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Implantable Cardioverter Defibrillator Market size is estimated to be $7.8 billion in 2019, growing at a CAGR of 4.1% during the forecast period 2020-2025. Implantable Cardioverter Defibrillator devices are implanted in patients who are at high risk for sudden cardiac arrest owing to sustained ventricular tachycardia and are used to improve the heart’s pumping ability in heart failure patients. Increasing incidence of cardiovascular diseases and changing lifestyle are the major factors driving the growth of the market. Rising aging population further enhance the overall market demand of Implantable Cardioverter Defibrillator.
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Product Type- Segment Analysis
The Cardiac Resynchronization Therapy Defibrillator segment held the largest share in the Implantable Cardioverter Defibrillator Market in 2019 owing to its feature that it is smaller in size and it sends small electrical impulses to both lower chambers of the heart to help them beat together in a more synchronized pattern improving the heart’s ability to pump blood and oxygen in the body. Cardiac resynchronization therapy is a treatment to help your heart beat with the right rhythm. It uses a pacemaker to restore the normal timing pattern of the heartbeat and it helps to fix serious heart rhythm problems. The demand of cardiac resynchronization therapy defibrillator is increasing with increase in the technological advancement and changing lifestyles among the population. Thus, increasing the growth of the Implantable Cardioverter Defibrillator market.
End User – Segment Analysis
Hospitals segment held the largest share in the Implantable Cardioverter Defibrillator Market in 2019 owing to the rising number of cardiac implant procedures and increasing incidence of cardiac diseases. Hospitals are well equipped with implantable Cardioverter defibrillator devices and automated implantable Cardioverter defibrillator. Rise in demand of the implantable Cardioverter defibrillator for patients with nonischemic cardiomyopathy reduces the risk of mortality. It is estimated that ambulatory surgical centers are the highest growing segment and is estimated to grow at a CAGR of 3.3% during the forecast period 2020-2025 owing to the rising cases of cardiac attacks and increasing number of public access defibrillation programs among the population.
Geography – Segment Analysis
North America dominates the implantable Cardioverter defibrillator market with a share of more than 41%, followed by Asia Pacific owing to the increasing incidence of cardiac diseases. Increasing technological advancements, increasing geriatric population and increasing number of innovative products is increasing the implantable Cardioverter defibrillator market in the North America region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the high prevalence of heart failures, increasing technological advancements, increasing demand for quality medical care and rising awareness about the effectiveness of defibrillators are increasing the demand of the Cardioverter defibrillator market.
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Drivers – Implantable Cardioverter Defibrillator Market
Increasing awareness programs on defibrillator and increasing technological advancements is increasing the market growth of the implantable Cardioverter defibrillator market. Rising technological advancements and improvements in patients monitoring to avoid needless shocks and increase in adoption of S-Implantable Cardioverter Defibrillator have provided new growth opportunities. Rise in demand for long lasting battery life of implantable Cardioverter defibrillator and improvement in healthcare infrastructure with the rise in geriatric population has increased the market growth of the implantable Cardioverter defibrillator market.
Increasing incidence of cardiovascular diseases and changing lifestyle is increasing the market growth of the implantable cardioverter defibrillator market owing to the development of the technologically advanced devices with extended longevity. Increasing incidence of cardiovascular diseases has increased the demand of the implantable cardioverter defibrillator market with the increasing adoption of Cardiac resynchronization therapy defibrillator .The growing pool of patients of cardiovascular disease and the rising prevalence of cardiac arrhythmias increase the demand for cardiac implants boosting the growth of the implantable cardioverter defibrillator market in the forecast period 2020-2025.
Challenges – Implantable Cardioverter Defibrillator Market
Some of the factors that may impede the growth of the implantable cardioverter defibrillator market are the lack of skilled workers and increasing incidence of defibrillator malnutrition along with the high cost of the devices.
Acquisitions/Product Launches
Key Takeaways
Implantable Cardioverter Defibrillator Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the implantable cardioverter defibrillator market. In 2019, Implantable Cardioverter Defibrillator Market share is consolidated by the top ten players present in the market. Implantable Cardioverter Defibrillator, top 10 companies are Boston Scientific Corporation, Medtronic Plc, LivaNova PLC Company, Imricor Medical Systems, MicroPort Scientific Corporation, Mayo Clinic US, Medtronic plc, MRI Interventions, Inc., St. Jude Medical Inc., and Sorin Group among others.
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