Cardiac implantable electronic devices are electronic devices implanted in the chest or abdomen which helps to monitor and regulate heart rhythm. These devices are commonly used for heart failure, atrial fibrillation and cardiac arrhythmias treatment. Cardiac implantable electronic devices helps to improve quality of life by limiting symptoms of heart failure or syncope episodes for patient with arrhythmias or conduction diseases. The increasing prevalence of cardiovascular diseases, rising geriatric population and growing demand for minimally invasive surgeries are some of the major factors driving the demand for cardiac implantable electronic devices.
The global Cardiac Implantable Electronic Device Market is estimated to be valued at US$ 32.38 Mn in 2023 and is expected to exhibit a CAGR of 2.2% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
According to the World Health Organization, cardiovascular diseases are estimated to remain the leading cause of death globally, taking an estimated 17.9 million lives each year. Nearly 23.6 million people are projected to die annually from cardiovascular diseases by 2030. The high prevalence of cardiovascular diseases leads to increased demand for Global Cardiac Implantable Electronic Device Market Size for diagnosis and treatment of conditions such as heart failure, atrial fibrillation, and cardiac arrhythmias. Manufacturers can invest in expanding product offerings and distribution network in developing markets to capitalize on this growth opportunity.
Porter’s Analysis
Threat of new entrants: The cardiac implantable electronic device market requires high R&D investment and regulatory approvals which acts as a barrier for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for life-saving medical devices. However, large hospitals and healthcare providers enjoy some bargaining power due to bulk purchasing.
Bargaining power of suppliers: The presence of many component manufacturers limits the bargaining power of suppliers in the cardiac implantable electronic device market.
Threat of new substitutes: There are limited substitutes for cardiac implantable electronic devices as they provide life-saving treatment for heart conditions.
Competitive rivalry: The cardiac implantable electronic device market is highly competitive with major players differentiating through technological advancements and value-added services.
SWOT Analysis
Strength: Established distribution channels and brand recognition of major players. Devices are essential for treatment of heart ailments.
Weakness: High costs of devices limit access for many patients. Ongoing device upgrades require continued investment.
Opportunity: Expanding geriatric population increases demand for devices. Emerging economies offer growth opportunities.
Threats: Stringent regulatory norms lengthen approval times. Reimbursement cuts could squeeze profit margins.
Key Takeaways
The Global Cardiac Implantable Electronic Device Market is expected to witness high growth at a CAGR of 2.2% during the forecast period of 2024 to 2031. The market size is projected to grow from US$ 32.38 Mn in 2024 to US$ 38.72 Mn by 2031.
Regional analysis – North America dominates currently due to favorable reimbursement environment and regulatory approvals. Asia Pacific is poised to grow the fastest owing to rising healthcare expenditure and large patient pool.
Key players operating in the Cardiac Implantable Electronic Device market are Boston Scientific Corporation, GlaxoSmithKline plc., Johnson & Johnson, Viatris, Sanofi S.A, and Medtronic Plc. Boston Scientific leads the market with wide product portfolio and strong regional presence across US, Europe and Japan.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it