Growing inclination towards a sedentary lifestyle and rising prevalence of cardiovascular diseases worldwide are some key factors contributing to revenue growth of the global market.
Growing inclination towards a sedentary lifestyle and rising prevalence of cardiovascular diseases worldwide are some key factors contributing to revenue growth of the global market
According to Emergen Research, the global implantable cardioverter defibrillator market size was USD 7.11 billion in 2020 and is expected to reach USD 8.81 billion in 2028 and register a revenue CAGR of 2.7% during the forecast period, 2021-2028.
Market Dynamics:
The global implantable cardioverter defibrillator market revenue growth is primarily attributed to factors such as growing inclination towards a sedentary lifestyle, rising burden of chronic diseases such as obesity, diabetes, and high blood pressure, increasing prevalence of cardiovascular diseases across the globe, rise in geriatric population, and increasing risks of heart disease in younger people due to smoking, alcohol consumption, and stress and anxiety. Implantable cardioverter-defibrillator is a battery-powered device that is placed inside the chest to detect and stop cardiac arrhythmia (irregular heartbeat). The device continuously monitors the heartbeat and administers electric shocks when required to restore the normal cardiac rhythm.
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Growing availability of public-access defibrillators, rising demand for training programs on implantable cardioverter defibrillators (ICDs) in healthcare facilities, technological advances in defibrillators, and growing demand for implantable cardioverter defibrillators are among the other key factors expected to support the global market revenue growth over the forecast period. Introduction of MRI-compatible implantable cardioverter-defibrillators, rapid adoption of subcutaneous ICDs due to advantages over transvenous ICDs, and increasing government and private investments in research & development of advanced cardiac devices are other important factors driving revenue growth of this market. However, market revenue growth can be hampered to some extent due to certain unfavorable factors. Potential risks associated with implantable cardioverter defibrillators, such as swelling, bleeding, bruising, and damaged blood vessels caused by infection at the implant site, and lack of skilled healthcare professionals are key factors that can potentially restrain market revenue growth to a certain extent going ahead.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Subcutaneous ICD Segment Accounted for Largest Revenue Share in 2020:
The subcutaneous ICD segment dominated other segments in terms of revenue share in the global market in 2020. Growing demand for subcutaneous implantable cardioverter defibrillators due to several advantages over transvenous ICDs and increasing use in treatment of congenital heart diseases are among the main factors driving revenue growth of this segment. Key benefits of Subcutaneous ICDs are absence of leads within the heart and preservation of central venous circulation.
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Hospitals & Clinics Segment to Account for Fastest Revenue CAGR:
The hospitals & clinics segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising prevalence of cardiovascular diseases, increasing patient pool, continuous advancements in healthcare infrastructure, and growing use of advanced cardiac devices such as implantable cardioverter defibrillators in hospitals and clinics are major factors supporting revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America implantable cardioverter defibrillator market accounted for the largest revenue share in the global market in 2020. Increasing burden of diabetes, obesity, and high blood pressure, rising prevalence of cardiovascular diseases, and increasing risks of heart disease in children and young adults are some key factors boosting demand for cardioverter defibrillators and are expected to drive market revenue growth over the forecast period. In addition, rapid adoption of advanced cardiac devices in healthcare facilities and presence of state-of-the-art healthcare infrastructure in the region are some other key factors expected to contribute to market revenue growth in the region.
Major Companies in the Global Implantable Cardioverter Defibrillator Market Include:
- Boston Scientific Corporation
- Abbott Laboratories
- Biotronik
- Medtronic PLC
- LivaNova PLC
- Imricor Medical Systems
- MicroPort Scientific Corporation
- Nohen Kohden Corporation
- Sorin Group
- Koninklijke Philips N.V.
- Fukuda Denshi Co. Ltd.
- Physio-Control, Inc.
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For the purpose of this report, Emergen Research has segmented the global implantable cardioverter defibrillator market based on product type, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Transvenous ICD
- Single Chamber ICD
- Dual Chamber ICD
- CRT-D (cardiac resynchronization therapy-defibrillator)
- Subcutaneous ICD
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Others
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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