philips N.V., Fukuda Denshi Co. Ltd., and Physio-Control, Inc. Others
Some Key Highlights from the Report
In February 2020, Abbott announced that it has received CE Mark for its Gallant implantable cardioverter defibrillator and cardiac resynchronization therapy defibrillator devices, bringing advanced heart rhythm management capabilities to the market in Europe. The new device opens up potential for remote monitoring and patient engagement through connected applications. Other benefits of the product includes improved battery life, patient preferred design, and MRI compatibility.
Subcutaneous ICD (S-ICD) segment accounted for a significantly large revenue share in 2020. S-ICD has advantages over traditional systems, especially for young patients in whom the risk of device-related complications is extremely high. Moreover, S-ICD poses no risk of pneumothorax or vascular injury. S-ICD has cosmetic advantages due to its anatomic location despite its larger size.
Hospitals & clinics segment accounted for largest revenue share in 2020 as these settings are the major point of care for treatment of heart diseases, including cardiac arrest. Rising incidence of deaths due to cardiovascular diseases is driving revenue growth of this segment as hospitals have advanced medical infrastructure and treatment facilities.
Implantable cardioverter defibrillator market revenue in Asia Pacific is expected to continue to register a rapid revenue growth rate during the forecast period due to rapid economic growth in countries such as India and China. High adoption of implantable cardioverter defibrillators due to emergence of a number of more advanced hospitals in developing countries is expected to contribute to market revenue growth.
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Emergen Research has segmented the global implantable cardioverter defibrillator market on the basis of product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Single Chamber ICD
Dual Chamber ICD
CRT-D (cardiac resynchronization therapy-defibrillator)
End-use Channel Outlook (Revenue, USD Billion; 2018–2028)
Hospitals & Clinics
Ambulatory Surgery Centers
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest Of MEA
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The report addresses the following key points:
The report estimates the expected market size from 2020-2027
The report provides a forecast of market drivers, restraints, and future opportunities for the Implantable Cardioverter Defibrillator market
The report further analyses the changing market dynamics
Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
Extensive competitive landscape mapping with profiles of the key competitors
In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
Revenue forecast, country scope, application insights, and product insights
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