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The global Cardiac Implants Market is estimated to be valued at US$ 35,795.6 Mn 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 Overview:
Cardiac implants are medical devices used to treat various cardiovascular disorders and restore the physiological functioning of the heart. The commonly used cardiac implants include pacemakers, implantable cardioverter defibrillators (ICDs), and cardiac resynchronization therapy devices (CRT-Ds). Pacemakers are implantable devices used to maintain an adequate heart rate by delivering electrical impulses to the heart. Implantable cardioverter defibrillators are used to detect and treat life-threatening cardiac arrhythmias. CRT-Ds combine the functions of pacemakers and ICDs and help improve the heart’s pumping efficiency through synchronous pacing of both lower chambers of the heart. Growing prevalence of cardiovascular diseases worldwide and advancements in cardiac implants technology are major factors driving the growth of this market.
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Market key trends:
One of the key trends in the cardiac implants market is the increasing adoption of MRI-safe implants. Traditional cardiac implants are incompatible with Magnetic Resonance Imaging (MRI) scans which limits diagnostic capabilities for patients. Leading players are focusing on developing MRI conditional cardiac implants that can safely undergo MRI scans under certain guidelines. For instance, in 2019, Medtronic received FDA approval for its Insync III device, making it the world’s first and only MRI conditional CRT-D system. Growing elderly population base globally is another major trend. According to the UN’s World Population Ageing report, the number of people aged 65 years or over is projected to grow to nearly 1.5 billion in 2050. This is expected to significantly drive the demand for cardiac implants used in the treatment of age-related cardiovascular disorders.
Porter’s Analysis
Threat of new entrants: The cardiac implants market requires high initial investments and regulatory compliance which lowers the threat of new entrants.
Bargaining power of buyers: Individual patients have low bargaining power but large hospitals and healthcare organizations have relatively higher bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute materials and technologies.
Threat of new substitutes: Technological advancements have increased the threat of new substitutes like tissue engineering, 3D printing of organs, and stem cell therapy.
Competitive rivalry: The cardiac implants market sees intense competition among the major players.
Key Takeaways
The global cardiac implants market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of cardiovascular diseases. The American Heart Association (AHA) estimated that in 2015, approximately 92.1 million American adults suffered from cardiovascular diseases.
Regionally, North America is expected to dominate the cardiac implants market during the forecast period. This is attributed to increasing rate of cardiovascular diseases, rising geriatric population, developed healthcare infrastructure, and high adoption of advanced technologies in the region. However, Asia Pacific is projected to grow at the highest CAGR during the forecast period due to large patient population, high unmet medical needs, and increasing healthcare spending.
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. Major players are focusing on new product launches, geographic expansions, and mergers and acquisitions to increase their market share.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
