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.
Emergen Research has published its latest report titled “Implantable Cardioverter Defibrillator Market Size, Share, Trends, By Product Type (Transvenous ICD, Subcutaneous ICD), By End-use (Hospitals & Clinics, Ambulatory Surgery Centers, Others), and By Region Forecast to 2028”
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:
Implanted cardioverter-defibrillator (ICD) detects any life-threatening fast or irregular heartbeats known as arrhythmia. In this case, this battery-powered device provides a rapid electrical shock to the heart to restore normal cardiac rhythm. An ICD is made up of a pulse generator and one or more electrode leads. Pulse generator contains a battery and electrical circuits, and electrodes are placed into the heart through a vein. Increasing number of patients suffering from cardiovascular diseases (CVDs) such as heart attack, abnormal heart rhythms surge demand for ICD in the market. According to recent World Health Organization (WHO) report, 17.9 million people die each other from cardiovascular diseases, an estimated 32% of all deaths globally.
In addition, ongoing technological advancements and add on smart features in the patient monitoring programs and surgical procedures drive market revenue growth over the forecast period. The recent advancements in ICD technology include development of quadripolar lead devices to improve therapy effectiveness, extend battery life, and new pacing functions. However, risk associated with implantable cardioverter defibrillator and strict follow-up precautions after the surgery can restrain market growth to a certain extent. The possible risks include damage to the patient’s blood vessel, bleeding from the incision site, and chances of collapsed lung (pneumothorax). The patient who have an ICD implanted are recommended to avoid large magnetic fields and transcutaneous electrical nerve stimulation (TENS) therapy.
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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
Transvenous ICD Segment Revenue to Expand at a Rapid CAGR:
Transvenous ICD segment is expected to register a rapid revenue CAGR over the forecast period. It is used to monitor and help manage potentially life-threatening electrical abnormalities with the heart on a continual basis. A transvenous or “conventional” ICD is implanted beneath the skin right below the collarbone, about the size of a stopwatch. It is made up of a pulse generator and wires known as leads.
Hospitals & Clinics Segment to Register Significant Revenue Growth:
Hospitals & clinics segment is expected to register significant revenue growth over the forecast period due to rising geriatric population, and majority of all ICD procedures are carried out in hospitals as it is regarded as a primary point of treatment for cardiac arrest. Further, hospitals and clinics are rapidly incorporating modern and advanced technologies into their patient monitoring systems which is driving revenue growth of this segment.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to emergence of modernized hospitals, adoption of advanced technologies in ICDs such as remote data transfer, and favorable government policies. In addition, growing number of cardiac implant procedures due to increase in number of cardiac patients, and presence of medical reimbursement policies are other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Boston Scientific Corporation
- Abbott Laboratories
- Biotronik, Medtronic PLC
- LivaNova PLC
- MicroPort, Sorin Group
- Koninklijke Philips N.V.
- Fukuda Denshi Co. Ltd.
- Physio-Control, Inc.
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 Channel Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgery Centers
- Others
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Regional Outlook (Revenue, USD Million; 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 APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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