The global cardiac implants market includes a variety of implantable medical devices that are used to treat numerous cardiac conditions. Cardiac implants such as pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-D) help regulate abnormal heartbeats and improve the heart’s pumping ability. These implants use electric signals to correct life-threatening cardiac arrhythmias and support the pumping function of the heart. Cardiac resynchronization therapy (CRT), also known as biventricular pacing, is a type of cardiac resynchronization therapy that uses electrical impulses sent by a pacemaker to both ventricles of the heart to improve heart function for patients with heart failure.
The global cardiac implants market is estimated to be valued at US$ 35,795.6 million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Geriatric Population: Geriatric population is highly susceptible to cardiovascular diseases due to age-related changes in the cardiovascular system. According to the World Health Organization, the global geriatric population is expected to reach 2 billion by 2050 from 727 million in 2020. Growing elderly population base is one of the major drivers fueling the demand for cardiac implants as older people tend to suffer more from cardiovascular diseases requiring surgical implantation of devices.
Improving Access to Cardiac Care: Increasing healthcare expenditure and improving reimbursement policies for cardiac implants across countries is also propelling the cardiac implants market growth. Various government initiatives focused on spreading awareness about cardiovascular diseases and their treatment has improved access to cardiac care. Advancements in technology are further enabling the development of less invasive cardiac implant procedures.
Segment Analysis
The global cardiac implants market is dominated by the cardiac rhythm management devices segment. Cardiac rhythm management devices mainly include implantable cardioverter defibrillators (ICDs) and cardiac pacemakers which account for around 75% of the total cardiac implants market. This is due to the growing prevalence of arrhythmias across the globe, advancements in device technologies, and growing awareness regarding the healthcare.
PEST Analysis
Political: Governments across various countries are taking initiatives to increase awareness about cardiac diseases and their treatment. Favorable reimbursement policies are supporting the growth of the market.
Economic: Rising healthcare expenditures and improving economic conditions have increased the access to advanced cardiac treatment options. Growing middle-class population is increasing the demand.
Social: Changing lifestyle habits, increased stress levels, and growing geriatric population have increased the risk of developing cardiovascular diseases. Longer life expectancy is further augmenting the market growth.
Technological: Continuous innovations are leading to the development of advanced devices with improved performance and extended lifespan. Miniaturization of devices has enhanced patient comfort.
Key Takeaways
Global Cardiac Implants Market Demand is expected to witness high growth over the forecast period.
Regional analysis: North America dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to the growing population suffering from CVDs and availability of advanced medical facilities and skilled professionals in the region. The Asia Pacific market is expected to witness fastest growth owing to increasing healthcare expenditures, growing medical tourism, rising awareness about cardiac treatments.
Key players operating in the cardiac implants market are Abbott Laboratories, B. Braun Melsungen AG, Boston Scientific Corporation, Edwards Lifesciences Corporation, Meril Life Sciences Pvt. Ltd. , Lepu Medical Technology (Beijing) Co., Ltd., BIOTRONIK SE & Co. KG, OSYPKA MEDICAL, Pacetronix.com, Vitatron, Terumo Corporation, Cordis, MicroPort Scientific Corporation. Abbott Laboratories is a leading player with a broad portfolio of cardiac rhythm management and heart failure devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it