Cardiac implants devices are used for augmenting the lifestyle for the population suffering from cardiac diseases. The cardiac implants and devices has evolved extensively in the last few decades from stents, valves and grafts to the current pacemakers, implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy devices (CRT). For implanting these devices, more recently minimally invasive and off-pump surgical procedures are also being used.
According to IndustryARC, the Cardiac Implants Devices Market will show a significant growth in the next few years and is expected to reach $43.4 Billion by 2020 at a CAGR of 12.5%. It was also noted that the market was $21.4 Billion in 2014.
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MARKET TRENDS AND MARKET GROWTH SPECIFICS:
Market Driving Factors:
The cardiac implant device market has been growing due to the matured worldwide population having chronic heart diseases as the most prevalent factor for mortality. It is primarily thriving due the emergence of technological advancements and innovation of various devices for the improvement and betterment of lifestyle for the aged population.
Advancement in technology, growing incidences of cardiovascular diseases such as coronary artery diseases (CAD), atrial fibrillation and aortic aneurysms and launch of new and innovative cardiac products such as leadless pacemakers, subcutaneous defibrillators (S-ICDs) are some of the key drivers for the growth of this market. Cardiac Implantable Devices improve the lifestyle and extend the lifespan of millions of people worldwide, by providing accurate and timely treatment. Technological advancements have drastically improved early diagnosis, treatment and epidemiology of various heart diseases and congenital heart ailments in patients. Growth in the cardiac devices market has been limited by the adoption in the ICD, CRT and valves and pacemaker devices but has seen a tremendous adoption rate in the TAVR, stents and CABG graft devices in the last couple of years.
Table of contents and insights:
Hindering Factors for the Market:
The hindrance of cardiac device market is related to the expensive innovative technologies in the market. The large number of product recalls especially in the ICD device market has caused drawback in the cardiac device growth. Unavailability of the cardiac device spare part has caused patient apprehension to these devices in the market. The expertise training is a crucial factor which determines the overall growth of the market as it is essential for the healthcare providers to keep themselves well updated with medical knowledge and technical skills regarding increasingly complex cardiac devices.
Regional Analysis of the market:
The market yet has the potential to grow in the underpenetrated countries of the Latin America and Asia -pacific. It was also observed that in 2014, Americas region contributed to around 60% of the total market revenues, followed by Europe with 22% share, whereas Asia-Pacific and Rest of World had comparatively lesser market shares, despite having a huge market potential due to prevalent chronic cardiac diseases in the aging population in these regions.
REPORT SCOPE: Market Segmentation:
The Cardiac Implant Devices Market is segmented into broad 4 types based on the following factors:
- By Devices: Cardiac Resynchronization Therapy Devices (CRT’S), Implantable Cardioverter Defibrillators (ICD’S), Implantable Cardiac Pacemakers (ICPs) and Others.
- By Disease Conditions: Myocardial Ischemia, Acute Myocardial Infarction, Arrhythmias and Others.
- By Procedure: Cardiac Resynchronization Therapy (CRT), Minimally Invasive Heart Surgery and Others.
- By Geography: North America, Europe, APAC and ROW.
Note: The above segments are further classified into sub segments, provided in the report.
Key Market Players:
Mentioning the top players of the Cardiac Implant Device Market which play a key role in the development and shaping this market are:
- Abbott Vascular Inc.
- Bentley InnoMed GmbH
- Medico S.p.A
- Boston Scientific Corporation
- Biosensors International Group, Ltd.
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